Ukraine`s Deposit Guarantee Fund reveals misused $12.2 bln at bankrupt banks

Ukraine`s Deposit Guarantee Fund had filed 4,148 applications by May 1, 2017, with law enforcement agencies on facts of breaches of legislation revealed at insolvent banks and those undergoing the liquidation procedure to the tune of over UAH 323.16 billion, or US$12.2 billion, according to the Fund`s press service.

In particular, the banks` owners and managers were perpetrators of the crimes that led to misuse of funds of over UAH 179.22 billion, or $6.8 billion, the press service said.

At the same time, the total amount of compensation payments to the bankrupt banks` depositors had reached UAH 87.122 billion, or $3.3 billion, as of May 1.

In the first four months of 2017, the Fund received UAH 1.673 billion, or $63.3 million, in regular fees from banks, the report said.

Earlier, the financial resources of Ukraine`s Deposit Guarantee Fund were estimated at UAH 12.963 billion, or $491 million, as of May 1, 2017, which was 9.2% up from April 1, but 15.4% down from the beginning of the year.

During the banking system purge, which started early in 2014, the National Bank of Ukraine has decided on the withdrawal of 90 banks from the market, including six banks in 2017 alone.

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