16:12 15.10.2019

Zelensky: banks must be protected from risks of non-performing loans

2 min read
Zelensky: banks must be protected from risks of non-performing loans

Ukrainian President Volodymyr Zelensky has said that it is needed to ensure protection of banking institutions from risks of non-performing loans and execution of court decisions in this sphere.

The press service of the president said last week that steps for the revival of bank lending were discussed a meeting headed by Zelensky.

He said that banks need to be protected from the risk of non-repayment of funds by borrowers and the execution of judgments should be strictly enforced. "Therefore, judicial reform also remains one of the key prerequisites for revival of bank lending," the head of state said.

The president said that the loan portfolio volume to business unfortunately did not show any significant growth. This means that the business does not have the resources to expand its activity, and the Ukrainian economy is left without "fuel." Therefore, the common task of the authorities is to drop barriers to the restoring lending and to solve the problems of non-performing loans to the banking system began to work properly.

Ukrainian Prime Minister Oleksiy Honcharuk, who was present at the meeting, said that Ukraine had to spend a huge amount of money, almost UAH 300 billion to protect depositors and maintain the stability of the financial system. "Besides we have over UAH 500 billion of sub-prime loans, in particular, more than UAH 400 billion in state-owned banks. This is money lost by ordinary people just because one of the debtors had refused to fulfill his obligations and had not returned the money. We know about this problem and work on its solution," he said.

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