Gontareva explained the reasons for the bankruptcy of Forum Bank.

Valeria Gontareva

Valeria Gontareva

According to NBU Governor Valeria Gontareva, the bankruptcy of Forum Bank was inevitable, as the bank already had a serious financial hole when it was purchased by Vadim Novinsky.

Gontareva stated that if a "problem" bank is acquired, capital will have to be contributed to it, no matter what. However, if the bank is state-owned, recapitalization is possible after nationalization. This option is not available for private banks.

The head of the NBU also stated that an agreement had been signed with Novinsky for additional capitalization of $150 million, but the businessman contributed only a third of this amount, thereby failing to fulfill his obligations. However, Gontareva acknowledged that Bank Forum's bankruptcy was not Novinsky's fault.

Valeria Gontareva also drew parallels between the banks Finance and Credit and Nadra, which went bankrupt in 2009 but received a total of 12 billion hryvnia in refinancing.

Let us recall that Vadim Novinsky purchased Bank Forum in 2012, and in 2014 the NBU declared the bank insolvent.

 

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