KYIV, Aug 25 – A Ukrainian government agency was forced to step in and take over Bank Arcada after the bank had failed to meet its financial obligations and to prevent panic money withdrawals, officials said Tuesday.

“The Deposit Guarantee Fund has entered Bank Arcada. It completely took control. The authorized person of the fund will perform the functions of the chairman of the board, the supervisory board and audit functions. We are starting to act within the law, in particular, this is an inventory, formation of liquidity and the formation of a register of creditors," Svitlana Rekrut, the managing director of the fund, said at a press conference.