17:43 12.05.2017

State needs to reduce participation in banking sector – experts

KYIV. May 12 (Interfax-Ukraine) - The state needs to step up actions to reduce participation in the banking sector, the people's deputy of Ukraine, the author of the independent report "Gontareva: threat to the economic security of Ukraine," Serhiy Taruta, has said.

"My understanding is that in a normal market situation there should not be state banks. What is the state, you understand perfectly well: this is the influence of the country's leadership on officials from state banks, this is a good feeder on those programs that can be economically unjustified. They [state-owned banks] will continue killing the banking system at the expense of administrative resources," he said at the round table entitled "Who controls the NBU today and tomorrow."

"The state certainly has and can have the opportunity to help and stimulate the economy, but this [state influence] should not make up 52% of the banking sector. Otherwise, we cannot talk about any real European choice of Ukraine or European business rules," the coordinator of the Ukrainian Business Initiative association, Andriy Nikolayenko, said.

President of the Institute for Economic Analysis (Russia) Andrei Illarionov, in turn, noted the decision of Ukraine's authorities to nationalize PrivatBank (Kyiv) contradicts the pro-European statements of Ukraine.

"Everyone says it is needed to reduce the state's share, privatize assets, and at the same time they nationalize the bank and increase the country's public debt by 5% of GDP, while taxpayers of Ukraine have to pay this 5%. The question is why citizens who did not have deposits in PrivatBank have to save the financial institution. This is the decision that has no analogues," he said.

Illarionov is confident it was necessary to sell the financial institution to investors.

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