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PrivatBank nationalization will make Ukraine's banking sector stronger and more flexible, - G7
18:22, 19 December 2016
PrivatBank nationalization will make Ukraine's banking sector stronger and more flexible, - G7

It is noted that the cleaning of the banking system is vital to implement reforms

18:22, 19 December 2016

112 Agency

The decision on nationalization of PrivatBank will make Ukraine's banking sector stronger and more flexible. This is referred to in the joint statement of the ambassadors of the G7, posted on the website of the Japanese Embassy in Ukraine.

Related: IMF considers PrivatBank nationalization an important step to ensure financial stability in Ukraine

" We recognize and applaud the leadership of the governor of the National Bank of Ukraine, the Prime Minister, the Minister of Finance and the President for their continued efforts to clean up the banking sector and stabilize the economy.  The Government's decision to nationalize Privatbank is an important and necessary step in this process, and it will help ensure that all banks in Ukraine are held to the same prudential regulatory standards. This will make the banking sector stronger and more resilient. This nationalization is also a means for the Government of Ukraine to safeguard deposits of household and legitimate businesses and to facilitate uninterrupted access to banking services for Privatbank's client base. Ukraine's banking sector clean-up is a vital component of its larger reform efforts", reads the statement.

Related: Samopomich party leader on Privatbank: the biggest budget robbery in millennium

It is noted that the nationalization is also a mean to protect deposits and to facilitate continuous access to banking services to Privatbank customer base.

"We look forward to continuing to support Ukraine and working together to promote macroeconomic and financial stability, improve the investment climate, and help the Ukrainian people continue on a path toward economic prosperity", noted in the G7.

Related: PrivatBank notes record number of cash withdrawals

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