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Liquidators: Versobank deposits will be paid out in full

The step to suspend Versobank's license was announced on March 26, 2018.
The step to suspend Versobank's license was announced on March 26, 2018. Source: ERR

The assets of Versobank, currently under liquidation, exceed its known liabilities, and all bank deposits will be compensated in full, the bank's liquidators said on Wednesday. To date, over €177 million have been paid out to the depositors.

"In June and ahead of the due date, we decided to compensate to all customers the deposits and bank accounts in the amount of €200,000 plus an additional 30% of the balance exceeding this amount. Now we have come to the conclusion that the deposits can be paid out in full, because the bank under liquidation possesses sufficient funds", liquidator and KPMG partner Eero Kaup said in a press release.

Kaup reminded all depositors that they need to submit an application for deposit compensations. "To date, 805 customers with a total account balance of €4.6 million have not submitted such an application. I hereby invite all clients to submit an application, even if the deposit balance may seem insignificant to them," he added.

By submitting a claim application, a customer confirms their claim towards the bank, making it possible for the liquidators to pay out compensation.

To date, the Estonian Guarantee Fund has paid out compensation to 2,559 customers in the amount of €90.1 million, and Versobank has compensated 452 customers with a total of €87.1 million. In addition to that, 143 customers have submitted claim applications for a total of €13.1 million still to be paid out.

On 5 April 2018 the Estonian Guarantee Fund in cooperation with liquidators began compensating the bank's customers with funds in deposits and bank accounts of up to €100,000. At this time the compensations are paid by Versobank. All debtors will be compensated on an equal basis, with no priority assigned to any specific case in the compensation process.

On 26 March 2018 the European Central Bank withdrew Versobank AS's authorisation to operate as a credit institution following the recommendation of the Estonian Financial Supervision Authority. On 28 March 2018 Eero Kaup, Viljar Alnek and Ksenia Kravtšenko of KPMG Baltics OÜ and law firm KPMG Law OÜ were appointed as liquidators.

Editor: Dario Cavegn

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