The Deposit Guarantee Fund of Ukraine in 2017 paid customers of insolvent banks over $246.2 million, the Fund’s press service has informed, UNIAN reports. This means that the figure dropped by a half from its 2016 level, when it was $521 million.
At the same time, in 2017, the Fund received $115.6 million in regular fees from the participating banking institutions, which decreased very slightly, by 0.5% from 2016, when regular fees amounted to $116.2 million.
As of 1 January 2018, some 83 institutions have signed up to be the participants of the Fund. On the same date a year earlier, there were a total of 99 banks taking part in the Fund’s operations.
As of 1 January 2018, the assets of Ukraine’s Deposit Guarantee Fund were estimated at $500.7 million, which was 6.3% lower than the figure on the same date in the previous year.
During the banking system purge, which began at the beginning of 2014, the National Bank of Ukraine has decided to dissolve a total of 96 banking institutions, 33 of which were declared insolvent in 2014, another 33 in 2015, 21 in 2016 and 9 in 2017.
According to the Deposit Guarantee Fund, it manages banks assets worth $15.7 billion at book value. Nevertheless, the estimated value of these assets is only $3.5 billion due to the poor quality of those assets, represented mostly by bad loans.