Liquidators: Versobank deposits will be paid out in full

The assets of Versobank, currently under liquidation, exceed its known liabilities and all bank deposits will be compensated in full. To date, over 177 million euros 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 euros plus an additional 30% of the balance exceeding this amount. Now we have come to a conclusion that the deposits can be paid out in full because the bank under the liquidation possesses sufficient funds”, said the bank's liquidator, KPMG's Partner Eero Kaup.

Kaup would like to remind all depositors that for deposit compensations, the customers have to submit an application. “To date, 805 customers with the total account balance of 4.6 million euros, have not made an application. Hereby I invite all clients to submit an application, even when the deposit balance may seem insignificant to them”.

By submitting a claim application, a customer confirms the claim towards the bank, making it possible to pay out compensation as soon as possible. More information is available on the website http://www.versobank.com.

To date, the Estonian Guarantee Fund has paid out compensation to 2,559 customers in the amount of 90.1 million euros and Versobank has paid out compensations to 452 customers in the amount of 87.1 million euros. In addition to that, 143 customers have submitted claim applications in the amount of 13.1 million euros, to be paid out.

On 5 April 2018, the Estonian Guarantee Fund in cooperation with liquidators, started to compensate to the bank’s customers the funds in deposits and bank accounts of up to 100,000 euros. Currently the compensations are paid by Versobank. The compensations will be paid out to all debtors on an equal basis, with no priority being given in the compensation process.

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