OREANDA-NEWS  On 19 February was announced, that the Government of Ukraine never used its right to block or postpone the procedure of refinancing of the national banks. The First Vice Prime Minister of Ukraine Olexandr Turchynov announced during a briefing on Wednesday.

“From the moment a joint NBR and the Cabinet of Ministers resolution has been approved, the Government hasn’t used its right to block or delay refinancing of one or the other bank,” Olexandr Turchynov stressed, who is a Government authorized representative within the NBU.

The First Vice Premier noted the Government sticks to the point that the amounts of refinancing of Ukrainian banks should be upped: “We are ready to facilitate this process as we are interested in the banks to be capable”.

At the same time Olexandr Turchynov expressed hopes that the NBU would operate with greater activity in the direction of refinancing. According to him, from the moment of approval of a joint resolution the NBU Board has considered issues of refinancing of only 11 banks, while the current week this topic even hasn’t been raised: “And the Government has not used its right to make a written notice, not once”.

The First Vice Prime Minister has drawn attention to the fact, it is not within responsibility of the Government to take decisions concerning refinancing as it is an exceptional responsibility of the NBU. 

It should be noted, on January 29, 2009 the Government approved a joint resolution between the Cabinet of Ministers and the National Bank of Ukraine “On order of refinancing the banks in the period of the world financial economic crisis”. Under the document, from now on the NBU has to coordinate with the authorized Government representative a decision on refinancing of banks in the form of stabilization credits and credits to support liquidity of the banking institutions. The resolution envisages, that in case the Government representative doesn’t agree with the decision of the NBU Board on providing stabilization credits for refinancing, he should address the Cabinet of Ministers that has to take a final decision within 5 days. The authorized representative of the Cabinet of Ministers was appointed the First Vice Prime Minister Olexandr Turchynov.