According to the requirements of Article 76 of the Law of Ukraine On Banks and Banking, on 26 January 2017, the NBU Board adopted the Decision No. 55-D/BS On Declaring Fortuna-Bank Public Joint-Stock Company Insolvent.
Based on the results of a diagnostic study of Fortuna-Bank JSC conducted in H1 2016, the NBU approved the required recapitalization volume in July 2016. Following diagnostic studies, all banks in the twenty second-largest banks by asset size that needed recapitalization were to secure a positive value for their regulatory capital by 1 January 2017.
Fortuna-Bank JSC submitted to the NBU a restructuring plan that contained a series of recapitalization measures. In 2016, the bank’s management and owner of a qualifying holding undertook measures to implement the requirements of the recapitalization program. Specifically, this implied the repayment of related-party loans and crediting of subordinated debt to the bank’s authorized capital.
However, the recapitalization measures on additional capitalization undertaken by the management of Fortuna-Bank JSC and the owner of a qualifying share of this bank were insufficient to secure a positive value for the regulatory capital as of 1 January 2017.
In view of the above, the NBU Board adopted a decision on declaring Fortuna-Bank JSC insolvent.
The NBU underlines that 91% (2,167 individuals) of all the depositors of Fortuna-Bank JSC will be paid out in full, as their accounts do not exceed the amounts covered by the Deposit Guarantee Fund. Customers with larger deposits will be reimbursed up to the compensation limit guaranteed by the DGF. The DGF will pay out a total of about UAH 96 million in compensation to eligible depositors.