17:29 19.11.2019

Dubinsky proposes to make NBU's claims under refinancing loans taken by insolvent banks fifth-level priority tier creditors

2 min read
Dubinsky proposes to make NBU's claims under refinancing loans taken by insolvent banks fifth-level priority tier creditors

Deputy Head of the parliamentary committee for finances, tax and customs policies Oleksandr Dubinsky (the Servant of the People parliamentary faction) on November 15, 2019 registered bill No. 2459, making claims of the National Bank of Ukraine (NBU) as secured creditors under refinancing loan agreements with insolvent banks the fifth-level priority tier creditors on a temporary basis.

According to an explanatory note to the bill, this procedure will only apply to banks that, as of January 1, 2019, have already been classified as insolvent and which liquidation procedure has not been completed. The requirement proposed by the bill is temporary and will cease to have effect when all these banks are liquidated or all refinancing loans of these banks are returned.

According to the note, in the largest banks that were declared insolvent (Delta, Nadra, VAB and Finance and Credit banks), from 30% to 90% of all property was taken as collateral with the NBU. In addition, in accordance with the NBU regulations, the best assets of banks were used as collateral for the refinancing loans, which estimated cost exceeded the nominal value of a refinancing loan by many times, and bad debt remained for depositors.

"In order to fulfill the requirements of the law by the National Bank and protect the legitimate interests of citizens of Ukraine, it is proposed to minimize the negative consequences of the mass classification of banks as insolvent by introducing amendments to the legislation of temporary effect and thereby ensure restoration of confidence in banks and especially in the National Bank, which will strengthen the stability of the banking system of Ukraine," the author of the bill said.

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