INFORMATION ON PAYMENTS OF COMPENSATION TO DEPOSTORS OF A BANKRUPT BANK
During the entire period of operation of the Agency in 2015, two warranty cases occurred in relation to OJSC Investment Bank Issyk-Kul and CJSC Manas Bank.
By the decision of the Interdistrict Court of Bishkek dated June 18, 2015, OJSC Investment Bank Issyk-Kul was declared insolvent (bankrupt), a special administration procedure was initiated and a special administrator was appointed — the Agency for Bank Reorganization and Debt Restructuring (DEBRA).
In accordance with Resolution No. 11 dated July 1, 2015, the Agency’s Board of Directors decided not to pay compensation for deposits of OJSC Investment Bank Issyk-Kul, since individual depositors were insiders and affiliates of the bank in accordance with Article 5 of the Law of the Kyrgyz Republic “On the protection of bank deposits” and were not subject to protection.
According to the resolution of the Board of the NBKR dated 07/07/2015 No. 37/1, the conservation regime of Manas Bank CJSC was terminated and a special administration procedure was introduced based on the decision of the Interdistrict Court of Bishkek dated 07/06/2015 declaring Manas Bank CJSC insolvent (bankrupt ).
In accordance with Resolution No. 13 and 14 of August 5, 2015, the Board of Directors of the Agency decided to pay compensation for deposits of Manas Bank CJSC through the cash desk of the Deposit Protection Agency of the Kyrgyz Republic.
The special administrator of Manas Bank CJSC provided the Deposit Protection Agency of the Kyrgyz Republic with information about deposits placed in Manas Bank CJSC as of July 7, 2015.
Starting from August 10, 2015, Manas Bank CJSC has been paying compensation to depositors of Manas Bank CJSC.
As of December 31, 2022, the Agency’s liabilities to depositors of the bankrupt bank amounted to 208,833 soms 93 tyyn. One of the reasons that depositors stopped applying for compensation was that some of the deposit accounts of the bankrupt bank were “dormant.” (For reference: “Sleeping account” is an established name for unclaimed accounts whose owners do not remember them for decades, also small balances that cost more to return to).
In order to optimize and effectively pay compensation from the Agency, depositors of Manas Bank CJSC were sent notices by mail. The Agency also periodically publishes an announcement in the republican newspaper and on the official website that compensation payments to depositors for this bankrupt bank continue through the Agency’s cash desk.
On a regular basis, in accordance with the Law, twice a month, data on payments is provided by the Agency to the special administrator of Manas Bank CJSC.
For reference: By Order of the Chui-Bishkek Department of Justice No. 7425-k dated June 23, 2023, the activities of Manas Bank CJSC were terminated and an entry was made to exclude the bank from the state register of legal entities.