The Cabinet of Ministers has endorsed a resolution on paying in 2008 to the citizens of Ukraine compensation for losses by devalued savings deposited before 2 January 1992 to the USSR Oshchadbank institutions and the USSR state insurance functioned on the territory of Ukraine. According to the press-service of the government, the total amount of payments in 2008 will make 6 billion UAH and they have no time limitation.

Compensation pay-offs to the depositors are made in cash or cashless in national or foreign currency according to the official rate of exchange of the National Bank. But, before obtaining compensation, it is necessary to make reregistration and establish an account. It is important to note that performance of service for the citizens regarding respective registration to the information-analytical system “Depositors Register of the citizens’ savings” is free of charge and has no time limitation therefore standing in long lines is groundless.

To introduce datum to the system the depositors shall submit suit bank deposit or domiciliary (in case of applying for compensation payment at securities) to the Oshchadbank institutions the following:

- documents necessary for establishing a deposit account of natural person according to the requirements of the National Bank (identification code);

- application-order in a form approved by Oshchadbank by agreement of the Ministry of Finance;

- documents evidencing ownership of savings.

Compensation pay-offs to the owners of savings is realized in three days after inserting datum to the registration system by setting off money at their will on the current or deposit account opened in the Oshchadbank institutions. Repayments have no time limitation. The Cabinet of Ministers has commissioned Oshchadbank and “Oranta” insurance company to provide these repayments before 25 December 2008.

Meanwhile, the Cabinet of Ministers is drafting one more resolution, in accordance with which the citizens can use savings for offset of debts and current payment of housing and communal services, pay for children’s study and buy durable goods. That is the way the Government has chosen for return of remaining savings in order to withhold inflation and prevent devaluation of money returned to the people.

Such resolution is expected to be approved at the latest within a month. With this purpose, the budget already provides 2 billion UAH, another 12 billion UAH we expect to receive from privatization.