MainPolitical

Poroshenko instructs NBU to provide Privatbank with cash, to prevent panic

The president suggested that the Prosecutor-General’s Office and the Security Service of Ukraine (SBU) consider a possibility of opening a case over the illegitimate decision on Privatbank.

Poroshenko instructs NBU to provide Privatbank with cash, to prevent panic
Photo: President's press service

President Petro Poroshenko considers it necessary to do everything possible to prevent panic among the population after the nationalisation of Privatbank was declared illegal by court.

"Today, by acting in coordination, we must remove any risks, protect the interests of people, protect the position regarding the stability of the national currency and prevent panic that can be caused in the market," he said at a meeting of the National Security and Defence Council, which he urgently called because of the court ruling on Privatbank.

The president instructed the National Bank of Ukraine (NBU) to provide Privatbank with cash for smooth operation.

"We are addressing the National Bank: ensure the smooth operation of all branches of Privatbank, stock it up with the necessary cash in order to prevent disruptions in operation," he said.

At the same time, Poroshenko suggested that the National Security and Defence Council should instruct the Finance Ministry to analyse all the risks and consequences that may occur if the court decision on the cancellation of the nationalisation of Privatbank is implemented.

"As far as I understand, if we extract 155bn hryvnyas of additional capitalisation from the bank, it will cause the risk in the form of 100bn of additional funding from the Fund for Guaranteeing Individuals' Deposits. Paying out this money will carry risks for inflation and the exchange rate," the president said.

The head of state instructed the Prosecutor-General’s Office and the Security Service of Ukraine (SBU) to assess the grounds for opening criminal proceedings against judges of Kyiv's District Administrative Court, who ruled that the nationalisation of Privatbank was illegal.

"I ask the Security Service of Ukraine and the prosecutor-general to evaluate, after completing all the necessary judicial procedures, the possibility and grounds for initiating a criminal case for an unauthorised decision of the judges who took these positions without interfering with the analysis of this decision in essence," the president said.

Poroshenko also supported the Justice Ministry regarding the need to appeal to the High Qualifications Commission of Judges with a request to speed up the assessment procedure to relaunch Kyiv's District Administrative Court.

On 18 April 2019, Kyiv's District Administrative Court granted Ihor Kolomoyskyy’s lawsuit against the National Bank of Ukraine and the Cabinet of Ministers on the illegality of the nationalisation of Privatbank. The decision has not entered into force and can be appealed.

Poroshenko called the court decision on Privatbank the first sign of revenge.

Read LB.ua news on social networks Facebook and Twitter