Deposit Guarantee Fund sends UAH 400 mln to NBU to early pay part of loan
The Individuals' Deposit Guarantee Fund on August 10, 2017 early paid a part of the loan issued by the National Bank of Ukraine (NBU) in the amount of UAH 400 million, the fund has reported on its website.
"Thanks to income from the sale of the assets of banks under liquidation, the fund received enough funds to maintain stable operations of the fund at least until the end of 2017. According to the fund's calculations, the accumulated funds are enough to pay a part of the NBU's loan taken in 2014. The payment of this sum is not threatening to a financial state of the fund in the nearest future. It reduces expenses on servicing of the debt and it is a first sign of stabilization of the deposit guarantee system," the fund said.
The fund recalled that in 2014-2016, the fund raised loans from the NBU and the Finance Ministry of Ukraine to pay to depositors of insolvent banks. The cost of the loans was from 10% to 12.5% per annum. As of August 11, 2017, the fund had a debt of UAH 68.225 billion, including UAH 8.66 billion to the NBU and UAH 59.559 billion to the Finance Ministry.