Deposit Guarantee Fund launches pilot project on managing banks without liquidators
Ukrinform
The Deposit Guarantee Fund has launched a pilot project on managing banks without liquidators "Bank = Fund," according to the Fund’s press service.
"Implementing the leading world experience on withdrawing insolvent banks from the market, the Deposit Guarantee Fund will carry out a pilot project on the transition to the management of banks without liquidators Bank = Fund,” reads the report.
The Fund added that PJSC Profin Bank became the first bank where the Deposit Guarantee Fund would act as liquidator.
The Fund noted that the purpose of the Bank = Fund project is to reduce the costs associated with the bank liquidation procedure, to significantly reduce the human factor's impact on this process, as well as to facilitate the maximum integration of the Fund directly into the bank's operational processes so that to optimize and unify the procedures on withdrawing it from the market.
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