On 16 August 2016, the National Bank of Ukraine, upon the proposal of the Deposit Guarantee Fund, issued Decision No. 215-рш on Withdrawal of the Banking License and Liquidation of EUROBANK PJSC.
Eurobank PJSC was declared insolvent on 17 June 2016 after it was revealed that the bank performed deposit splitting transactions, i.e. transferring funds from current accounts of legal entities to accounts of individuals in the amount below UAH 200 thousand.
Pursuant to paragraph 5 of first part of Article 76 of the Law of Ukraine On Banks and Banking, NBU has to adopt a decision on declaring a bank insolvent if it is revealed that the bank has performed transactions, as a result of which liabilities before individuals within the guaranteed redemption amount increase owing to reduced liabilities before the legal entities.