In an interview broadcast live on First National TV Channel (Pershyi Natsionalnyi), Governor of the National Bank of Ukraine Stepan Kubiv communicated the measures taken by the National Bank of Ukraine to ensure the transparency of the refinancing mechanism available to Ukrainian banks.
"We are establishing clear rules of the game and new rules ensuring sufficient access for Ukrainian banks to central bank refinancing. I consider a depositor entrusting his or her funds to a bank to be the most valued investor for our country," said Mr Kubiv.
According to him, the banking sector has already shown signs of improvement. The National Bank of Ukraine pursues a transparent and open policy. It has established a hotline to respond to calls from and appeals of citizens complaining about some banks, banks' branches and branch offices violating the terms of the repayment of deposits.
When interviewed by First National TV Channel, Mr Stepan Kubiv emphasized that the Deposit Guarantee Fund had enough resources to repay funds deposited with the insolvent banks in a timely fashion. If required, the National Bank of Ukraine stands ready to provide additional financial resources to the Fund.
Mr Stepan Kubiv also noted that the National Bank of Ukraine was carrying out a thorough monitoring and applying enforcement measures against those banks that had violated the laws of Ukraine and NBU regulations.
The National Bank of Ukraine has recently applied enforcement measures and imposed fines on those banks that conducted unlawful cash transactions.
Mr Stepan Kubiv also informed the public that financial aid to be provided by the World Bank, the EBRD, and the IMF would be sufficient to tackle the problems, including those currently faced by the banking sector of Ukraine.
"Presently, we take decisions at our sole discretion, hold consultations with many banks and their founders and always put an emphasis on the fact that the National Bank of Ukraine has tightened its control and oversight of bank solvency. When it comes to cooperation with the Government, the Verkhovna Rada, and the Presidential Administration, despite some frictions, we have managed to reach a compromise for the sake of the wellbeing of people and confidence in banks," assured Stepan Kubiv.