NBU soured with court decisions
The National Bank of Ukraine (NBU) declared on systemic risks for financial stability of the country because of courts' decisions to restore activities of the banks which licenses were revocked and respective decisions on their liquidation were made, according to the regulator.
NBU reported on following systemic risks for financial stability: return of the banks which were removed from market for violations of financial monitoring standards, regulatory standards, inaccurate reporting, poor business reputation of banks' owners, etc., i.a. weak banks which threaten effective and secure functioning of banking system.
In case of restoring the removed banks, risk of long-term delays in funds return to individuals by the Deposit Guarantee Fund (other words state budget funds) emerges. Also, the bankers could eliminate responsibility for banks' bancruptcy and vest it upon the Cenral bank. Additionally, it could be a sign for investors on zero creditors' rights and business protection.
The Regulator also reports the courts have decided to restore activities of 9 banks previously recognized as insolvent as on December 6, in particular: Kapital, Eastern Industrial Commercial Bank, Veles, Radical-bank, Ukrinbank, Premium bank, Soyuz, Financial Initiative and Kyivska Rus.
The National bank has applied to the Supreme Court with the respective claim to invalidate decisions of appeal courts. The National Bank also notes about necessity of teh soonest quality court reform which will make the corruption impossible, increase its efficiency and return confidence of business and society to courts.
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