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€84 million worth of deposits reimbursed to Versobank customers

Versobank. Source: Tairo Lutter/Eesti Meedia/Scanpix

As of Thursday, the Guarantee Fund has authorized compensation for 2,400 customers of Versobank to be paid out in the total amount of €84 million.

"Paying out compensation for the customers of Versobank has gone fairly smoothly," Guarantee Fund director Riin Heinaste said in a press release. "Even though some customers experienced failures in viewing and confirming their bank balance at the beginning of the process, the liquidator of the bank was able to resolve the problems fas enough. The Guarantee Fund has by now directed to payment the compensation of those customers with whom the liquidator has established contact and who have demonstrated interest in receiving compensation for their deposits that were in Versobank."

Thursday, April 19 was the end of the period for compensation payment stipulated by the Guarantee Fund Act. As approximately 70 percent of depositors have by now submitted reimbursement applications to the liquidator, the Guarantee Fund will continue to carry out payments.

"We would like to remind Versobank customers to respond to letters sent by liquidators and forward their new bank account details so that the Guarantee Fund can transfer the compensation," Heinaste said, commending the liquidators and agent banks for their cooperation as well.

Versobank liquidator Eero Kaup said that most or 95 percent of the applications submitted were correct and have been submitted to the Guarantee Fund for reimbursement; the rest would require follow-ups.

"This is a relatively good result, and we on our part would like to thank the customers of the bank for their understanding and patience," Kaup said. "We would also like to thank the Guarantee Fund and the bank's employees for their good cooperation."

He noted that customers who have yet to submit an application to receive a deposit reimbursement by law can so for another three years, adding that these applications would be handled on a running basis.

In the bank's liquidation process, the liquidators will continue collecting claims from creditors, including in terms of deposits, which the Guarantee Fund did not fully reimburse. The inventory of assets and liabilities as well as the drawing up of a liquidation balance will likewise continue.

On the proposal of the Estonian Financial Supervision Authority, the European Central Bank (ECB) on March 26 withdrew the authorization of Versobank AS to operate as a credit institution due to serious and long-term breaches of legal requirements, particularly concerning the prevention of money laundering and combating the financing of terrorism.

The withdrawal of the authorization to operate as a credit institution will be followed by the compulsory dissolution of Versobank AS. Harju County Court has appointed liquidators who have taken over the management of the bank as prescribed by law and have started settling the legitimate claims of creditors.

Versobank has been operating in Estonia since fall 1999. According to unaudited figures, Versobank's assets in 2017 grew to €294 million and net profit totaled €300,000.

Editor: Aili Vahtla

Source: BNS

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