OREANDA-NEWS. November 25, 2009. Forum Bank < FORM UK U/R > announced that it did not intend to redeem its C-series bonds of UAH 300mn by an offer scheduled for 23 November 2009. According to the bank, those bonds will be redeemed on 19 November 2012. Note that the NBU allowed loss making banks to refuse from an early redemption of their debt. Meanwhile, the net loss of FORM in 9M09 amounted to UAH 0.4bn.

Millennium Capital considers that such a decision of FORM was due to the bank’s uncertainty about a realistic timeline for its capital increase. Therefore, the bank is now trying to maintain its current liquidity level to ensure uninterrupted operations until a decision on its capital increase has been approved.