19 December 2016, Monday, 16:00 54

Association Of Retail Chains’ Vendors: Settlements Between Vendors And Retail Chains To Slower After PrivatBank Nationalisation

The Ukrainian Association of Retail Chains’ Vendors predicts that settlements between vendors and retail chains will slower after the nationalisation of PrivatBank.

Ukrainian News Agency learned this from Oleksii Doroshenko, the director general of the Association.

Payments in the banking system in the world are carried out within days, while payments with PrivatBank took hours and even minutes.

The biggest disadvantages could arise because most of devices for settlements, most cards and accounts are PrivatBank devices and PrivatBank cards and accounts.

All settlements but settlements between corporates are being carried out as normal, Doroshenko added.

There is no panic mood among vendors and retailers, he stressed.

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.