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24.6 25.05
26.85 27.55
Economy 2019-07-15T05:56:58+03:00
Ukrainian news
EBRD Supports Nationalisation Of PrivatBank

EBRD Supports Nationalisation Of PrivatBank

The European Bank for Reconstruction and Development (EBRD) supports the nationalisation of PrivatBank.

Ukrainian News Agency has learned this from an EBRD's statement.

The EBRD is strongly supportive of the decision of the Ukrainian government to nationalise PrivatBank and to protect the bank's depositors, both individuals and businesses.

"As the largest bank in Ukraine, PrivatBank's long-term stability is absolutely crucial to the country's economic health. So find right the decision to nationalise it and are ready to render the Ukrainian authorities expert assistance if necessary," said EBRD President Suma Chakrabarti.

A Western firm, well known the EBRD, will be consulting the Government of Ukraine on the management and transformation of PrivatBank.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers on December 18 decided to issue UAH 150 billion in domestic-loan government bonds for the increase PrivatBank's capital with a result that 100% of the financial institution shall be transferred into public ownership

Then, the Cabinet decided to nationalise PrivatBank and to appoint former Minister of Finance Oleksandr Shlapak as its Chairman of the Board.

After that, the NBU declared PrivatBank insolvent.

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