Mykhailivsky Bank depositors demand return of their money

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A woman with a poster reading "Mykhailivsky Bank, return our deposits" attends a rally of the bank's depositors in front of the Ukrainian parliament in Kyiv on Feb. 7. As of late May 2016, the failed bank owed depositors Hr 2.6 billion.
Photo by Anastasia Vlasova

About 50 people rallied in front of the Verkhovna Rada, Ukraine’s parliament, in Kyiv on Feb. 6 to demand the return of their deposits in the failed Mykhailivsky Bank.

The National Bank of Ukraine, the country’s central bank, declared Mykhailivsky Bank insolvent in May, after the commercial bank collapsed amid claims of fraud and embezzlement by its senior management.

Ukraine’s Deposit Guarantee Fund is supposed to return deposits up to a value of Hr 200,000 to individual depositors in any banks that fail, but officials at the fund say that some of the money in Mykhailivsky Bank was used for fraudulent schemes, and so is not covered by the fund’s guarantee.

Ukrainian President Petro Poroshenko last November submitted legislation to parliament intended to resolve the situation, but payments from the Deposit Guarantee Fund resumed only on Jan. 20, and some depositors say they still haven’t received any reimbursement of their money.

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