DEPOSIT GUARANTEE FUND (DGF)
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JSC «ARTEM-BANK»

Briefing note on winding-up of JSC «ARTEM-BANK» by the DGF

Full name of the bank being liquidated
Public Joint Stock Company «ARTEM-BANK»
Short name of the bank being liquidated
JSC «ARTEM-BANK»
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board Resolution dated November 15, 2016 # 416-рш/БТ on Classification of Public Joint Stock Company «ARTEM-BANK» to the Category of Insolvent.
Decision of the Deposit Guarantee Fund’s (hereinafter – the DGF) Executive Directorate introducing provisional administration in the bank
The DGF Executive Directorate issued Decision dated November 16, 2016 # 2447 on Introducing Provisional Administration in JSC «ARTEM-BANK» and Delegation of Powers of the Provisional Administrator.
Duration of provisional administration
November 16, 2016 through December 15, 2016, JSC «ARTEM-BANK» was under provisional administration. The DGF carried out the provisional administration through the authorized officer.   
NBU resolution on liquidation
On December 15, 2016, the NBU Board approved Resolution # 492-рш on Revocation of the Banking License and Liquidation of Public Joint Stock Company «ARTEM-BANK».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On December 16, 2016, the DGF Executive Directorate issued Decision # 2857 on Commencement of the Liquidation Procedure of JSC «ARTEM-BANK» and Delegation of Powers of the Bank Liquidator. In accordance with Subparagraph 1 of Part 2 of Article 46 of the Law of Ukraine on the Household Deposit Guarantee Scheme (hereinafter – the Law), from the starting day of the bank liquidation procedure terminated shall be all the powers of the bank governance bodies (general meeting, supervisory board and management board) and bodies of control (audit committee and internal audit). Senior managers of the bank are dismissed in connection with the bank liquidation.
Starting day of the bank liquidation
On December 16, 2016, the DGF initiated the liquidation procedure of JSC «ARTEM-BANK», appointed the DGF authorized officer and delegated to the officer the powers of JSC «ARTEM-BANK» liquidator.
Date when the bank liquidation was announced
On December 21, 2016, the official announcement of JSC «ARTEM-BANK» liquidation was published in the Holos Ukrainy newspaper.
Liquidator of JSC «ARTEM-BANK»
From March 26, 2020, the powers of JSC «ARTEM-BANK» liquidator defined by the Law are exercised directly by the DGF.
Powers of the liquidator
All powers of the bank liquidator defined by the Law.
Deposit payout period
From December 13, 2016 to October 23, 2019.
Special powers of the DGF in terms of recovering damages (losses) caused to the bank and/or its creditors
According to Part 7 of Article 52 of the Law, the DGF enjoys the right to apply to courts of an appropriate jurisdiction (including foreign courts) with a lawsuit seeking damages (losses) caused to the bank in case of:
- finding the decisions, actions or omissions resulted in damages (losses) to the bank and/or its creditors;
- identifying the persons who contributed to such decisions-making, actions or omissions and/or received pecuniary benefits;
- determining the amount of damages (losses) suffered.
DGF enjoys the right to file such lawsuits with the courts of an appropriate jurisdiction (including foreign courts) during the bank liquidation procedure and three years after making the bank termination record (special statute of limitations).