Deposit Guarantee Fund tightens rules for selling assets of liquidated banks

The Individual Deposit Guarantee Fund has introduced the mandatory scope and deadlines for disclosing information on assets of the banks that are being liquidated that have been put up for sale, according to a posting on the Fund`s website.
As reported, information about items subject to sale should be published on the Fund`s website, as well as on the website of a bank being liquidated and in print media within five working days after the approval of the sale terms.
As part of such data to be disclosed, there should also be published compressed data on items to be sold: public property certificates and tender certificates. Public property certificates include information about the item to be sold to attract as many potential buyers as possible, while tender certificates give information about tenders.
”We are talking about the establishment of an efficient market of non-performing assets, setting up an e-trade system, as well as the disclosure of information about items put up for sale. Recent amendments to the Law of Ukraine ”On Deposit Guarantee System” require that more attention be paid to the disclosure of relevant information and control over the sale process,” Director-Manager of the Fund Kostiantyn Vorushylin said commenting on the Fund`s decision.
According to Vorushylin, the requirement for disclosing more information will ensure transparency of sales while improving their efficiency. It will also help attract the maximum number of potential buyers and ensure that assets of the insolvent banks will be sold at the most reasonable price.

Avatar photo

UaPositon

An independent media focused on Ukraine.
Follow us on social media:
Facebook
Twitter
Instagram

Submit a Comment

Your email address will not be published.

Share This

Share this post with your friends!