OREANDA-NEWS. The senior management team of the National Bank of Ukraine (NBU), jointly with senior officials from the Ministry of Justice of Ukraine (MOJ) and the Deposit Guarantee Fund (DGF), adopted a decision to establish an Expert Council and a Monitoring Committee to oversee the enforced disposal of large assets from insolvent banks. The decision to this effect was taken at a joint meeting of the NBU, DGF, and the MOJ.

The aim of the Expert Council and the Monitoring Committee is to ensure the transparency of the enforced disposal of encumbered assets (assets pledged as collateral) through an electronic trading platform operated by Setam, a state-owned company. Within the scope of its powers, the Council shall coordinate efforts of the MOJ, the NBU, and the DGF.

The Expert Council shall consist of representatives from the MOJ, the NBU, and the DGF. Representatives of the State Property Fund of Ukraine will also be invited to participate in the work of the Expert Council.

In case of the foreclosure of assets subject to enforced sale to repay refinancing loans extended by the NBU, the findings presented in the collateral valuation report shall be communicated to the NBU to enable the regulator to decide whether it is appropriate to verify these appraisals.

The Monitoring Committee shall be a standing body of the Expert Council that will include heads of departments of the NBU, DGF, and the MOJ.