The Ministry of Finance




The Ministry of Finance of Ukraine chose the candidate of the adviser, which will deal with the refund and loan restructuring.

The Ministry of Finance decided on a counselor, who will deal with the refunds and restructuring credits of PrivatBank (Kiev, Ukraine) to related parties, announced the Minister Alexander danyluk.

“The main problem is the loans to Bank-related persons the former shareholders. Recently we chose an EA that will do these loans, their restructuring and return,” he said.

The Minister of Finance noted that the Agency, in the framework of its powers, will take an active part in this process and if necessary, willing to seek the support of law enforcement .

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“If there is no restructured loan portfolio to related parties, includes a direct provision on bringing the Bank into bankruptcy of its former owners, which provides for criminal liability. Then it is a question of law enforcement bodies”, – said A. danyluk.

As reported, the government on the proposal of the national Bank and the shareholders of PrivatBank 18 Dec 2016 decided on the nationalization of financial institutions, whereby the state received 100% of its capital. To this end, the Ministry of Finance has increased the capitalisation of the Bank to 116.8 billion, of which 9.8 billion in 2017.

Immediately after the decision on transition of Bank to the state property managing Director of the International monetary Fund (IMF) Christine Lagarde made a statement that the priority tasks after the decision on the nationalization of PrivatBank is to maximize the repayment of loans to related parties and the involvement of an independent management team.

The importance of addressing this issue, using all available means to ensure repayment of loans to minimise costs for taxpayers, said the Executive Director of the International monetary Fund (IMF) following the completion of the third review of the cooperation program with Ukraine (EFF) and the annual consultations under article IV of the Fund agreement.

The head of the National Bank of Ukraine (NBU) Valeriya Gontareva on April 10, said that the post-audit PrivatBank after its nationalization revealed additional problems: not 97%, and 100% of the corporate loan portfolio had been issued to related parties.