The National Bank of Ukraine Board adopted a decision to declare PUBLIC JOINT STOCK COMPANY “Integral-Bank” insolvent. On September 15, 2015, the Board of the National Bank of Ukraine issued Resolution No. 606 to this effect.
In September 2015,“Integral-Bank PJSC was declared a problem bank due to the shortage of funds experienced by the bank, which resulted in the bank’s failure to meet its obligations to depositors and creditors. Following the decision to declare Integral-Bank PJSC a problem bank, evidence was revealed that this bank failed to keep accounting records of the customers' documents that have not been executed in due time as prescribed by law. In addition, the bank’s financials deteriorated. The cash-strapped bank was unable to meet its obligations to depositors and other creditors in due time and in full.
In violation of Article 58 of the Law of Ukraine On Banks and Banking, which obliges the qualifying shareholders in a bank to take timely measures to prevent the bank from slipping into insolvency, the owners of qualifying holdings in this bank failed to take timely measures to provide sufficient funding required to keep Integral-Bank PJSC afloat.
In view of the above, and in order to protect the interests of depositors and other creditors, the Board of the National Bank of Ukraine adopted a decision to declare Integral-Bank PJSC insolvent.