The National Bank of Ukraine, seeking to recover debts on refinancing loans, has brought the rules governing the sale of property pledged as collateral into line with  the requirements of ProZorro.Sale electronic trading system.

This means that the property pledged as collateral to the NBU will be sold through ProZorro.Sale electronic trading platform in compliance with the following requirements:

• the electronic bidding process requires the participation of at least two bidders;
• property shall be sold at a price set by the bidder that has taken at least one bidding step; and
• the bidding  process shall be conducted in three rounds (initial prices are not disclosed until the first round is announced).

The alignment of the rules governing the sale of property pledged as collateral to the NBU will increase competition in the bidding process as the search for potential buyers will be carried out through 28 trading platforms connected to ProZorro.Sale Electronic Trading System.

In addition, the amendments introduced by the NBU will make the sales more transparent and attract more potential buyers of such property.

The amendments to this effect have been approved by  NBU Board  Resolution No. 19 of 9 March 2017 On Amendments to the Regulation On the Foreclosure by the NBU of Property Acquired to Recover Debts on Loans . The resolution shall enter into force on the day following its official publication.

It should also be noted that since January 2017  the DGF has sold the property pledged to the NBU as collateral only through ProZorro.Sale electronic trading system.