Bill on defrauded bank depositors came into force

Source : 112 Ukraine

This will allow to return funds to Mikhailivsky bank depositors
10:01, 19 November 2016

The Ukrainian bill regarding changes of compensation mechanisms for the individuals through the Deposit Guarantee Fund, who suffered abuses in banking sphere and other financial services, from November 15, 2016, №1736-VIII, which, in particular, will allow to return money to defrauded Mykhailivskyi bank depositors, entered into force on Saturday, November 19.

Starting from this day, deposits are equated with funds, raised by an individual as a loan or investment to the financial institution through a bank, which appeared confidant and today is recognized as insolvent, provided that the bank did not inform the person about non-proliferation of  guarantees on such funds prescribed by law "On the system of guaranteeing deposits of individuals". Thus the person who deposited such funds is equal to the depositor and, therefore, is entitled to the compensation.

The Deposit Guarantee Fund is entrusted to carefully examine the documents in respect of each depositor, and not later than 20 working days from the date of entry into force of this law will start paying refunds to people who have received this right. An elementary calculation gives reason to believe that the Deposit Guarantee Fund shall begin this procedure no later than December 16, 2016.

Related: Protests near the National bank

Related: Bill on defrauded bank depositors signed by Poroshenko

Related: Deceived deposits: Ukrainian authorities do not want Mykhailivsky bank case to repeat

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