13:42 16.12.2019

Govt bill on banks under IMF program requires radical review – deputy Rada committee head Dubinsky

3 min read
Govt bill on banks under IMF program requires radical review – deputy Rada committee head Dubinsky

The parliamentary committee for finances, tax and customs policy does not plan to discuss government's bill No. 2571 on some issues of functioning of the banking system, the adoption of which is a prior action under the new program of cooperation with the International Monetary Fund (IMF). The committee will work with alternative bill, Deputy Head of the committee Oleksandr Dubinsky (the Servant of the People parliamentary faction) has said.

"We do not plan to consider it [bill No. 2571]. It needs to be radically changed and an alternative bill should be submitted. This is, in principle, the position discussed with the head of the committee," the MP, who oversees the bank's direction in the committee, told Interfax-Ukraine on Monday.

"This bill, which was introduced by the Cabinet of Ministers, not only contradicts the logic, but contradicts, in principle, the legal system and the Constitution," Dubinsky said.

In particular, he criticized the provisions of the bill, which require the courts to take into account not the laws, but the subjective judgments and calculations of the National Bank, without relying on any other sources.

"It demands to replace the ownership standards that are laid down in the Constitution by decisions of the National Bank and the Deposit Guarantee Fund," the deputy head of the committee said.

In his opinion, the authors of this bill, if they work in the National Bank, should be dismissed and they should be prohibited from working in the financial system, since the regulation of legal relations between creditors, depositors, shareholders and banks in the bill is "full nihilism of law."

Dubinsky said at a press conference at Interfax-Ukraine on Monday that the alternative government bill will be registered in the Rada this week. "An alternative bill will be registered this week. It should include... also the proposals that we submitted as separate bills regarding the NBU moving from the first-level priority tier guaranteed creditors to the seventh-level tier, so that the NBU would be less tempted to get these assets [of insolvent banks] in order to transfer depositors to the first tiers of creditors, as well as resolving the issue of compliance of NBU actions with the law," he said.

"The further we move, the further the NBU departs from the fulfillment of the requirements of laws and the Constitution and turns into a separate center for managing the economy of Ukraine, which is not accountable to any authority," Dubinsky said.

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