The law on the restructuring of foreign currency loans in Ukraine severely undermines the credibility of the authorities, only one of the largest in the Eurozone, the French banking and financial group BNP Paribas will lose from its implementation over 230 million dollars, said the Minister of economic development and trade of Ukraine aivaras abromavicius.

The Ukrainian Parliament on 2 July adopted the Law on the restructuring of foreign currency consumer loans. Obligations will be possible to transfer into hryvnia at the exchange rate on the day of conclusion of the credit agreement, entered a two-year moratorium on the collection of collateral, you can write off up to 85% of the principal if the total payments on the loan prior to the entry into force of the law exceeded 15% of the principal amount. The head and the Prime Minister of Ukraine, first very quickly criticized the adoption of the law. The country's Central Bank believes that the Law " will destroy the monetary system of Ukraine.

"With the leadership of the BNP Paribas discussed the sad draft law adopted on Thursday. This greatly undermines the credibility of the authorities, " wrote the Minister on the first day of the week on his page on Twitter.

according to his statement, only BNP Paribas will lose 5 billion hryvnia (238 million), and loans at attractive rates will have to wait.
BNP Paribas SA, formed in 2000 as a result of the merger of Banque Nationale de Paris (BNP) and the investment Bank Paribas, is among the six most significant credit institutions of the world. The Bank, the headquarters of which is located in Paris, London and Geneva, is the largest Bank by size of deposits in the Eurozone.

sections: Politics