13:23 01.02.2017

Government approves additional capitalization of Oschadbank for UAH 3.5 bln, Ukreximbank for UAH 3 bln

2 min read
Government approves additional capitalization of Oschadbank for UAH 3.5 bln, Ukreximbank for UAH 3 bln

The Ukrainian government at a meeting on Wednesday decided to additionally capitalize state-run banks Oschadbank and Ukreximbank (both based in Kyiv) for UAH 3.465 billion and UAH 3.022 billion respectively via the issue of government domestic loan bonds and exchange them to the newly issued shares of the banks, and Interfax-Ukraine correspondent has reported.

"We received the proposals from the National Bank. Yesterday a meeting of the expert and analytical council [for participation of the state in the charter capitals of banks] was held. The council recommended the sum for the additional capitalization," Finance Minister Oleksandr Danyliuk said, presenting the issue.

He said that the necessity to additionally capitalize the banks stems from the results of stress tests of state-run banks for 2015 conducted by the National Bank of Ukraine (NBU).

Interior Minister Arsen Avakov criticized these NBU's proposals. He believes that the NBU, not the Finance Ministry, is to present these draft decisions at government meetings and prove the necessity of the additional capitalization.

Danyliuk said that the examination conducted by the expert and analytical group confirmed the necessity to additionally capitalize the banks by these sums. First Deputy Prime Minister, Economic Development and Trade Minister Stepan Kubiv backed Danyliuk.

Ukrainian Prime Minister Volodymyr Groysman ordered to provide for the obligatory presence of the NBU top managers in the status of no lower than deputy NBU governor at government meetings.

According to draft government resolutions available to Interfax-Ukraine, 10-year government domestic loan bonds at 6% per annum will be issued to capitalize the state-run banks.

Oschadbank's charter capital will grow to UAH 38.218 billion and Ukreximbank's – to UAH 34.03 billion.

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