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BANK "KYIVSKA RUS" PJSC declared insolvent

On March 19, 2015, BANK "KYIVSKA RUS" PJSC was declared insolvent by the National Bank of Ukraine (NBU Board Resolution No 190 dated March 19, 2015).

This decision was made pursuant to the third indent of part 3 of Article 1 of the Law of Ukraine On Measures to Facilitate Bank Capitalization and Restructuring due to the failure by the stakeholders/shareholders of BANK "KYIVSKA RUS" PJSC to meet the capitalization requirements set following the diagnostic studies of the bank undertaken in 2014.

BANK "KYIVSKA RUS" PJSC has failed to implement within the set timeframe the capitalization plan designed to increase the bank's capital needed to buffer the negative impact of risks assumed by banks in their banking operations, ensure the protection of deposits and the stable and sound performance of banks, and secure financial soundness.

Therefore, in violation of the requirements set forth in Article 58 of the Law of Ukraine On Banks and Banking, the owners of qualifying holding in BANK "KYIVSKA RUS" PJSC have failed to take timely measures to keep the bank afloat and prevent it from going insolvent.

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