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NBU Comments On VTB Bank JSC Situation

NBU Comments On VTB Bank JSC Situation

In response to media enquires, the National Bank of Ukraine (NBU) hereby reports that we, currently, observe a certain decrease in liquidity of VTB Bank JSC, which has developed along the process of winding down the operation of VTB Bank JSC and intensified by the decision of the Kyiv Court of Appeal as of 5 September 2018 on freezing of assets of the financial institution.

This decision virtually prohibits VTB Bank JSC to replenish its liquidity via the disposal of assets that have been acquired through the recovery of pledged assets.

On 5 November 2018, the bank was forced to introduce preventive restrictive measures aimed to contain the outflow of customer funds, such as fees and limits on cash withdrawal.

The NBU intensively monitors the current situation and will, if necessary, take measures within its authority provided for by the current legislation.

The liquidity situation at VTB Bank JSC has no impact on stability of the banking sector in Ukraine, since the financial institution accounts for 0.6% of solvent banks’ net assets. At present, liquidity of the banking sector amounts to over UAH 80 billion, which is sufficient for its proper and continuous operation.

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