The National
Bank of Ukraine (NBU) has decided to include TK Credit, a small-sized bank in
terms of assets, in the category of insolvent banks, having for the first time
withdrawn a bank from the market for the nontransparent structure of its
ownership, the regulator reported on its website.
Starting from the middle of
2014 the NBU has repeatedly brought to the attention of the bank that its
ownership structure did not meet the transparency requirements, but the
financial institution is said to have disregarded the warnings. What is more,
the bank did not submit the requested documents and the bank owners did not
take necessary measures to bring the bank's structure in line with legislation
requirements.
According to NBU estimates,
98.9% of the bank's depositors will be entitled to compensation through the
Individual Deposit Guarantee Fund in full, estimated at about UAH 0.6 million.
The NBU said that all
Ukrainian banks should have confirmed transparency of their ownership by the
end of 2015, facing the risk of being withdrawn from the market.
The NBU also said it intended
to complete the process of ensuring transparency of Ukrainian banks' ownership
by the end of the first quarter of 2016.
As part of the banking
system's purge, which started in 2014, the NBU designated 63 financial
institutions as insolvent.
In October last year, 48 banks
were designated by the NBU as having non-transparent ownership structures. The
regulator obliged those banks to provide documents showing actual owners and
affiliated persons as requested by the law becoming effective in March on
amendments to certain legislative acts of Ukraine on liability of persons
affiliated with banks.
According to the NBU, the
disclosure of information about real owners of the Ukrainian banks will enable
the Individual Deposit Guarantee Fund and law enforcement agencies to identify
defendants under the claims against banks and hold them accountable for forcing
the banks into bankruptcy.
Later, the regulator reported
that a number of banks had settled the transparency issues and therefore had
been excluded from the list of the "non-transparent" banks. According
to the NBU's website, the list of such banks that are still in the process of
legalizing their ownership structure comprises 30 financial institutions.
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