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1998 Begins in Ukraine - Bank Deposits Are Frozen

1998 Begins in Ukraine - Bank Deposits Are Frozen

National Bank of Ukraine since October, 13 forbade to the Ukrainian banks prescheduled withdrawal of deposits to the populace - till spring, 2009 prescheduled withdrawal of money from bank deposits of individuals and legal bodies was blocked. It was supposed that the measure would prevent mass outflow of means from banks of the country and would support financial system. For a week from October, 2 till October, 10 Ukrainians withdrew from their deposits about three billions dollars.

Enactment of National Bank of Ukraine (NBU) about restrictions in withdrawal of money from the bank deposits touches not all depositations of individuals and legal bodies. Interdiction on prescheduled withdrawal of the means touches only time-deposits.

All other means clients can take away, more or less difficult. For prevention of withdrawal of means from usual current accounts the banks will raise the rates under depositations and carry out explanatory work among the clients.

National Bank of Ukraine promulgated a package of anti-recessionary measures in bank sphere which officially recognized a threat of full-scale bank crisis in the country. Restrictions on crediting and growth of actives of the banks are being entered. Activity of Natsbank of Ukraine - last and extreme means for prevention of "bank panic" and financial collapse in Ukraine in opinion of NBU itself.

The majority of the Ukrainian banks entered restrictions on withdrawal of cash from cash machines since October, 14.

Rodovid-Bank declared reduction of the maximal sum of cash withdrawal. But experts of the bank do not make comments as far as.

Some restriction of cash withdrawal in cash machines was entered also by other Ukrainian banks.

In bank Kreshchatik informed about restriction on cash withdrawal at the rate of 1,5 thousand grivnas. According to chairman of board of the bank Kreshchatik Gridzhuk Dmitry's Kreschatik, cash machines work in a usual mode and restriction at the rate of 1,5 thousand grivnas existed even before.

As they informed in Raiffeisen Bank Aval, cash machines of the bank give out cash up to 5 thousand grn a day. "In bank department the client can draw from the card account up to 5 thousand US dollars (or its equivalent in other currency) a day", - they say in Raiffeisen Bank Aval.

PrivatBank asserts that it hasn't entered any restrictions and absence of money in cash machines can be explained by some technical hitches.


Earlier international rating agency Fitch informed that the Ukrainian banks experienced difficult period.

From editorial board: It's not quite clear what the legal basis of the activity of Natsbank of Ukraine is. Either contracts for timed placement of deposits, or legislation of Ukraine (as well as practically any another) assumes opportunity of withdrawal of own money from bank deposits quite freely. But, certainly, when the question is the threat to bank system of the country, authority doesn't think about observance of laws - and doing it brings banks down finally.

In 1998 clients of the Russian banks the same way as today Ukrainians failed to understand, on what basis they were refused in return of their own money. Really millions citizens of Russia were imprudently "jilted" by the state which all over again allowed unreliable banks to take money from population and then, rescuing those banks due to means of the budget (Primakov's government allocated about 70 billion dollars), allowed them not to execute obligations before the clients.

Let's say, the largest bank working with investors froze not only depositations, but also current accounts of the clients which were more than one million. The rouble depositations at the rate of 6 roubles for dollar were depreciated in 4 times to spring, but were not withdrawn for a long time (now the bank assures that it "returned" money to investors completely - thought at different rate). Currency depositations were compulsorily transferred into rouble at the rate almost in 2 times below the market one and were also frozen. So that bank SBS-Agro was not declared bankrupt, it was allowed to it to transfer its actives in bridge - bank "First Credit Union". By the way, the Russian courts at that time also did not accept claims of investors of the banks.

It is thought, the same or about the same things citizens of Ukraine should wait in the near future. With the only amendment - citizens can express their attitude to the government at the nearest elections, if, certainly, somebody will dare to carry out elections during crisis.

By analogy - in Russia completely not legitimate elimination of president Yeltsin at the end of 1999 and transfer of his powers to Putin with further establishment of half-fascist dictatorships in the country became the result of crisis. Obviously, similar script is being prepared in Kiev - with one amendment: not everything's been lost in Ukraine yet.

Аnatoly Baranov

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