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​Ukraine's Businesses Lost UAH 65 Billion From NBU's Cleanup Of Banking System - Ukrainian Credit-Banking Association Estimates

The press service of the association announced this in a statement.

The Ukrainian Credit-Banking Association estimates the losses incurred by businesses as a result of the cleanup of the banking system by the National Bank of Ukraine at UAH 65 billion.

The press service of the association announced this in a statement.

According to the association, 60 banks were declared insolvent during the period of 2014-2015.

"Given that new investors do not risk buying bankrupt banks, entrepreneurs practically have no ability to recover their funds. As a result, since the beginning of 2014, the total losses of businesses from the loss of funds held in accounts with bankrupt banks exceeded UAH 65 billion, which was 25% of the total amount of funds that legal entities held in the banking system (as of January 1, 2014)," the association said.

In connection with this, the association called on the National Bank of Ukraine to conduct a transparent policy when drafting procedures for merger of banks.

Experts with the association believe that the document for simplifying the merger procedure should be developed before the start of removal of banks from the market.

As Ukrainian News earlier reported, the deposit guarantee fund's assets have increased from UAH 16.872 billion (January 1) to UAH 22.03 billion since the beginning of the year.

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