Bank Ukrayina Depositors Finally Being Paid

All departments of the Aval Bank started making payments to individual depositors of the Ukrayina Commercial Agroindustrial Bank at 2 p.m. on July 5. Volodymyr Stelmakh, Governor of the National Bank of Ukraine, announced the day before that Aval had received the required UAH 183.7 million. The maximum deposit refundable is UAH 49,500 (considering UAH 500 received previously as compensation). In other words, deposits are recompensed provided they do not surpass UAH 50,000 each. That same day, the PrivatBank started making payments to corporate depositors topping the bank’s list of creditors.

Mr. Stelmakh explained the NBU decision to do without the bankruptcy agency as the broke bank’s receiver by the fact that sales of Ukrayina liquid assets had revealed numerous transgressions before the NBU stepped in. Thus, an almost brand-new Volkswagen was put up for sale at UAH 7,000, while experts set its market value at $6,500. This and other such incidents made it clear that the debtor did not have enough money to pay its creditors. Moreover, Mr. Stelmakh pointed out that receiver wanted to start payments at a mere UAH 11,200 and continue them for half a year.

Aval Chairman of the Board Oleksandr Derkach said individual depositors can receive the money due them at practically any office of the bank, regardless of the place of deposit. They must have their internal passports and tax ID code number certificates. Those with new passports must also have passport desk certificates attesting their change of passport and containing the old passport’s essentials. Such deposits can also be refunded to the depositor, an authorized person acting under a duly executed power of attorney, or to the legal successor in possession of a patrimony title certificate. Arrears on deposits for the benefit of minors are to be paid their parents or guardians in the presence of the birth certificates and passport of either of the parents or guardians. Regional Aval offices will be open until 9 p.m. on weekdays and 8 p.m. on weekends to secure free issuance of money owed or free opening of deposit accounts. Bank offices in customer intensive areas (Poltava, Sumy, Cherkasy, and Zaporizhzhia oblasts) will be manned by additional tellers. Mr. Derkach was concerned about customers pouring in on the early days of payments, so he urged, “There’s no need to hurry; there’s enough money for everybody.”