The Individuals’ Deposit Guarantee Fund tentatively earned around 3 billion UAH from selling property of insolvent banks in 2016, director of the consolidated sale and asset management department of the fund Yulia Bereschenko has said.
“We received around 3 billion UAH. We are summarizing the results of the year, as it takes a couple of weeks to calculate everything. The final statistics will be published in the middle of January”, she said.
Bereschenko said that sale of assets of insolvent banks were a part of income the fund received thanks to management of assets of bankrupt banks. Payments of credit debts by clients of the banks also bring money. Thus, total income at the end of the year is around 7 billion UAH, she said.
She said that in 2017 the fund would seek to boost income.
“Drawing up a plan for this year we looked at income from sale of four categories of assets. For the fourth category of assets – so-called ‘special assets’ worth over 50 million UAH – there was almost no income last year, as most of these large credits were issued to affiliated persons”m she said.
She said that the volume of large credits was around 90 billion UAH in the credit portfolio managed by the fund, including half of them credits issued to affiliated persons issued for bubble or non-existing collateral like ‘junk’ securities. (Interfax/Business World Magazine)
