21.07.2007 /Deposits
 Even in case of bank collapse the refund of deposit is still guaranteed
Andriy Zymukha, Head of Strategic Planning Unit of JSCIB «UkrSibbank» If the bank collapses, the depositors may count on their deposits to be refunded. When a bank being a member to the Individuals’ Deposits Guarantee Fund, a depositor is sure to get full reimbursement of deposit including interest accrued, however, not more than UAH 25 thousand, and subject to the deposit amount exceeding UAH 1. Thus, if a deposit amount equals to $K 50, the Fund guarantees a payback of UAH 25 thousand, the remaining sum will be refunded from the bank’s correspondent account. In such case the depositor will forward a respective request to the receiver of failed bank, with which the funds were placed. The depositors have two months for filing petitions in order to claim primary reimbursements and final settlement on the part of the bank. The priority of making payments from the bank’s correspondent account and from the statutory provisions is given to the major individual depositors (if the amount deposited exceeds UAH 50thou). Accordingly, the level of probability to recover full amount of funds deposited is much higher. In case the banks lack funds to satisfy the claims in full, the funds will be distributed on a pro-rata basis to payable liabilities. Consequently, aggregate liabilities of the bank to these depositors will be decreased by the amount paid out. In general, the larger bank’s capital base is, the higher chances to get full refund of deposit are. The depositor may also expect full funds return in the event of the bank’s failure if he/she decides to make use of a certain insurance service offered by a number of companies – non-repayment insurance of the individuals’ deposits. Therefore, if the bank fails to perform its obligations, the depositor will be compensated the deposit amount and the interests at the expense of the insurance companies.
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