Misto Bank

Briefing note on winding-up of Misto Bank

Full name of the bank being liquidated	Public Joint-Stock company «Misto Bank»
Short name of the bank being liquidated	Misto Bank
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank	NBU Board’s Resolution dated December 14, 2020 # 735-рш/БТ on Classification of Public Joint-Stock company «Misto 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 December 14, 2020 # 2086 on Introducing Provisional Administration in Misto Bank and Delegation of Powers of the Bank Provisional Administrator.
Duration of provisional administration	From December 15, 2020 through January 26, 2021, Misto Bank 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 Misto Bank’s depositors commenced on January 15, 2021.
NBU resolution on liquidation	On January 26, 2021, the NBU Board approved Resolution # 25-рш on Revocation of the Banking License and Liquidation of Public Joint-Stock company «Misto Bank».
DGF Executive Directorate’s decision on commencement of the liquidation procedure	On January 26, 2021, the DGF Executive Directorate issued Decision # 85 on Commencement of Liquidation Procedure of Misto 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 January 27, 2021, the DGF initiated the liquidation procedure of Misto Bank, appointed the DGF authorized officer and delegated to her the powers of Misto Bank liquidator.
Date when the bank liquidation was announced	On January 29, 2021, the official announcement of Misto Bank liquidation was published in the Holos Ukrainy newspaper.
Liquidator of Misto Bank	The DGF through the authorized officer under the Law.
Authorized officer	Iryna V. Bila, Lead Asset Management and Bank Liquidation Specialist of the Bank Liquidation Procedures Division, DGF Bank Liquidation Department.
Powers of the liquidator	Powers of the liquidator defined by the Law, particularly, by Articles 37, 38, 47-52, 521, 53, provide that the liquidator shall enjoy the right to sign any agreements related to the sales of the bank’s assets in the manner prescribed by this Law, except for the powers to apply to a bank related party with a claim for damages and file such claim to the court, a claim to a non-banking financial institution, which raised the funds from an individual as a loan or a contribution legally equivalent to deposits as well as the powers to organize the asset sales for the bank.
Special powers of the 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).