DEPOSIT GUARANTEE FUND (DGF)
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PJSC VAB Bank

Briefing note on winding-up of PJSC VAB Bank by the DGF

Full name of the bank being liquidated
Public Joint Stock Company «Vseukrainskyi Aksionernyi Bank»
Short name of the bank being liquidated
PJSC VAB Bank         
Resolution of the National Bank of Ukraine (NBU) declaring insolvency of the bank
NBU Board’s Resolution dated November 20, 2014 # 733 on Classification of Public Joint Stock Company «Vseukrainskyi Aksionernyi 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 20, 2014 # 123 on Introducing Provisional Administration in PJSC VAB Bank and Delegation of Powers of the Bank Provisional Administrator.
Duration of provisional administration
From November 21, 2014 through March 19, 2015, PJSC VAB 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 PJSC VAB Bank’s depositors commenced on February 4, 2015.
NBU resolution on liquidation
On March 19, 2015, the NBU Board approved Resolution # 188 on Revocation of the Banking License and Liquidation of Public Joint Stock Company «Vseukrainskyi Aksionernyi Bank».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On March 20, 2015, the DGF Executive Directorate issued Decision # 63 on Commencement of the Liquidation Procedure of PJSC VAB Bank and Appointment 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 March 20, 2015, the DGF initiated the liquidation procedure of PJSC VAB Bank, appointed the DGF authorized officer and delegated to the officer the powers of PJSC VAB bank liquidator.
Date when the bank liquidation was announced
On March 26, 2015, the official announcement of PJSC VAB Bank liquidation was published in the Holos Ukrainy newspaper.
Liquidator of PJSC VAB Bank
From September 7, 2020, the powers of PJSC VAB 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.
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).