From July 23rd, 2016 onward, the Bank has been liquidating the entirety of its holdings in order to return all deposits in full with as much interest as possible. Estimates suggest all principal plus interest earned up until the Bank's suspension of activity on July 13th, 2014 will be guaranteed, in addition to a return on investment of at least 10% applied to this balance. The Bank will shut down completely when all items are sold and the final deposit is withdrawn. Any meat remaining after the Bank's liquidation will be used to increase the rate of return paid to all depositors.
The pace of the withdrawal process will depend on how quickly the Bank can sell its holdings. Withdrawals of deposits held by active accounts will be prioritized as the Bank liquidates; active depositors will receive a prompt return of their deposit. Inactive accounts will be withdrawn after all active accounts are fully withdrawn.
Phase 2 of the Bank's liquidation began on July 23rd, 2017, initiating the second year of the process. Please see the below post for details.
Phase 1 took place over the course of the first year of liquidation, from July 23rd, 2016 to July 22nd, 2017. The vast majority of deposits held by active accounts were fully withdrawn over this period; an assessment is posted below.
