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The National Bank of Ukraine started the New Year by closing another bank, declaring Platinum Bank insolvent on Jan. 10. At one time it was Ukraine’s 22nd largest bank in assets.

The central bank reported that Platinum Bank had failed to meet recapitalization requirements reached in June. The Deposit Guarantee Fund is obliged to pay out Hr 4.8 billion to the 97 percent of Platinum Bank depositors whose deposits do not exceed Hr 200,000 (approximately $8,000.)

“The money should be paid back by associated people, not by taxpayers – but for that the NBU has to do work to identify the associated people,” former director of the department of registration and licenses at the NBU, Oleksandr Zavadetskiy, told the Kyiv Post on Jan. 11.

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