Commerzbank (Germany) has blocked EUR 17 million belonging to the nationalised PrivatBank. PrivatBank Chairman of the Board Oleksandr Shlapak said this at a press conference, Ukrainian News Agency reports. In his opinion, there are no circumstances for that. Before, journalist Oleksandr Dubinskyi published an excerpt on blocking PrivatBank's correspondent account. This is due to the PrivatBank Noteholders' appeal about the writing off of funds, according to him. As Ukrainian News Agency earlier reported, PrivatBank is 100% owned by the State. The Cabinet of Ministers on December 18, 2016 officially confirmed the decision to nationalise PrivatBank. A provisional administration was installed in PrivatBank on December 19, and it carried the procedure of forcing conversion of the related-party deposits into the bank's shares (bail-in). Holders of PrivatBank Notes are planning to challenge in court the conversion of liabilities into capital.