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Banks capitalisation, reorganisation procedure relaxed in Ukraine until 2020

Banks capitalisation, reorganisation procedure relaxed in Ukraine until 2020Ukraine's Verkhovna Rada on March 23 passed at second reading bill No. 6010 registered in parliament on February 1, 2017, relaxing the banks' capitalization and reorganisation procedures.

This is reported by Interfax-Ukraine

A total of 253 lawmakers backed the document.

The bill was endorsed with amendments put on record by Chairman of the parliamentary committee for financial policy and bank operations Serhiy Rybalka.

According to the NBU, as of March 23, 2017, a total of 37 banks have the charter capital which is to be increased to UAH 200 million before July 11, 2017.

"The bill aims first at these banks. However, absolutely all banks will be able to apply it," the central bank said.

As reported, referring to the NBU, the document opens up to all banks, including those not in need of capitalization, the opportunity of reorganisation under a simplified procedure, the duration of which will be reduced to three or four months from half a year.

All the banks will also have access to a simplified procedure of capitalization due to contributions of shareholders under the condition that previously the origin of the funds contributed is confirmed.

In addition, the bill regulations allow the central bank to make the decision on revoking the banking license without liquidating the legal entity.

The effect of the bill is restricted – until January 1, 2020.
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