On 4 October 2012, the Board of the National Bank of Ukraine adopted Resolution No. 405 amending the Procedure for Covering Bad Debts by Provisions (hereinafter referred to as Resolution No. 405).  

The amendments stem from the necessity to bring the above-mentioned regulation in line with the Regulation on the Procedure for Provisioning and Use of Provisions against Possible Losses from Active Transactions approved by NBU Board Resolution No 23 of 25 January 2012.

These amendments clarify the procedure for covering (writing-off) bad debts at the expense of provisions under transactions in equity securities and other than securities, equity interest rights.

Resolution No. 405 adopted in cooperation with the Ministry of Finance of Ukraine and registered with the Ministry of Justice of Ukraine on 23 October 2012 under No. 1772/22084 shall come into effect from 31 December 2012.