17:57 02.02.2017

Bank could require additional capitalization - PrivatBank head

KYIV. Feb 2 (Interfax-Ukraine) – Board Chairman of PrivatBank (Dnipro) Oleksandr Shlapak has said that the bank could be additionally capitalized after an audit conducted by EY under the law on guaranteeing deposits of individuals.

"Cypriot assets [PrivatBank Cyprus international banking unit] were not taken into account in the bail-in transaction and they were not considered when it was calculated to inject UAH 116 billion into PrivatBank's capital. If it is established that the Cypriot branch of PrivatBank had credits similar to those for which the reserves were formed, we would have to do something with them," he said at a press conference at Interfax-Ukraine in Kyiv on Thursday.

He said that the situation with liabilities of Crimean department of PrivatBank is unclear.

"Now we need to return funds lost in Crimea to people, while PrivatBank itself lost assets for UAH 13 billion in Crimea. We do not have assets that we can use to fulfill the liabilities. We are thinking how to settle the issue," Shlapak said.

He does not rule out that additional capital is to be injected to the bank to settle the issues.

"We do not have funds for this. We do not have Crimean assets. Thus, these issues could be solved only thanks to additional capitalization of the bank, as it was done with Oschadbank and Ukrgasbank when the government sent additional funds equal to the sum of assets lost in Crimea. We have prepared a letter to the Finance Ministry," he said.

Shlapak preliminarily assessed the additional capitalization at UAH 28 billion, including UAH 14 billion for Crimean liabilities and the same sum for Cypriot liabilities.

He said that the exact sum will be determined by newly appointed auditor of the bank – EY.

"The company has received the technical task. It has started working. I think by the end of March we will have the complete picture of the situation," he said.

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