The decision of the government and the National Bank of Ukraine on the nationalization of PrivatBank "is an important step to preserve Ukraine's financial stability, increase confidence in the banking system and provide equal treatment for all bank requiring recapitalization," reads a report on the website of the World Bank.

"Going forward, the World Bank considers it critically important to put in place professional management and an independent supervisory board to effectively restructure PrivatBank, safeguard depositors, and minimize costs to taxpayers," the report reads.

"The World Bank welcomes the bold step taken by the central bank and the government of Ukraine in securing the financial stability of the banking system in the country, and together with other development partners, will continue supporting Ukraine in its efforts to build strong institutions and advance the financial sector reforms," according to the document.

As reported, the government under the initiative of the National Bank and PrivatBank shareholders on December 18 made decision on the nationalization of the financial institution: the state will obtain 100% of the PrivatBank capital, while the volume of the issue of government domestic loan bonds for this purpose is estimated at UAH 116.8-148 billion.