Interim management introduced in Belarus’ Delta Bank

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April 22, 2016 19:08

On March 12th, interim management was introduced in JSC Delta Bank in order to reduce risks of bank’s depositors and creditors. This measure was taken due to insolvency of Ukrainian parent bank. Amid general financial instability in the region, deposits might flow from smaller to larger Belarusian banks, entailing redistribution of the consumer lending market. The regulator will focus on smaller banks, because those are more likely to experience financial difficulties or bankruptcy, in response to which depositors might provoke mass withdrawal of deposits from all banks. 

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According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.