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. Last Updated: 07/27/2016

ARKO Gives Guarantee




MOSCOW -- The Agency for Restructuring Credit Organizations, or ARKO, has agreed to guarantee household savings accounts kept in banks it is restructuring.


That means that customers of any bank it has agreed to restructure, but fails to bring back to life, should still be able to draw out savings through a fund ARKO will set up.


ARKO said it would give a guarantee of 100 percent for savings accounts of 1,660 rubles ($64). Guarantees on saving accounts with more funds than that have lower guarantee rates. Accounts with more than 83,470 rubles do not fall under ARKO's guarantee.


The decision is effective as of Nov. 1, and payments are scheduled to begin as soon as banks' licenses are revoked.