The law, which concerns the improvement of the system of guarantees of deposits and withdrawal of insolvent credit institutions from the Ukrainian market, starts on 12 August.

The document was adopted by the Verkhovna Rada on 16 July and published in the parliamentary newspaper "Voice of Ukraine" August eleven. According to the law, it takes effect from the day following the day of its promulgation.

The adoption of this document was a necessary condition for obtaining the second tranche of macro-financial assistance of the IMF in the amount of 1, 7 billion.

first in the Ministry of Finance of Ukraine explained that currently the problems of the Fund for guaranteeing deposits of natural persons are insufficient impact of asset sales of distressed credit institutions, the risks of abuse from problem Bank entities for the withdrawal, as well as long waiting periods for depositors payout.

The document includes a number of measures aimed at strengthening the protection of the rights of depositors, it Also makes changes to the procedure for destruction of credit institutions. The law will give the opportunity to reduce the period of time required for the withdrawal of insolvent Bank from the market from three months to one. The document introduces provisions about taking access to the Deposit not later than 20 days since the withdrawal of the Bank from the market.

The law will give the opportunity to increase the transparency of the procedure for the destruction of the Bank. Also, the Law introduces criminal liability for employees of credit organizations that intentionally delay the payout process, involves the implementation of system development for investors in insolvent banks, the introduction of centralized auctions for the sale of assets of credit institutions transferred to the Deposit guarantee Fund, specifying the conditions under which the Bank is required to be classified as insolvent.

at the end of July, the IMF Executive Board blessed the allocation of Ukraine of 1, 7 billion. Tranche 1, 7 billion dollars from the IMF, Ukraine received 5 August.

The four-year Program of financial assistance to Ukraine was approved by the IMF Board of Directors on March eleven. The program provides for the allocation of Fund 17, 5 billion dollars, and all international creditors over four years - $ 40 billion. Ukraine in mid-March has already received the 1st Tranche of the IMF to us $ 5 billion. Just in 2015 Kiev hopes to receive $ 10 billion.

sections: Politics