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Zelensky signs law on banking activity

Source : 112 Ukraine

The document places an ultimate ban on returning the nationalized banks to their previous owners
21:14, 21 May 2020

President's press service

President of Ukraine Volodymyr Zelensky signed the law No 590-IX, which offers changes to legislative acts concerning the mechanism of regulation of banking activity in Ukraine. The press department of the President's Office reported that on Thursday. 

The bill offers a final, definitive ban on returning the nationalized banks to their previous owners.

The banks that went bankrupt will not be able to go back to market, if their owners turned to the court and saw to it that the National Bank's decree on these banks' bankruptcy was canceled. 

Besides, there is now an opportunity for ex-bank owners; they will be able to get a compensation as long as the elimination or nationaization of these banks was considered illegal. Specifically, the amount of the compensation of the lost profit will be equal to the profit that the owner could get, but the National Bank's decision deprived him of that option. The owners get compensations only in money. 

Related: Law on banking activity violates several articles of Ukraine's Constitution, - Medvedchuk

At that, even if the decision to withdraw the bank from the market was recognized illegal, it still can't be the reason to cancel this decision. 

The Ukrainian Parliament passed the law on May 13. 

Related: Ukrainian parliament unblocks signing of law on banking activity

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