Ukraine's central bank estimates costs to curb banking crisis over past 3 years

"Direct costs of Ukraine to overcome the banking crisis accounted for about 14% of GDP, and this is still relatively not much," he told a Kyiv conference on November 30.

According to Solohub, problems in Ukraine's banking sector have not arisen just in the recent few years. They stemmed directly from the 2008-2009 financial crisis, with which domestic regulators failed to cope.

"These problems have accumulated since 2008 and not been eliminated because of ignoring the actual situation," the NBU official said.

Read alsoSolvent banks' assets shrink by almost $139 mln in Oct - NBUAs UNIAN reported earlier, during the banking system purge, which started early in 2014, the National Bank of Ukraine had recognized 80 financial institutions insolvent. They were transferred to the Individual Deposit Guarantee Fund (IDGF), which paid to the banks' depositors some UAH 80 billion (US$3 billion) in reimbursement.

As of October 1, the Fund had submitted 3,299 applications to law enforcement agencies regarding illegal actions of insolvent banks, totaling UAH 262.3 billion ($9.7 billion), including 435 applications (with regard to UAH 192.2 billion/$7.1 billion) against the banks' owners and top managers.