10:53 24.03.2017

Rada passes bill on relaxed banks capitalization and reorganization procedure

Ukraine's Verkhovna Rada on March 23 passed at second reading bill No. 6010 registered in parliament on February 1, 2017 relaxing the banks capitalization and reorganization procedures.

A total of 253 lawmakers backed the document.

The bill was endorsed with amendments put on record by Chairman of parliamentary committee for financial policy and bank operations Serhiy Rybalka.

According to the NBU, as of March 23, 2017, a total of 37 banks have the charter capital which is to be increased to UAH 200 million before July 11, 2017.

"The bill aims first at these banks. However, absolutely all banks will be able to apply it," the central bank said.

As reported, referring to the NBU, the document opens up to all banks, including those not in need of capitalization, the opportunity of reorganization under a simplified procedure, the duration of which will be reduced to three or four months from half a year.

All the banks will also have access to a simplified procedure of capitalization due to contributions of shareholders under the condition that previously the origin of the funds contributed is confirmed.

In addition, the bill regulations allow the central bank to make decision on revoking the banking license without liquidating the legal entity.

The effect of the bill is restricted – until January 1, 2020.

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