Board of the National Bank of Ukraine (NBU) on Jan. 26 decided to place public joint-stock company Fortuna-Bank to the list of insolvent banks.
“Measures taken by top managers of Fortuna-Bank and the holder of a large stake in it to additionally capitalize the bank were not enough to provide for positive regulatory capital as of January 1, 2017,” the regulator said on Jan. 27.
The NBU said that 91 percent (2,167 people) of all depositors of the bank will receive their deposits in full amount, as their size does not exceed the sum guaranteed by the Deposit Guarantee Fund (Hr 200,000). In general, the central bank assesses payment by the fund at Hr 96 million.
Fortuna-Bank ranked 38th among 100 operating banks as of Oct. 1, 2016, in terms of total assets worth Hr 2.507 billion, according to the NBU.
Its key owner with 99.637 percent of the share capital is Motrona Tyshchenko.
The regulator said that after stress tests at Fortuna-Bank conducted in H1 2016 the additional capitalization volume was approved in July. All banks of the top twenty in terms of assets were to provide for positive regulatory capital on Jan. 1, 2017.
The financial institution submitted a restructuring plan to the NBU. It had some measures aimed at the additional capitalization of the bank and in 2016 the top managers and the owner took measures to meet the capitalization requirements, in particular, via paying credits of borrowers-affiliated persons and sending the subordinated debt to the fixed capital of the bank. However, these measures were not enough.
Fortuna-Bank had liabilities to other banks for Hr 466.8 million as of Oct. 1, 2016 and its clients for Hr 1.428 billion.
