The National Bank of Ukraine has adopted a decision to declare PUBLIC JOINT-STOCK COMPANY COMMERCIAL BANK "STANDART" (hereinafter – CB STANDART PJSC) insolvent.
This decision was preceded by another decision to declare the bank a problem bank, which was adopted in February 2015 in connection with CB STANDART PJSC’s involvement in risky activities that led to the deterioration in its financial standing and posed a threat to the interests of bank’s creditors and depositors.
In addition, during the period spanning from late September to late December 2014, CB STANDART PJSC performed transactions in cash worth approximately UAH 600 million in violation of the law on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorist Financing.
However, following the decision to declare CB STANDART PJSC a problem bank, the bank and its shareholders failed to submit a credible resolution plan to the National Bank of Ukraine. At the same time, the bank's liquidity position continued to deteriorate further.
In addition, the National Bank of Ukraine has revealed that CB STANDART PJSC has failed to meet its obligations to its creditors and depositors on time.
Under such circumstances, in compliance with the requirement of Article 76 of the Law of Ukraine On Banks and Banking, the National Bank of Ukraine was compelled to adopt a decision to declare the bank insolvent.
In view of the above, in compliance with 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 19, 2015, the Board of the National Bank of Ukraine passed Resolution No 116 declaring CB STANDART PJSC insolvent.