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NBU declares State Land Bank insolvent

NBU declares State Land Bank insolventThe National Bank of Ukraine (NBU) has placed State Land Bank to the list of insolvent banks, the regulator has reported on its website.
Decision No. 165-sh was made by the NBU Board on July 26, 2016.

The NBU said that the bank was placed on the list of troubled banks in March 2016, as a conflict of interests was registered at the bank.

"The bank did not observe the NBU's requirements to remove legislation infringements. The situation has started worsening," the central bank said.

The central bank said that the bank did not have deposits of individuals, and there is no burden on the Deposit Guarantee Fund.

As reported, the Ukrainian government on July 2, 2012, decided to establish the State Land Bank. In the conditions of no amendments to legislation from the moment of receiving the banking license the bank almost did not operate.

The government at the end of 2015 proposed to parliament to take measures to reorganise or privatise the bank via the State Property Fund. The bank was in the state of liquidation.

Ukraine's Verkhovna Rada decided to liquidate State Land Bank on June 17, 2014.
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