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ENERGOBANK PJSC declared insolvent

Pursuant to Articles 7, 15, and 55 of the Law of Ukraine On the National bank of Ukraine and Articles 67, 73, 75, and 76 of the Law of Ukraine On Banks and Banking, and in order to protect the interests of depositors and other creditors, on February 12, 2015, the National Bank of Ukraine adopted a decision to declare ENERGOBANK PJSC insolvent.

Given ENERGOBANK PJSC's involvement in risky activities in January, as evidenced by deteriorating performance indicators and numerous complaints from bank clients, the bank was declared insolvent.

Following the decision to declare the bank insolvent to get it back on track, the NBU's management team has repeatedly held meetings with the bank's top management and potential investors of ENERGOBANK PJSC. However, no acceptable and convincing proposals on putting this bank back on a sound footing have been submitted to the National Bank of Ukraine.

In view of the above and given the deterioration in ENERGOBANK PJSC's liquidity conditions and worsening solvency conditions, as well as the absence of timely financial support from its owners who have failed to submit a well-designed and approved resolution plan, on February 12, 2015, the Board of the National Bank of Ukraine adopted Resolution No. 96 declaring ENERGOBANK PJSC insolvent.

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