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Deposit Guarantee Fund begins paying guaranteed compensation to depositors of Forward Bank from March 1

KYIV. March 7 (Interfax-Ukraine) – The Deposit Guarantee Fund from March 1 began paying guaranteed compensation to Forward Bank depositors under agreements that expired before February 7, 2023 and under bank settlement agreements.

According to the report, in general, the first part of the general register of depositors includes information on more than 48,000 accounts with a total guaranteed amount of almost UAH 326 million.

It is indicated that depositors will receive their funds in the amount of 100% of the deposit amount, including interest credited at the end of the day on February 7.

The fund recalled that it would be possible to receive funds online at PrivatBank, Ukrgasbank, FUIB and Pivdenny Bank.

As reported, on February 7, the National Bank classified Forward Bank as insolvent.

The decision was made due to the bank’s failure to bring its activities in line with the requirements of the law after classifying it as problematic, and also taking into account the further significant and irreversible deterioration in the financial condition of this bank in the absence of effective measures to improve it and the impossibility and insufficiency of the capitalization planned by Forward Bank .

The ultimate beneficial owner of the bank is Russian citizen Rustam Tariko. By a decree of the president of Ukraine in October 2022, a corresponding decision of the National Security and Defense Council of Ukraine was put into effect, by which personal sanctions were applied to Tariko.

According to the NBU, as of November 1, 2022, the bank ranked 42nd in terms of assets (UAH 2.5 billion) out of 67 operating banks.p