Claims recovery

Claims’ recovery

FGDB enrolled its claims in the bankruptcy proceedings of the failed banks, opened in Romania during 1999 - 2006, consisting of both the payouts made to insured depositors and the annual contributions owed by said banks and not paid as of bankruptcy dates.

Between 1999 – 2006, the following banks went bankrupt in România:

• Banca Comercială “Albina” SA – bankruptcy proceedings lasted from May 25, 1999 to December 14, 2012;
• Banca Generala de Credit şi Promovare - Bankcoop SA – bankruptcy proceedings lasted from February 8, 2000 to November 5, 2019;
• Banca Internaţională a Religiilor SA (BIR) – bankruptcy proceedings opened on July 10, 2000, ongoing;
• Banca Română de Scont SA (BRS) - bankruptcy proceedings opened on April 16, 2002, ongoing;
• Banca Turco Română SA (BTR) – bankruptcy proceedings opened on July 3, 2002, ongoing;
• Banca “Columna”SA – bankruptcy proceedings lasted from March 18, 2003 to May 30, 2022;
• Nova Bank SA – bankruptcy proceedings lasted from November 9, 2006 to May 28, 2020.

For the liquidation activity purposes, the following Trustees (Liquidators) of the said banks had been appointed by the courts, pursuant to the law:

• RVA Insolvency Specialists SPRL (former Moore Stephens (RVA) SA) – Banca Comercială“ Albina” SA, Bankcoop SA until October 13, 2015[1] and BIR until November 17, 2015[2];
• PricewaterhouseCoopers Business Recovery Services IPURL (former PricewaterhouseCoopers Management Consultants SRL) – Bankcoop SA (in collaboration with RVA Insolvency Specialists SPRL until October 13, 2015) and Banca “Columna” SA;
• FGDB – BRS and BTR;
• Tănasă şi Asociaţii SPRL (former Refal Star TNB SRL) – Nova Bank SA[3] and BIR.

[1] From October 13, 2015 until the close of the bankruptcy proceedings (on November 5, 2019), PricewaterhouseCoopers Business Recovery Services IPURL remained the sole Trustee (Liquidator) of Bankcoop SA.

[2] From November 17, 2015, Tănasă și Asociații SPRL is the new Trustee (Liquidator) of BIR.

[3] In collaboration with Evoinsol SPRL (former Activ Lichidator SRL, Activ Lichidator IPURL and Beta Insolvency IPURL).

FGDB continues to be the major creditor of BIR (78.90% of creditors’ claims).

FGDB’s quality as creditor ceased at six failed banks as a result of the full recovery of its claims either through the distributions made during liquidation (in 2004 at BRS and in 2011 at BTR) or by assignment (in 2007 at Nova Bank SA), as well as of the closing of the bankruptcy proceedings (in 2012 at Banca Comercială „Albina” SA, in 2019 at Bankcoop SA and in May 2022 at Banca ”Columna” SA).

Until December 31, 2022, FGDB has recovered claims amounting to RON 186.11 million, corresponding to a recovery ratio of 36.26%.

[4] Bankruptcy proceedings closed on December 14, 2012, data presented being the cumulative ones as of closing date.

[5] Bankruptcy proceedings closed on November 5, 2019, data presented being the cumulative ones as of September 30, 2019.

[6] Bankruptcy proceedings closed on May 30, 2022, data presented being the cumulative ones as of March 31, 2022.

[7] Bankruptcy proceedings closed on May 28, 2020, data presented being the cumulative ones as of closing date.

[8] Between September 4 – November 9, 2006, FGDB had been appointed by the National Bank of Romania as Administrative Liquidator (Receiver) at Nova Bank SA, its mandate ceased on the date of the opening of the bankruptcy proceedings.

[9] Recovery made by assigning FGDB’s claim in April 2007, before its adjustment with the effective payouts ended on January 2010.