NBU allowed to remove deposits

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The national bank on request of participants of stock market allowed them to withdraw ahead of schedule from banks deposits, reports The Kommersant — Ukraine edition. It can be done to open-end and interval investment funds and the non-state pension funds (NSPF). Participants of the market consider that the solution of NBU won't lead to mass outflow of funds from investors, however banks don't hurry to carry out this decision, the newspaper writes.

In particular, the National Bank dispatched to banks the telegram number 18-311/3496-14715 of October 28 in which explained standards of the resolution number 319 of October 11.

According to it, requirements about the actual ban of early removal of deposits don't extend on operation of the institutes of joint investment (IJI) of open type, ISI of interval type (throughout interval action), connected with implementation of obligations of ISI on obligatory repayment of own securities on request of the investor, and on the operations NPF connected with payments to the participants.

In the telegram the National Bank also specified that the ban on purchase of foreign currency for the purpose of early implementation of obligations doesn't extend on purchase cases for payment by residents of dividends to foreign investors.

As the director of the company on management of assets (KUA) "the Guarantee - Investment" Igor Siryk told, the Association of the NPF administrators and the Ukrainian association of investment business addressed for explanations in National Bank. "It is the necessary norm, after all NPF now have to fulfill obligations for payment of pensions, and in connection with crisis of big inflow of means at pension funds isn't present", - Siryk noted.

Thus, the National Bank will reduce risks for investors of NPF and public investment funds which generally are on bank deposits from - for a collapse of stock market. The director of KUA Concorde Asset Management development Grigory Pelekh considers that the explanation of NBU is directed first of all on confidence giving to investors of funds.

Participants of the market consider that fears of that this decision can strengthen outflow of funds from investors from investment funds (from - for lack of a ban on their conclusion), are groundless.

According to the Ukrainian association of investment business and Gosfinuslug, for October 29 assets of open ISI made 289,822 million hryvnias, and for July 1 NPF assets - 403 million hryvnias.

"The solution of NBU allows to fulfill obligations according to the legislation before investors without sale of assets in securities. It was necessary to do at once such exception", - Royko claims.

But, according to Grigory Pelekh, not all banks follow this explanation and, ignoring the regulator, refuse to return KUA deposits. "Such position of some banks puts KUA in a difficult situation concerning ensuring liquidity of funds and implementation of obligations to the clients. And the regulator divergence, in our case of National Bank which in other situations shows efficiency in the solution of problems, can appear 'the last nail in a coffin cover' cultures of mass investment in Ukraine", - Pelekh is sure.

We will remind, on October 13 NBU forbade banks to issue ahead of schedule deposits and to increase crediting, having frozen the size of their assets. These emergency measures were taken by the regulator for restriction of consequences of financial crisis.


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