On August 26, 2014, the Board of the National Bank of Ukraine adopted Resolution No. 529 On Certain Issues of the Banks’ Activities  (hereinafter – Resolution No. 529).

Resolution No. 529 is designed to reduce the impact on the banking system from the circumstances that are caused by the temporary occupation of the Autonomous Republic of Crimea and Sevastopol, introduction of emergency regime of the banking system in the Donetsk and Luhansk regions and devaluation of the national currency, resulting in a particular violation of prudential regulations, increase of nonperforming assets and amount of provisions made for possible losses under them, unprofitable activities of banks.

For banks with performance that has deteriorated due to the above reasons, Resolution No. 529 has set forth some restrictions on certain transactions that could expose them to additional risks, and requirement to develop and provide detailed action plans to the National Bank of Ukraine on removal of the negative consequences.

Resolution No. 529 will contribute to the protection of interests of depositors and creditors.