In accordance with Article 7 of the Law of Ukraine On the National Bank of Ukraine, the National Bank of Ukraine has drafted amendments to the Regulation on the Procedure Governing the Execution of  Remittance Orders by Banks, Mandating Writing-off and Seizure of Funds in Foreign Currencies and Banking (Precious) Metals (hereinafter the Draft Regulation).  

The  preparation of the Draft has been prompted by the need to  amend the Regulation on the Procedure Governing the Execution of  Remittance Orders by Banks, Mandating Writing-off and Seizure of Funds in Foreign Currencies and Banking Metals, approved by  NBU Board Resolution No.216, dated 28 July 2008 and  egistered by the Ministry of Justice of Ukraine as No. 910/15601  on 1 October 2008 (as amended).

The Draft Regulation is intended to establish the rules to be followed by authorized banks to comply with the requirement set by the NBU mandating them to charge off, without any right to appeal, funds in foreign currencies and banking metals from the debtor bank’s correspondent account.

In accordance with Article 73 of the Law of Ukraine On the National Bank of Ukraine, the NBU shall have unconditional right to charge off, without any right to appeal, the amounts owed to it from the bank’s accounts.

The Draft Regulation establishes the rules to be followed by an authorized bank to comply with the requirement set by the NBU mandating it to charge off, without any right to appeal, funds in foreign currencies and banking metals from the debtor bank’s correspondent account.

The Draft Regulation has been posted on the NBU’s official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to  receive  comments and proposals from legal entities, individuals and  their associations.