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EBA welcomes the adoption of the law on non-return of banks

13/ 05/ 2020
  Today, the Verkhovna Rada adopted the Draft Law on banks (No.2571-d On Amendments to the Laws of Ukraine on improving some mechanisms of banking regulation) in the second reading. Anna Derevyanko. EBA Executive Director. This is an important step to secure economic stability and transparency in the country. Besides, this draft law ensures the continued support from the IMF and other international partners. The talks around the draft law were non-stop. The community has been looking forward to its adoption for several months. So, in the end, we thank the people′s deputies who stepped up and made this important decision, although the pace could have been faster given the importance of the document. Thus, its adoption will guarantee the inevitability of withdrawing banks from the market, change the procedure for appealing against decisions of the regulator and other authorized bodies in the process of withdrawing banks, clearly define the preconditions and procedure for former bank owners to receive compensation, improve the decision-making process of the National Bank of Ukraine. At the same time, we hope that the document will be shortly signed by the President of Ukraine. It is worth noting that the banking draft law No.2571-d was approved by deputies in the first reading on March 30. On April 11, the European Business Association appealed to the Verkhovna Rada to adopt the draft law on non-return of banks.

Today, the Verkhovna Rada adopted the Draft Law on banks (No.2571-d “On Amendments to the Laws of Ukraine on improving some mechanisms of banking regulation”) in the second reading.

Anna Derevyanko EBA Executive Director
This is an important step to secure economic stability and transparency in the country. Besides, this draft law ensures the continued support from the IMF and other international partners. The talks around the draft law were non-stop. The community has been looking forward to its adoption for several months. So, in the end, we thank the people′s deputies who stepped up and made this important decision, although the pace could have been faster given the importance of the document.

Thus, its adoption will guarantee the inevitability of withdrawing banks from the market, change the procedure for appealing against decisions of the regulator and other authorized bodies in the process of withdrawing banks, clearly define the preconditions and procedure for former bank owners to receive compensation, improve the decision-making process of the National Bank of Ukraine.

At the same time, we hope that the document will be shortly signed by the President of Ukraine.

It is worth noting that the banking draft law No.2571-d was approved by deputies in the first reading on March 30. On April 11, the European Business Association appealed to the Verkhovna Rada to adopt the draft law on non-return of banks.

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