Ukraine

President on ensuring the smooth work of PrivatBank: Interests of people should not be affected. We must act quickly and efficiently

Petro Poroshenko said that he would coordinate positions with Prime Minister of Ukraine Volodymyr Groysman and Chairman of the Verkhovna Rada of Ukraine Andriy Parubiy.

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President of Ukraine Petro Poroshenko appealed to the National Bank to ensure the smooth work of all branches of PrivatBank, to provide them with the necessary amount of cash and prevent any failures in the functioning of the bank. It was stated by the President following the meeting of the National Security and Defense Council as regards the situation with the court decision of the first instance, which could abolish the nationalization of PrivatBank.

The Head of State also addressed the Ministry of Finance to analyze the risks and threats of the possible implementation of the decision of the District Administrative Court of Kyiv on the denationalization of PrivatBank and to calculate the possible losses of the state.

“If we withdraw 155 billion hryvnias of additional capitalization – it entails risks in the form of 100 billion of additional funding of the Deposit Guarantee Fund, which the state will have to take at the expense of the state budget. And paying this money will have huge risks for inflation, for exchange rate policy and for stability of the banking system. We definitely cannot allow such a scenario,” Petro Poroshenko said.

The President supported the proposal of Minister of Justice Pavlo Petrenko to accelerate the qualification assessment of judges of the District Administrative Court of Kyiv by the High Qualification Commission of Judges, including with the involvement of the public council of integrity, in order to restart this court to ensure that it has finally undergone a judicial reform.

“If the judicial reform had not been launched, all courts in Ukraine would be similar to this unreformed District Administrative Court,” the President said, stressing the importance of rebooting this court objectively and independently.

“I once again want to emphasize that people’s interests should not be affected. We must act effectively. We have to act quickly,” Petro Poroshenko addressed the participants of the meeting.

The Head of State stressed: “If someone tries to take revenge today, if someone is trying to withdraw (PrivatBank – ed.) from the state property today, I ask to provide reliable protection of the interests of people, reliable protection of the interests of the state”.

The President urged the Security Service of Ukraine, the Prosecutor General’s Office to assess, after completing all necessary judicial procedures, the grounds and possibilities for initiating a criminal case for an unlawful decision adopted by the judges, without interfering with the analysis of this decision in substance.

He also emphasized the importance of carrying out the necessary communication steps in order to explain to the public the position of the authorities regarding the overall stability of the banking system. “The authorities control the situation and the authorities will not allow the negative developments, and will provide the necessary steps to maintain stability,” the President said.

The Head of State also instructed the Ministry of Foreign Affairs, in coordination with the position of the Presidential Administration, to ensure timely information for our international partners: the European Bank for Reconstruction and Development, the European Investment Bank, the World Bank, the International Monetary Fund and the G7, the United States and the European Union. “Detailed information, including the motivation of former shareholders and their political representatives for the steps aimed to destabilize the political situation in our country. And to provide the necessary information for society,” he said.

The President also instructed Governor of the National Bank of Ukraine Yakov Smolii to keep him informed about the situation on the banking market and, in the event of signs of destabilization, to proceed with the initiative to convene a meeting for coordination.

Petro Poroshenko also said that he would coordinate positions with Prime Minister of Ukraine Volodymyr Groysman and Chairman of the Verkhovna Rada of Ukraine Andriy Parubiy. He added that, if necessary, appropriate bills should be prepared for consideration by the Verkhovna Rada during the next plenary week.

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