Commenting on information disseminated by certain mass media regarding the Procedure of Provisioning under Foreign Currency Credit Operations with Borrowers without Duly Documented Expected Foreign Currency Earnings approved by Resolution of the Board of the National Bank of Ukraine No 82 of 11.03.2013 and registered with the Ministry of Justice of Ukraine on 29.03.2013 under No 519/23051 (hereinafter referred to as Procedure 82), which was communicated to all banks, the National Bank of Ukraine would like to stress that this procedure has been in force since 2008 and in no way changes the provisioning procedure.

Procedure 82 was adopted to replace the Procedure of Provisioning under Foreign Currency Credit Operations with Borrowers without the Sources of Foreign Currency Earnings approved by Resolution of the Board of the National Bank of Ukraine No 473 of 29.12.2008 (hereinafter referred to as Procedure 473). Procedure 82 was prompted by introduction of the new procedure for calculating provisions under credit operations in accordance with requirements of the Regulation on the Procedure for Provisioning and Use of Provisions against Possible Losses from Active Transactions approved by Resolution of the Board of the National Bank of Ukraine No 23 of 25.01.2012.

According to Procedure 473 which was in effect during almost the last five years, banks reserved funds in currencies of the Foreign Currencies and Bank Metals Classifier group 1, and this norm has not changed at all. Therefore, banks do not have to make any additional currency exchange transactions in order to comply with provisions of the new Procedure.