In accordance with Article 76 of the Law of Ukraine On Banks and Banking, on 1 August 2017 the Board of the National Bank of Ukraine adopted Decision No 490-D/BS On Declaring Public Joint-Stock Company CB Gefest (hereinafter – CB GEFEST PJSC) Insolvent. CB GEFEST PJSC failed to meet the statutory minimum capital requirements set by the NBU requiring the bank to increase its regulatory capital to at least UAH 200 million by 11 July 2017.
As of 31 July 2017, the regulatory capital of CB GEFEST PJSC was less than one third of the minimum required amount.
In view of the above, pursuant to paragraph 2 of part 1 of Article 76 of the Law of Ukraine On Banks and Banking, the Board of the National Bank of Ukraine was obliged to declare this bank insolvent.
CB GEFEST PJSC was established in late 2013. Given the economic crisis, the bank de facto was not actively engaged in banking business as of the date of the decision to declare the bank insolvent had no obligations to its customers.