12:04 25.06.2020

Recognition of ban from suspending decisions of NBU, Deposit Guarantee Fund by courts when securing claims unconstitutional to affect financial stability – NBU

2 min read
Recognition of ban from suspending decisions of NBU, Deposit Guarantee Fund by courts when securing claims unconstitutional to affect financial stability – NBU

Recognizing unconstitutional the legislative norms prohibiting suspension of the decisions of the National Bank of Ukraine (NBU) and the Deposit Guarantee Fund as part of securing a lawsuit by the Constitutional Court of Ukraine will have a negative impact on the country's financial stability, First Deputy Governor of the NBU Kateryna Rozhkova said on Wednesday.

"The change to the law on banks... eliminated a lot of legal uncertainties that negatively affected financial stability. Of course, if this law is recognized as unconstitutional, it will have a negative impact on financial stability," she said.

Rozhkova said that the amendment eliminated the uncertainties regarding a significant number of lawsuits initiated by ex-owners of state-run banks against the NBU and the Deposit Guarantee Fund, which stopped the liquidation process, reversed decisions, and thereby created additional uncertainty and risks for the financial sector.

Head of the Constitutional Court's communications and international cooperation department Mariana Haiovska-Kovbasiuk told Interfax-Ukraine that on Wednesday at the plenary session of the Constitutional Court's Chamber the case was examined in the form of written proceedings under the constitutional petition of 74 MP of Ukraine regarding the constitutionality of the relevant legislative norms.

"No decision was made in the said case of the Constitutional Court. The court completed the study of the case materials and went to the closed part of the plenary session to make a decision," she said.

According to the materials, 74 deputies authorized by the head of the profile committee, Oleksandr Dubinsky, to challenge the constitutionality of the relevant provisions of the laws on the National Bank, the households deposit guarantee system and the Civil Procedure Code.

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