Briefing note on winding-up of the JSC BANK “FINANCE AND CREDIT” by the DGF
| Full name of the bank being liquidated | PUBLIC JOINT STOCK COMPANY “BANK “FINANCE AND CREDIT” |
| Short name of the bank being liquidated | JSC BANK “FINANCE AND CREDIT” |
| Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank | NBU Board Resolution dated September 17, 2015 # 612 on Classification of the PUBLIC JOINT STOCK COMPANY “BANK “FINANCE AND CREDIT” 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 September 17, 2015 # 171 on Introducing Provisional Administration in the PUBLIC JOINT STOCK COMPANY “BANK “FINANCE AND CREDIT” and Delegation of Powers of the Provisional Administrator. |
| Duration of provisional administration | September 18, 2015 through December 17, 2015, JSC BANK “FINANCE AND CREDIT” was under provisional administration. The DGF carried out the provisional administration through the authorized officer. |
| Date when the deposit payout commenced | Payment of the guaranteed amount to the JSC BANK “FINANCE AND CREDIT”’s depositors commenced on November 4, 2015. |
| NBU resolution on liquidation | On December 17, 2015, the NBU Board approved Resolution # 898 on Revocation of the Banking License and Liquidation of the PUBLIC JOINT STOCK COMPANY “BANK “FINANCE AND CREDIT”. |
| DGF Executive Directorate’s decision on commencement of the liquidation procedure | On December 18, 2015, the DGF Executive Directorate issued Decision # 230 on Commencement of Liquidation Procedure of JSC BANK “FINANCE AND CREDIT” 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 18, 2015, the DGF initiated the liquidation procedure of the JSC BANK “FINANCE AND CREDIT”, appointed the DGF authorized officer and delegated to her the powers of the JSC BANK “FINANCE AND CREDIT” liquidator. |
| Date when the bank liquidation was announced | On December 23, 2015, the official announcement of the JSC BANK “FINANCE AND CREDIT” liquidation was published in the Holos Ukrainy newspaper. |
| Liquidator of the JSC BANK “FINANCE AND CREDIT” | From December 27, 2022, the powers of the JSC BANK “FINANCE AND CREDIT” 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. |
| Special powers of DGF in terms of recovering damages (loses) 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). |