NBU intends to get right to introduce a temporary moratorium on early withdrawal of deposits

The National Bank of Ukraine (NBU) is going to get drawn up at the legislative level, the right temporary moratorium on early withdrawal of bank deposits at the signs of the crisis, said National Bank website. "NBU considers it appropriate to initiate the introduction of legislative acts of Ukraine such changes ... to provide National Bank the right to impose a temporary moratorium on early withdrawal of bank deposits in case of signs of crisis on certain statutory criteria," - said in a statement. The report notes that such an initiative emerged from the discussions with the Public National Bank and banks of possible ways to resolve the problem of early withdrawal of bank deposits. It was reported that the fall of 2008, Ukrainian banks faced with massive outflow of deposits, resulting in the NBU has introduced a moratorium on the early return of bank deposits, which actually worked in the country from October 2008 to May 2009. The experts have repeatedly pointed out that the decision of the National Bank is illegal because it contradicts the norms of the Civil Code of Ukraine. National Bank also intends to initiate legislative changes, providing that in case of treatment with investor demand for the extradition of the deposit before maturity, by the contract term deposit, the bank must give the funds within 30 days of treatment, but no later than the deadline set by the contract. "These changes will make it possible to protect the rights of all bank depositors since the bank within the statutory period will be required to give money to the depositor on demand, and prevent destabilization of the banking system in the event of a mass of uncontrolled withdrawals from bank accounts" - summarized in the report. Materials: Interfax-Ukraine