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 State guarantees safety of funds to Privatbank clients, - Poroshenko

President of Ukraine Petro Poroshenko has explained the situation around Privatbank.

Censor.NET reports citing Poroshenko's Facebook page.

"It's my direct responsibility to explain the steps taken yesterday and today in connection with Privatbank. In spite of a private banking institution being in question, these steps are not someone's private matter. They directly concern about half of the adult population of Ukraine - natural persons, the bank's clients. As well as more than 50 percent of all legal entities registered in Ukraine," he wrote.

Poroshenko noted that the whole financial and economic situation in the country indirectly depends on the state of affairs within the bank: "So big it is or, as experts say, systemic. Therefore no standard recovery procedure can be applied here. That is why we resort to an unprecedented decision - making it 100 percent state-owned."

Read more: Nationalization of Privatbank will not affect inflation or hryvnia rate, - NBU Head Hontatieva

"The state takes responsibility and ensures safety and integrity of Privatbank clients' funds.

"In order to strengthen the protection of Privatbank depositors, I urgently submitted a bill to the Verkhovna Rada stipulating additional deposit guarantees for the clients of this institution. They will be the same as in the case with Oshchadbank which is 100 percent owned by the state," the president added.

On Dec. 18, the Cabinet of Ministers announced its decision to nationalize Privatbank, the largest privately-held bank of Ukraine. The government intends to issue 30-year domestic government loan notes worth 150 billion hryvnia ($5.54 billion) and become a 100-percent owner of the bank. The bank's first deputy CEO announced the decision was made after an unprecedented information attack on the bank and a threat it posed to its clients. The bank's leadership assured the clients their savings will be safe, naming it the key condition in the talks. In his turn, Minister of Finance Oleksandr Danyliuk confirmed the clients' money will be safe and protected by the state. Due to the nationalization procedure, Privatbank halted corporate transactions for one day, till 9 a.m. Dec. 20.
 
 
 
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