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Procedures and regulations for Ukrainian Banks at the end of accounting year

According to Directive of the Cabinet of Ministers No. 1084-р, dated November 12, 2014, “Transferring of Working Days in 2015” and in connection with the completion by the Ukrainian banking system of operations of 2014, the National Bank of Ukraine has established special working hours during the period from 15 December until 31 December, 2014, (inclusive) and during first days of 2015 for the Ukrainian banking system.

From 15 December until 26 December, 2014, the System of Electronic Payments of the National Bank of Ukraine (hereinafter – the SEP) will receive initial payments until 20.00.

On 29 and 30 December, 2014, the SEP will receive initial payments until 22.00.

On 30 December, 2014, all client transactions must be completed.

On 31 December, 2014, until 13:00 all SEP participants may perform initial payments through the SEP only between banking institutions that subordinated to the same legal entity and payments directed to the Operational and Regional Offices of the National Bank of Ukraine or Bodies of the State Treasury Service of Ukraine. The Operational and Regional Offices of the National Bank of Ukraine and Bodies of the State Treasury Service of Ukraine may perform initial payments addressed to all SEP participants.

Ukrainian banking system’s working day will be transferred from 2 January (Friday), 2015 to 17 January (Saturday) 2015.

On 1, 2, (3, 4 – days off), 31 January and 14 February 2015 the SEP, the facilities of electronic mail of the National Bank of Ukraine, the Depository of the National Bank of Ukraine, the System of confirming the agreements in the interbank foreign exchange market operated by the National Bank of Ukraine, the System for purchase and sale of national currency credit resources in the interbank foreign exchange market "CreditInfo2", the System for registration of loan agreements entered into with non-residents "Register of agreements entered into with non-residents" will not operate.

On 5 January, 2015, banks will operate without clients and will provide the complex of works related to the beginning of a new accounting year. This day interbank money transfers will not be executed through the SEP.

On 6 and 8 January, 2015, the SEP and the Ukrainian banking system will operate as usual.

During the period from 1 to 7January, 2015, (inclusive) banks must provide continual operating of cashpoints and back them up with cash of different denominations in order to serve clients.

If required, from 1 to 5 January (inclusive) and on 7 January 2015 banks may perform cash payments and currency exchange operations with foreign currency cash at foreign exchange offices upon the decision of their CEOs.

Official exchange rate of hryvna against foreign currencies and banking metals set by the National Bank of Ukraine on 29 December, 2014 will remain in force until 6 January, 2015 (inclusive).

      

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