18:49 21.05.2020

Zelensky signs law on banks necessary for cooperation with IMF

2 min read
Zelensky signs law on banks necessary for cooperation with IMF

President of Ukraine Volodymyr Zelensky has signed the law on banks necessary for cooperation with the IMF.

President of Ukraine Volodymyr Zelensky signed the law on amending certain legislative acts of Ukraine on improvement of certain banking regulation mechanisms (No. 590-IX), which the Verkhovna Rada adopted on May 13, 2020.

"The document signed by the head of state provides for a set of changes aimed at improving the activities of banks, in particular, by strengthening corporate governance and regulating the specifics of judicial proceedings in cases of withdrawing banks from the market," the press service of the president said.

In addition, the law introduces updated mechanisms for the withdrawal of banks from the market, aimed at improving the liquidation process and satisfying the requirements of as many creditors of the liquidated bank as possible, as well as improving the mechanisms for possible government participation in removing the bank from the market.

"Such a step will contribute to the reliability and stability of the banking system, the restoration of confidence in it from investors and creditors," the report said.

The president's press service said that the implementation of the provisions of the law will help improve the quality and efficiency of the National Bank's fulfilling its functions in the field of banking regulation and supervision, complete the withdrawal of banks from the market/liquidation of those banks the decisions on which have been canceled by courts.

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