The NBU explained the decision on the bank Arcade

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The NBU explained the decision on the bank Arcade

28.08.2020 News

Bank Arkada was declared insolvent due to a reduction in capital. The head of the National Bank Kyrylo Shevchenko spoke about the reasons for the bank’s withdrawal from the market on Wednesday, August 26.

“The reason for withdrawing the bank from the market is to reduce the capital ratio to less than one third of the minimum level. In the morning the bank introduced a temporary administration, “- he said.

The head of the central bank assured that the measures taken are not related to the coronavirus pandemic, the reduction of business activity.

“The bank’s problems arose due to the loss of the asset. These are buildings and a plot of land located on Olhynska Street. Last year the bank Arcade gave this building as a pledge to a relative, and recently the creditor collected this property for late service of the debt. As a result of the loss of such a large asset, the bank’s capital became negative, and the NBU was obliged to declare it insolvent, “Shevchenko said.

He also said that the regulator has asked law enforcement officers to check the actions of officials of the bank.

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