Full state guarantee of deposits in Oschadbank should be canceled by late 2019 – memo with IMF

16:00, 20.12.2018 1 min read

Full state guarantee of individuals' deposits in Oschadbank (Kyiv) should be canceled by the end of 2019.

The corresponding commitment is recorded in the list of structural beacons of the new memorandum of cooperation between Ukraine and the International Monetary Fund (IMF), the text of which is available to the Interfax-Ukraine agency.

"Consistent with the principles of state banking sector strategic reforms, we will take the necessary steps to pave the way for the entry of the EBRD and the IFC into the capital of Oschadbank and Ukrgasbank, respectively. In this context, we will also aim to unwind the current full state guarantee of Oschadbank's deposits by end-December 2019," the document reads.

Oschadbank was founded in 1991. Its sole owner is the state.

Oschadbank ranked second among 82 banks operating in the country as of October 1, 2018 in terms of net assets (UAH 213.979 billion), according to the National Bank of Ukraine.