From January 16, Misto Bank depositors will only be able to receive their funds within 30 days. This is stated in the message of the Federal Guarantee Fund.
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“After this period expires, payments will stop. We urge Misto Bank depositors to contact the Fund’s agent banks for compensation,” the Fund reported.
Thus, the Guarantee Fund will stop paying the guaranteed amount of compensation and will approve the liquidation balance sheet of Misto Bank JSC.
Background
On December 14, 2020, the Board of the National Bank decided to classify Misto Bank as insolvent due to a reduction in capital standards by 50 percent or more from the minimum established level.