The IMF convinced National Bank to allow to remove deposits

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The International Monetary Fund (IMF) convinced the National Bank of Ukraine (NBU) of need of cancellation of a ban on early withdrawal of deposits soon, the head of mission of the IMF in Ukraine Dzheyla Pazarbaziolu reported.

"NBU agreed that as soon as outflow of deposits from a banking system will stop, - and it already occurred - for two weeks money comes back to system, NBU will cancel the moratorium on early cancellation of deposits, will pass to short refinancing of banks, will raise interest rates for the passive operations", - she told in interview to the Ekonomicheskiye Izvestiya newspaper.

According to her, the IMF forced NBU to reduce refinancing of banks in anticipation of their recapitalization.

"We insisted on that NBU refused practice of long refinancing which caused many complaints in the bank environment, and concentrated only on support of bank liquidity. Therefore NBU passes on short (at most two weeks) refinancing. Soon practice of refinancing of banks on the security of actions of their owners" will be cancelled also, - Pazarbaziolu emphasized.

Thus she reported that separate Ukrainian banks which won't be able to get capital support from the shareholders or the international financial organizations, have to be liquidated.

"We actively work with the International finance corporation and the European bank of reconstruction and development which are interested in support of some banks of the second and third group. Certainly, many banks should look for support of shareholders, and in case of lack of such support - to leave from the market", - Dzheyla Pazarbaziolu noted.

Thus she reported that in the memorandum of the Ukrainian authorities coordinated with the IMF the need of the largest banks for recapitalization at level 54 billion hryvnias is provided.

The head of mission of the IMF expressed opinion that carrying out converting of part of the currency credits in the hryvnia is quite possible. "Many banks can suffer losses on this operation. I think, the Ministry of Finance could compensate them, for example, without taxing counted, but not gained income on the credits", - she explained.

Dzheyla Pazarbaziolu also reported that to Ukraine there arrived one more group of specialists of the IMF which will check made decisions of National Bank.


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