The Deposit Guarantee Fund has paid out funds to the 9th line of creditors of Concord Bank, including the DobroDiy Charity Exchange

The Deposit Guarantee Fund has paid off the debt to the participants of the 9th stage of the register of accepted creditors' claims of Concord Bank. This was reported by the co-founder of the bank, Olena Sosiedka, UNN reports.

"The Deposit Guarantee Fund has paid out funds to the participants of the 9th stage of the register of accepted creditors' claims of our bank Concord. Among those who received their funds are students, military personnel, pensioners, and the DobroDiy Charity Exchange, which has been helping seriously ill children and supporting the Armed Forces for years," Sosiedka wrote on her Facebook page .

She added that Concorde currently has sufficient funds in both national and foreign currencies, as well as liquid government bonds to quickly complete the liquidation process. "We thank the Fund for hearing us and hope that the liquidation of Concorde will take place in the near future," Sosiedka added.

Add

At the end of December last year, Olena Sosiedka reported that creditors from the 9th line of the register of accepted creditors' claims of Concord Bank began to receive payments. The decision to partially satisfy the claims of 72 creditors in the amount of UAH 57 million was made on December 11.

A few days later, it became known that the DGF had suspended payments.

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. This year, 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, owners and shareholders of banks may appeal against 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. 

In addition, the issue of liquidation of a profitable bank has not been regulated in Ukraine. According to Olena Sosiedka, 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.