15:11 13.07.2018

Rada declines bill to strengthen creditor rights

2 min read
Rada declines bill to strengthen creditor rights

Ukraine's Verkhovna Rada did not support clarification to the recently adopted law of Ukraine on strengthening creditors' rights (bill No. 6027-d "On Amending Certain Legislative Acts of Ukraine Regarding Renewal of Crediting").

Only 203 lawmakers voted for the measure, 13 fewer than the required minimum of 226 votes.

"According to Article 131 of parliament's regulations, we need to eliminate some inconsistencies in certain provisions of this law. The profile committee asked me to put this clarification to the vote ... The faction heads said that everyone is acquainted with it," Parliament Speaker Andriy Parubiy said.

As earlier reported, parliament on July 3 adopted in the second reading and in full law No. 6027-d "On Amending Certain Legislative Acts of Ukraine Regarding Renewal of Crediting."

According to the National Bank of Ukraine (NBU), the adoption of the bill will provide solutions to existing problematic issues that create systemic obstacles to the resumption of lending to the economy and carry additional risks to the activities of national and foreign investors.

"When the rights of creditors are protected, banks will be able to put forward more favorable requirements to potential borrowers. This will promote active lending, lower the cost of credit resources and, accordingly, facilitating access to banking products for business entities and individuals," the NBU regulator said.

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