On 30 August 2016, Bank Forum PJSC has paid off the last instalment of the stabilization loan due to the National Bank of Ukraine, amounting to UAH 41.8 million. Bank Forum PJSC has repaid its debt in the amount of UAH 487 million since being placed under receivership on 14 March 2014.
The proceeds from the sale of 130 real estate assets through auctions held in December 2015 – August 2016 were used to repay the loan installments. A total of UAH 242 million was received as proceeds, of which UAH 236 million was transferred to the NBU. In addition, UAH 250 million received as proceeds from the sale of property rights for loans pledged as collateral to the NBU was used to pay off the stabilization loan.
Following the repayment of the loan to the NBU, the regulator holds 126 real estate assets worth UAH 204 million and property rights on outstanding loans amounting to UAH 5 billion, which have been pledged as collateral. Going forward, these assets may be sold by Bank Forum PJSC’s liquidator and proceeds received from this sale will be used to settle debt obligations to the Bank's creditors.
The property rights on outstanding loans amounting to the equivalent of UAH 5 billion is held by the NBU as collateral. The proceeds from their sale will be used to refund depositors.
For reference
In 2013-2014, the NBU extended 4 stabilization loans to Bank Forum PJSC for a total of UAH 600 million. 256 real estate assets worth UAH 332 million and the property rights for the loan portfolio (158 loans in total) worth UAH 2.6 billion were pledged as collateral against the stabilization loans. Overall, the NBU approved the sale of 255 real estate assets worth UAH 571 million and 12 loans the property rights thereon were held as collateral by the NBU for a total of UAH 1,582 million.
Between 2011 and 2013, Bank Forum PJSC received monetary loans from the NBU (against the collateral of domestic sovereign bonds) for a total of UAH 133 million, which were paid off in full.