11:13 05.02.2016

NBU urges MPs to pass bill on financial restructuring

2 min read
NBU urges MPs to pass bill on financial restructuring

The National Bank of Ukraine (NBU) has urged parliamentarians to adopt the bill on financial restructuring.

"The NBU hopes that MPs will work fruitfully and believes that the bill will be discussed and passed by the Verkhovna Rada!" the NBU wrote on its official Facebook page.

The bill introduces a mechanism for financial restructuring of debtor companies that would become an important tool to settle the situation with troubled credits issued by banks, it would help rehabilitating the banking system, would promote the restoration of solvency of enterprises and retaining jobs. Finally, banks will be able to reduce the number of troubled credits and send funds to credit the economy.

The adoption of bill No. 3555 would allow fulfilling Ukraine's liabilities under the memorandum signed with the International Monetary Fund (IMF), the central bank said.

As reported, in late January 2016 the parliament committee for financial policy and banking operations recommended that the parliament passes bill No. 3555 on the financial structuring registered on December 24, 2015 and passed at first reading.

The parliament in late 2015 postponed the adoption of the government's bill on the financial restructuring for early 2016.

Deputy Finance Minister of Ukraine Artem Shevalev said in the parliament that the bill was drawn up to overcome negative consequences in the financial sector caused by crisis in the Ukrainian economy and fulfill Ukraine's liabilities to international financial organizations (IFIs).

The provisions of the document aim at creating an efficient mechanism of voluntary financial restructuring of debts of companies and their pretrial readjustment, he said.

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