The independent valuation of assets of Eurogasbank demonstrated that its real cost is more than twice less the cost, indicated in the documents, according to the press office of the Deposit Insurance Fund.

“The loan portfolio makes up 82.4% of the structure of Eurogasbank’s assets, and the independent appraisers assessed its “on paper” cost, equal to UAH 3.6 bln, at UAH 1.6 bln”, the Fund reports.

“Almost 92% of the loan portfolio of legal entities of Eurogasbank were formed on the principle of the financial pyramid. For the period of 2012-2014, UAH 3.3 billion were withdrawn from the bank through lending of the structures, indirectly associated with the bank management”, the Fund reports.

The loans were disbursed for payment of interests on the previously obtained loans. The debts of the specified structures stopped being serviced after the introduction of the temporary administration into the bank.

It was also established that during the year, the bank management replaced the high liquid collateral, totaling UAH 540 mln, with low liquid. The collateral, amounting to UAH 400 mln, was withdrawn without any replacement.  

The total value of the liquidation estate of Eurogasbank “on paper” is UAH 4.37, and the appraised value is UAH 16.9 bln.

The expenses of the Deposit Insurance Fund for payment of the guaranteed amount to the depositors of this bank amounted to UAH 1.21 bln. The total amount of accepted creditor’s claims is UAH 2.14 bln.

Previously, the Deposit Insurance Fund applied to the National Bank with the proposal on revocation of the banking license and liquidation of Eurogasbank JSC.