Bankrupt “Forward Bank” investors return invested funds: who pays the money

As of Monday, March 13, the Deposit Guarantee Fund started to return funds to Bank Forward JSC depositors regardless of their maturity, within the scope of bank deposit agreements. This was reported by the press service of the Fund.

It was also noted that payments made to depositors within the scope of bank account agreements (current accounts) continue. Forward Bank depositors were promised to return the full amount of their deposits, including the accrued interest, on February 7, 2023.

Deposits in foreign currency are repaid in hryvnia at the NBU rate determined by the end of the day on February 7, 2023. Four intermediary banks are involved in payments:

• “Private Bank”;
• “Ukrgasbank”;
• bank “Pivdenny”;
• “PUM”.

If you remember, the Central Bank of Ukraine canceled the banking license with the decision of the board of directors dated March 7 and sent Forward Bank, owned by Russian businessman Rustam Tariko, into liquidation. A month before this decision, on February 7, the NBU declared this bank bankrupt.

“After classification of Bank Forward JSC as problematic, classification as insolvent in connection with the inability of Bank Forward JSC to bring its activities into compliance with the requirements of Ukrainian legislation, including the regulations of the National Bank,” – said the decision of the NBU Board of Directors.

The reason for the Forward Bank license being revoked was the irreversible deterioration in the financial situation of the financial institution and the management’s failure to take the necessary measures to improve the current situation.

We also remember in an interview. Focus February 27, 2023 Oschadbank chairman of the board, Serhiy Naumov, said that systemic banks in Ukraine have passed the war test and therefore there is no need to worry about the stability of the banking system.