On 12 July 2016, upon the proposal of the Deposit Guarantee Fund, the National Bank of Ukraine issued Decision No. 124-рш on withdrawal of the banking license and liquidation of Bank MIKHAYLIVSKIY PJSC.
Pursuant to Article 76 of the Law of Ukraine On Banks and Banking and in view of the fact that Bank MIKHAYLIVSKIY PJSC's activities failed to comply with the requirements of applicable banking laws and NBU regulations, on 23 May 2016, the NBU Board adopted a decision to declare Bank MIKHAYLIVSKIY PJSC insolvent.
Also, the NBU has sent a letter to the law enforcement agencies informing them about Bank MIKHAYLIVSKIY PJSC’s activities that may fit the description of organized criminal activities.