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Deposit Guarantee Fund pays more than $246 million to customers of insolvent banks in 2017

The figure dropped by a half from its 2016 level, when it was $521 million.
15:53, 18 January 2018

Open source

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.

Related: $10.6 million withdrawn from BG Bank before declaring it insolvent – Deposit Guarantee Fund

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.

Related: Deposit Guarantee Fund hopes bill on protection of defrauded bank depositors will be passed, - Head of Fund

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.

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