12:20 19.12.2016

Poroshenko initiates expansion of government guarantees for deposits of all state-run banks

2 min read
Poroshenko initiates expansion of government guarantees for deposits of all state-run banks

Ukrainian President Petro Poroshenko has proposed to provide government guarantee for deposits of individuals at state-run banks for the sum exceeding the limit refunded by the Individuals Deposit Guarantee Fund (UAH 200,000).

Bill No. 5533 amending the law on banks and banking operations related to state guarantee of deposits of individuals was submitted by the Ukrainian president to parliament on Monday.

"There is a necessity of introducing additional guarantees by the state to depositors of state-run banks to resume and strengthen trust of these depositors to state-run banks and the Ukrainian banking system. Relevant steps of the state are to be an example for taking over by other owners of banks managing them," the president said in an explanatory note.

According to the note, government guarantees for depositors of Oschadbank are retained for the entire sum of deposits.

According to the law, banks with 100% of shares belonged to the state have the status of state-owned banks. At present, there are two banks fully owned by the state – Oschadbank and Ukreximbank.

Meanwhile, the government under a proposal of the National Bank of Ukraine (NBU) and shareholders in PrivatBank on December 18 made the decision to nationalize the financial institutions: the state would receive 100% of the bank's capital, and the issue of government domestic loan bonds for this purpose is estimated at UAH 116.8-148 billion.

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