Ukraine to spend $1.23 billion to rescue three banks – mass media

10:37, 02 June 2009
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The banks may receive the funds by August

Ukraine’s bank recapitalization council approved a 9.4 billion hryvnias ($1.23 billion) bailout of three lenders, Delo newspaper reported, citing a person inside the government with the knowledge of the matter.

The state will invest 3.2 billion hryvnias in VAT Ukrgazbank in exchange of an 84 percent stake, the Kiev-based newspaper reported today. AKB Kiev will get 3.4 billion hryvnias and the government will spend 2.8 billion hryvnias to bail out VAT Rodovid Bank, with the state taking 99.9 percent stakes in both lenders, Delo said.

The banks will receive the funds by August if the government arrives at a final decision this week, according to the newspaper.


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