---

10/12/2018

We hereby inform the public that, upon the proposal of the Interim Administrators in Atlas bank and IBM bank, on 10 December 2018, the Central Bank issued the order to temporary suspend payments of liabilities in these two banks under interim administration (moratorium) for a period of 45 days.

Pursuant to Article 125 of the Banking Law, liabilities referring to salaries and other personal income of the bank’s creditors (salaries, pensions, social security benefits, and the like), life and health insurance claims and current expenditures necessary for a bank’s regular functioning are excluded from the temporary suspension of payments of liabilities.

Although the Banking Law prescribes the possibility for moratorium up to 90 days, it was decided to introduce this measure for a period of 45 days to shorten the time to the maximum extent possible during which the rights of depositors and other creditors will be constrained. During this period, the Interim Administrators shall undertake all measures and activities necessary for the banks’ continuity and the protection of their property. They shall also draw up reports on the financial and operating conditions of the banks and give proposals for resolution. 

Bearing in mind that this is a measure with limited duration, which is directed toward the preservation of the banks’ property and/or protection of depositors, we believe that the depositors and other creditors of the Atlas banks and IBM bank will show their understanding with regard to the activities that are to be taken.