President of Ukraine Petro Poroshenko called the urgent session of the NSDC, the National Security and Defense Council. The key issue discussed at the meeting was the financial situation in Ukraine; as is known, recently, Kyiv court ruled that the nationalization of PrivatBank was conducted illegally, with the breach of the law.
Poroshenko charged the National Bank of Ukraine to see to it that all PrivatBank's departments work consistently, and all ATMs have enough cash.
'I turn to the National Bank, asking to provide the consistent work of all departments of Privatbank, not allowing any malfunctions in the operation mode', he said.
President also urged the Finance Ministry to analyze all risks and challenges for the state budget, which may occur if the court's decision takes effect. 'As far as I understand, if we seize UAH 155 billion for capitalization [of Privatbank], it will entail the risks - such as 100 billion of extra funding of the Deposit Guarantee Fund, which the government will have to take from the state budget funds. Payment of this money will entail huge risks for the inflation rate, for the currency rate policy and the stability of the banking system', Poroshenko added.
On April 18, Kyiv-based court ruled that the nationalization of Privatbank in late 2017 was 'conducted with multiple law breaches'. The court, thus, granted the motion by Ihor Kolomoisky, the oligarch who appealed against the nationalization of the bank he had owned.
Kolomoisky is known for his close business ties with presidential candidate Volodymyr Zelensky.