Deposit Guarantee Fund pays UAH 7 bln to bankrupt banks' depositors in 2017

Deposit Guarantee Fund pays UAH 7 bln to bankrupt banks' depositors in 2017

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Ukrinform
The Deposit Guarantee Fund paid over UAH 7 billion in 2017 to depositors of insolvent banks.

Andriy Olenchyk, Deputy Managing Director at the Deposit Guarantee Fund, stated this at a round table meeting of financial regulators dedicated to the Comprehensive Program of Financial Sector Development until 2020, an Ukrinform correspondent reports.

“We paid over UAH 7 billion in 2017," Olenchyk said.

He noted that the fund’s automated system of payments was launched in 2017. A total of 10 banks with a sufficiently strong branch network have already been connected to it.

“So depositors can contact any branch of these banks in a way that is convenient for them. This, in turn, allowed us to increase the level of convenience for depositors when receiving guaranteed amounts,” he said.

Olenchyk also added that 74% of all payments to insolvent banks’ depositors were made through this system in 2017.

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