On November 25, 2015, the National Bank of Ukraine, upon the proposal of the Deposit Guarantee Fund, issued Resolution No. 816 on revoking a banking license and liquidating Integral-Bank PJSC.
In August 2015, Integral-Bank PJSC was declared a problem bank due to the bank’s failure to meet its obligations to depositors and creditors. Following the decision to declare Integral-Bank PJSC a problem bank, it was established that the clients’ documents which had not been executed by the bank within the terms set by applicable laws had gone unrecorded. In addition, the bank’s financials deteriorated. The cash-strapped bank was unable to meet its obligations to depositors and other creditors in due time and in full.
In violation of Article 58 of the Law of Ukraine On Banks and Banking, which obliges the qualifying shareholders in a bank to take timely measures to prevent the bank from slipping into insolvency, the owner of a qualifying holding in this bank failed to take timely measures to provide sufficient funding to keep Integral-Bank PJSC afloat.
In view of the above, and in order to protect the interests of depositors and other creditors, on September 15, 2015, the Board of the National Bank of Ukraine adopted a decision to declare Integral-Bank PJSC insolvent.
In compliance with Article 34 of the Ukrainian Law On Household Deposit Guarantee System, the Executive Directorate of the Household Deposit Guarantee Fund on the next business day placed the bank under provisional administration and appointed an authorized person to that effect.