On 11 June 2012, the Board of the National Bank of Ukraine adopted Resolution No 231 (registered with the Ministry of Justice of Ukraine on 4 July 2012 under 1113/21425), which has introduced amendments to the Regulation on Planning and Procedure for Performing Inspections.

The introduction of these amendments stems from the need to bring the above-mentioned regulation in line with provisions of the Law of Ukraine “On Household Deposits Guarantee System” No 4452-VI of 23 February 2012 (hereinafter referred to as the Law).

The amended regulation envisages the possibility for the National Bank of Ukraine to deploy the employees of the Deposit Guarantee Fund to conduct inspections of troubled banks. These amendments will allow the National Bank of Ukraine to carry out an inspection of an insolvent bank at the request of the Deposit Guarantee Fund with the aim of ensuring that the investor has taken measures to bring the bank’s activities in compliance with the Ukrainian banking legislation.

The amended Regulation will come into effect together with the Law from 22 September 2012.