2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
"FinRostBank", reviews in a positive way about which it is problematic to find today due to the liquidation of a financial institution, was registered as the National Bank of Ukraine on January 29, 1993. The activity of the institute was carried out on the basis of license number 143 dated November 7, 2011. Prior to the start of problems in 2014, the reliability of the institution was ensured by its many years of experience in the financial market. The network of branches has been actively developing, and the company itself has been an honorary member of the Fund for Guaranteed Deposits of Individuals since 2005.
A bit of the history of the bank
From the moment of its establishment, partnership with representatives of small and medium-sized businesses was considered the main activity of the bank. Active cooperation with corporate clients was carried out, currency exchange operations were carried out. The activity in the interbank sector flourished. Deposits were attracted from both legal entities and individuals. Branches and offices worked throughout Ukraine. FinRostBank (Donetsk and Lugansk, Kyiv and Odessa, Kharkov and Dnepropetrovsk, Lvov and Nikolaev,Khmelnitsky and Simferopol, Zaporizhia and Kirov) served its clients in different parts of Ukraine with the same quality and professionalism. The largest shareholder of the financial institution was Alexander Bondarev. He owned about 50% of the shares. In terms of regulatory capital, in the best of times, the bank belonged to the 4th group.
When did the problems start?
"FinRostBank", reviews of which in a positive way are rare due to the liquidation of the latter, became the 12th bank in Ukraine, which ceased its full-fledged activities during 2014. By decision of the Guaranteed Deposits Fund and the National Bank of Ukraine, a temporary administration was introduced at the financial institution. Initially, the duration of its work was supposed to be about 3 months. Her term of office expired on October 16, 2014. The insolvency of the bank is connected with the limited liquidity of the latter. Since the bank belonged to the category of small financial institutions, the assets of the institution in the last stages of work amounted to less than 2 billion hryvnia, which ensured the 81st place in the Ukrainian rating of banks, of which there are 181.
More details about the liquidation procedure
"FinRostBank", reviews of which clearly indicate the insolvency of the institution, already on July 16 worked under the leadership of the interim administration. During the reign of the latter, attempts were made to attract investors or sell a loan portfolio and an investment through an auction. History of the financial sector of Ukrainesuggests that interim administration rarely accompanies the restoration of the working capacity of financial institutions. It is called mainly to start and implement the liquidation procedure. As a result of the work of FinRostBank, the interim administration passed its verdict, according to which, already in October 2014, it was decided to deprive the financial institution of its license. Alexander Volkov was at the head of the interim board.
What was the prerequisite for the introduction of an interim administration?
The prerequisite for the introduction of interim management was a sharp reduction in the assets of the financial institution. If in April 2014 the total assets of the latter corresponded to 1.947 billion hryvnia, then by July the figure dropped to 1.555 billion hryvnia. As of July 21, the DGF has set the amount that the Deposit Insurance Fund can reimburse at UAH 523.5 million. As of January 13, 2015, FinRostBank recorded 76 million hryvnias of enterprise funds, 821 million hryvnias belonging to the citizens of the country, of which only 523 million hryvnias were guaranteed to be returned. The remaining UAH 298 million were classified as non-guaranteed deposits.
First negative reviews
According to the clients of FinRostBank, whose problems began in the second quarter of 2014, it did not always provide high-quality and professional customer service. So, in 2013, quite often there were reviews that when contacting the support service in response to a questionrudeness could be heard. Regular customers have faced this trend. Repeatedly, there were signals of unscrupulous service directly in offices and branches. It is problematic to judge whether these complaints are real, but the fact that they are present on the Internet in large numbers makes one wonder.
What are the contributors saying?
The first signal beacons about failures in the bank began to appear in January 2014. It was then that reviews fell on FinRostBank, according to which the institution stopped the payment of deposits that had expired. Some of the bank's clients spoke indignantly about the fact that the financial institution does not issue deposits even in hryvnia in small installments, which is practiced by numerous banks in the country that are faced with the problem of lack of capital. There was information that in some cities the branches of FinRostBank (Odessa and Nikolaev) were completely closed without warning. Attempts by citizens to contact the leadership failed. The indignation on the part of the public is also due to the fact that the Deposit Insurance Fund undertakes to partially eliminate losses only to those persons who have no more than UAH 200,000 in their deposit account.
Official statement and rescue of deposits
According to the official statement of the fund, the payment of funds in accordance with the agreements should have been carried out during the reign of the interim administration, however, the feedback from the bank's customersabout satisfaction of their interests yet. There was no need to submit specialized applications to the fund in accordance with agreements that had already expired before the introduction of the provisional administration and in the process of its management. Payments to this category of depositors were to be made according to special lists, the formation of which was carried out by an authorized person of the fund. Reference information on any questions was provided by the telephone number of the "hot line" of the Deposit Insurance Fund and in the contact center of "FinRostBank". There was a personal reception of depositors by the head of the interim administration.
Compensation payments
According to official information, the payment of compensation to depositors of FinRostBank began on August 19th. Clients of a financial institution could receive not only the body of the deposit itself, but also the percentage that is due on it in accordance with the contract until the moment the institution starts withdrawing from the market. Compensations were issued through branches of UkrSibBank and ImexBank. The latest reviews about FinRostBank, including the payment of compensation, are very rare. This indicates that the procedure for the return of deposits takes place in fact, and there are fewer dissatisfied depositors. Payment of compensation to depositors who, due to certain reasons, did not apply for help to the fund's agent bank, was carried out after consideration of their individual written applications to the fund until the financial institution was included in the list of organizations subject to liquidation. Payments are possible only if you have a passport and a taxpayer card.
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