Bilozir proposes to provide public assistance to credit unions

People's deputy of Ukraine Oksana Bilozir introduced into Parliament a draft law № 8497 "On some measures to stabilize the financial activities of credit unions." The bill proposes to provide state support to credit unions that are affected by the global financial crisis and unable to meet obligations to its members, by issuing long-term interest-free loan for the term and to the extent necessary for the financial recovery of the credit union, the resumption of its activities and performance of obligations its members and other creditors. It is estimated the State Commission on regulation of financial services markets implementation rules of the bill requires about 1,5 billion UAH. from the state budget. In addition, the bill provides that where a decision is not appropriate, or the inability of financial recovery of the credit union, the state pays compensation to depositors of the credit union at a rate that corresponds to the size of the debt on his contribution, but no more than the amount established by the Law of Ukraine "On guaranteeing deposits persons. " As noted by Mrs. Bilozir |, a significant part of depositors of credit unions - is the elderly: pensioners, disabled war veterans, who are usually paid in credit unions all the means at their disposal, hoping to get a supplement to retirement, or leave inheritance to their children. According to O. Bilozir, the bill will help protect the property rights of the affected investors, the resumption of public trust in the activities of credit unions, which, in turn, will increase lending to Ukrainian citizens and the economic activity of manufacturing and trading enterprises. Press office Oksana Bilozir