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NBU suggests amending rules for domestic national currency interbank transfers

30 March 2018

 

The National Bank of Ukraine has suggested amending the Instruction for Domestic National Currency Interbank Transfers (the "instruction") due to changes in Ukrainian law[1].

 

To that end, the central bank has drawn up a draft NBU Board resolution approving amendments to the Instruction for Domestic National Currency Interbank Transfers (the "draft").

 

In particular, the draft seeks to ensure compliance with:

      Ukraine’s Law amending some Ukrainian laws that enhance corporate governance in joint-stock companies. This law sets forth that:

-         items subject to encumbrance can include property rights to the funds placed in a correspondent account;

-         a bank can stop its debit transactions, among other things, in cases provided for in relevant agreements and/or by encumbrance terms where property rights to the funds placed in a correspondent account are the encumbered item;

-         an encumbered item can be foreclosed via a debit transfer at the encumbrancer’s payment request;

      Ukraine’s Law amending some Ukrainian laws that govern the use of stamps by legal entities and sole proprietors. This law sets forth that economic agents are not required to use stamps, and that a stamp is not a required document detail (amendments to Article 5811 of Ukraine’s Commercial Code).

 

Taking into account the said amendments, the draft suggests:

      canceling the requirement that banks stamp documents they submit to open and maintain correspondent accounts, including those at the National Bank of Ukraine;

      developing an action plan for cases when a correspondent bank and/or an encumbrancer send a notification of their intention to foreclose on the encumbered item, where property rights to the funds placed in a correspondent account are the encumbered item.

 

In addition, the draft also suggests amending the instruction as follows:

      amending the list of accounts a bank continues debiting during the execution of a decision to attach the bank’s funds and court rulings made in response to legal action taken by the bank’s controlling body, as set forth in the Instruction for Using the Chart of Accounts by Ukrainian Banks[2];

      issuing electronic permits for banks to become participants in the NBU’s Electronic Payment System according to the relevant model for consolidated correspondent account servicing, and requests of the National Bank of Ukraine/the Deposit Guarantee Fund that banks’ correspondent accounts be irrevocably debited for the amount of their debt;

      establishing new rules for backing up and recovering the NBU’s Electronic Payment System;

      bringing the instruction into line with changes in the NBU’s structure.

 

The draft is available for public discussion on the NBU’s official website, as set forth in Ukraine’s Law On the Fundamentals of State Regulatory Policy in the Area of Economic Activity.

 



[1]approved by NBU Board Resolution No. 320, dated 16 August 2006

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Last modification   30.03.2018