Ukrainian national bank approves framework financial restructuring agreement

Ukrainian national bank approves framework financial restructuring agreementThe National Bank of Ukraine (NBU) has approved a framework financial restructuring agreement outlining coordination of the parties' steps in restructuring process, the regulator has said on its website.

According to the agreement, its parties could be banks, non-banks and the Individuals Deposit Guarantee Fund.

The agreement obliges the parities to provide new financing to debtors under the restructuring plan, take all the required measures to protect assets used as collateral and execute the decisions made by the coordination committee of financial institutions.

The parties of the agreement are to maintain business contacts, hold regular consultations and meeting, do their best to achieve success in financial restructuring, exchange information and not restrict themselves only by the principles mentioned in the agreement.

The decision of an arbitration court in disputes will be final and obligatory for agreement participants. The parties can unilaterally terminate the agreement notifying the NBU at least 30 days before the termination in a written form.

The central bank will publish information about the participants of framework agreement who joined or withdrawn it.
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