European Central Bank allows Ukraine's Finance Ministry to get qualifying participation in Latvian PrivatBank

17:41, 16.08.2017 1 min read

The European Central Bank (ECB) has allowed Ukraine in the person of the Finance Ministry to obtain qualifying participation in PrivatBank (Latvia), according to the website of the Ministry of Finance.

"The Latvian Financial and Capital Market Commission and the ECB assessed the compliance of PJSC PrivatBank (Ukraine) with the criteria of the EU Directive on capital requirements IV (CRD IV) and the provisions of the General Recommendations on Qualifying Participation. Based on the assessment, the ECB decided to grant consent for the receipt by the state of Ukraine in the person of the Ministry of Finance of qualifying participation in JSC PrivatBank (Latvia)," the report says.

The Ministry of Finance noted the need to obtain qualifying participation is connected with the transfer to state ownership of PJSC PrivatBank (Kyiv), which directly owns 46.54% of the shares in JSC PrivatBank (Latvia).