DGF has paid 99% of the debt to the 9th line of creditors of Concorde Bank

The Deposit Guarantee Fund has paid more than 99% of the debt to the participants of the 9th stage of the register of accepted creditors’ claims of Concord Bank. This was reported by the Deposit Guarantee Fund in response to a request by UNN.

As of today, the approved amount of creditors’ claims of the 9th stage of JSCB Concord JSC amounts to UAH 238.96 million. More than 99% of them have been repaid, namely UAH 238.82 million

In addition, the DGF added that the satisfaction of creditors’ claims of Concorde Bank, amendments to the register of accepted creditors’ claims and acceptance of creditors’ applications with current bank details are ongoing.

Add

The Deposit Guarantee Fund reported that this week  it put up for sale the assets of 9 banks, including the assets of Concorde. In particular, the bank’s assets totaling UAH 34.70 million are to be sold, of which UAH 27 million are to be put up for sale as receivables and UAH 7.69 million as loan claims.

Recall

Despite the war in Ukraine, the process of removing banks from the market has not stopped. Thus, as of February 24, 2022, the liquidation process was initiated against 8 banks. For the first time in Ukraine, not only bankrupt banks, but also profitable institutions were subject to liquidation and license revocation, including Concord Bank. The process of depriving a banking institution of its license takes place without a court. Of course, the owners and shareholders of banks may appeal the decision of the regulator, the NBU, after it has made a decision to liquidate the bank, but in general, the process of withdrawing a banking institution from the market, once it has been launched, is irreversible. 

The NBU’s decision to liquidate Concord bank was declared illegal, what’s next. Lawyers ‘ response27.11.24, 11:53 • 228462 views

In addition, the issue of liquidation of a profitable bank is not regulated in Ukraine. According to Olena Sosedka, co-owner of Concord Bank, at the time the regulator announced the decision to liquidate the bank, the financial institution had enough highly liquid assets to make all the necessary payments in 2-3 weeks. But the process of bank liquidation is strictly regulated by law and can generally take up to three years.