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Ukraine's Cabinet submitted bill not to allow ex-owners to return banks, - media

Source : 112 Ukraine

Bill, submitted by the government, changes legislation regarding the withdrawal of insolvent banks from the market
21:12, 11 December 2019

Cabinet of Ministers of Ukraine
mpe.kmu.gov.ua

The Cabinet of Ministers has submitted a bill to parliament that would not allow ex-owners to return their banks. Ekonomicha Pravda media outlet reports it, referring to bill No. 2571 of 12/11/2019, the text of which has not yet been published.

A draft law "On Amending Certain Legislative Acts of Ukraine on Certain Issues of the Functioning of the Banking System" changes the legislation regarding the withdrawal of insolvent banks from the market.

In particular, the document provides for innovations regarding situations when the state represented by the Ministry of Finance may become the owner of an insolvent bank.

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Such changes are made to the Law of Ukraine "On the system of guaranteeing deposits of individuals."

In particular, based on the content of the document, some articles of the law were amended, according to which PrivatBank was withdrawn from the market.

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According to the interlocutor in the government, the changes in this article prohibit the owners of insolvent banks from getting financial institutions back into the property.

As we reported, the National Bank of Ukraine (NBU) told how the electronic payment system and the banking system will work during the New Year holidays.

 

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