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Central bank cancels moratorium on early withdrawal of deposits

18.05.2009 | 15:35

A move to restore the trust of depositors?

The Central Bank of Ukraine (NBU) has cancelled its own moratorium on the early withdrawal of bank deposits, which has been in effect since December 2008.

A respective bank’s resolution No. 282 of May 12, 2009, which came into force on the day it was signed, was forwarded to UNIAN.

In particular, the moratorium was cancelled to strengthen “certain positive trends seen in the restoration of the trust of depositors in the Ukrainian banking system”, the central bank’s resolution reads.

According to the resolution, the c.bank has cancelled provision 2 of NBU resolution No. 413, under which banks were obliged to take all the necessary measures not to allow an early return of deposits. In fact, the December NBU`s resolution prolonged the moratorium imposed in the autumn of 2008.

The clause also instructed banks to take measures to cut gaps in the terms of assets and liabilities: to revise the value of property received as collateral; to cut administrative expenses and send at least 50% of their net profit for 2008 to their reserve funds.

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