Briefing note on winding-up of PJSC «CB «FINANCIAL INITIATIVE» by the DGF
| Full name of the bank being liquidated | Public Joint-Stock Company «Commercial Bank «FINANCIAL INITIATIVE» |
| Short name of the bank being liquidated | PJSC «CB «FINANCIAL INITIATIVE» |
| Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank | NBU Board Resolution dated June 23, 2015 # 408 on Classification of Public Joint-Stock Company «Commercial Bank «FINANCIAL INITIATIVE» 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 June 23, 2015 # 121 on Introducing Provisional Administration in PJSC «CB «FINANCIAL INITIATIVE». |
| Duration of provisional administration | June 24, 2015 through May 21, 2019, PJSC «CB «FINANCIAL INITIATIVE» was under provisional administration. The DGF carried out the provisional administration through the authorized officer. |
| NBU resolution on liquidation | On May 21, 2019, the NBU Board approved Resolution # 352-рш on Revocation of the Banking License and Liquidation of Public Joint-Stock Company «Commercial Bank «FINANCIAL INITIATIVE». |
| DGF Executive Directorate’s decision on commencement of the liquidation procedure | On May 22, 2019, the DGF Executive Directorate issued Decision # 1268 on Commencement of the Liquidation Procedure of PJSC «CB «FINANCIAL INITIATIVE» 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 May 22, 2019, the DGF initiated the liquidation procedure of PJSC «CB «FINANCIAL INITIATIVE», appointed the DGF authorized officer and delegated to the officer the powers of PJSC «CB «FINANCIAL INITIATIVE» liquidator. |
| Date when the bank liquidation was announced | On May 24, 2019, the official announcement of PJSC «CB «FINANCIAL INITIATIVE» liquidation was published in the Holos Ukrainy newspaper. |
| Liquidator of PJSC «CB «FINANCIAL INITIATIVE» | From February 22, 2022, the powers of PJSC «CB «FINANCIAL INITIATIVE» 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 August 7, 2015 to September 20, 2021. |
| Liquidation procedure period | Liquidation procedure of PJSC «CB «FINANCIAL INITIATIVE» lasted from May 22, 2019 to September 20, 2021. |
| 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). |