The National Bank has adopted a decision to put capital expenditures on hold and sell its non-core assets worth over UAH 1 billion, specifically, some facilities related to the central bank’s non-statutory functions, such as the Ciscarpathia recreation center located in the town of Yaremche.

The decision has recently been adopted by the National Bank of Ukraine Board on the basis of proposals by the central bank's Asset&Liability Management Committee with regard to the fate of non-core assets. As is known, in April 2014, the National Bank of Ukraine suspended 9 construction projects.  

It should be noted, that some mass media outlets have recently reported that the NBU regional branch in Ivano-Frankivsk Oblast has entered into an agreement worth UAH 7.64 million with Zhytlobud-1 LLC that has won the tender for the contract to undertake the fit-out of the Ciscarpathia recreation center (located in the town of Yaremche).

The decision to complete the construction of this facility was taken in the first quarter of 2014. Over 80% of the above-mentioned funds were to be used for the completion of construction, assembly and finishing works, further preservation and disposition of this facility.

According to Governor of the National Bank of Ukraine Valeriia Gontareva, once she took office, all the projects similar to this one were put on hold. "The National Bank's decision to dispose of non-core assets is a clear indication of the central bank's commitment to tackling the issue in a transparent and consistent manner. I consider it inexpedient to spend money on maintaining these facilities. Therefore, they should be either sold or wound down," she said.

Earlier Ms Valeriia Gontareva stated that the National Bank intended to relinquish all non-statutory functions and dispose of its non-core assets, including this recreation center.