OREANDA-NEWS  On 14 October the regulator again announced about its readiness to support Ukrainian banks that experience problems due to international financial crisis.

The NBU board introduced for 6 months a moratorium on satisfying the claims of Prominvestbank creditors, the first victim of financial crisis in Ukraine, in order to prevent its bankruptcy. The regulator appointed a temporary administration for the bank, which key task is to create favorable conditions for its financial rehabilitation. Vladimit Krotuk, NBU deputy governor, was appointed as the head of the temporary administration. As we mentioned before, the National Bank of Ukraine opened a USD 1 bn credit line for this financial institution to support its liquidity. The resources are provided at 12% p.a. for one year. Under this credit line Prominvestbank has already obtained slightly more than USD 400 mn.

Besides, the NBU also rendered its support to another 23 banks that experience lack of liquidity for the total of USD 643 mn to enable them to fulfill their obligations. The tender for liquidity support may be considered as extraordinary one, since it is held on 13th day of a month. Overall, the NBU obtained 25 applications, of which only 2 were waived. The largest loans obtained: Rodovid Bank (PFTS: RODB) and Nadra bank (PFTS: NADR). Alfa-bank, Kreditprombank and Finance and Credit bank also asked for large loans.

At the same time, the regulator in exchange for the assistance provided requested to narrow the spread between the interbank and spot rate of USD. The NBU head expressed his opinion about UAH rate in the interbank forex market saying that the objective rate should no exceed UAH 5.00/USD, and re-confirmed the readiness of the regulator to perform currency interventions. According to him, the foreign currency that interbank lacks the NBU is going to sell on the auctions. The regularity of the auctions and proposed amounts of currency will depend on the market demand. The UAH rate in the interbank market after its decline on Tuesday, became significantly stronger on Wednesday to reach UAH 5.00/USD after the regulator intervened with USD at the said exchange rate.

The NBU head believes that the regulator for the time being has no reasons to raise the interest and active transactions rates. Besides, Mr Stelmakh supported the idea to double the guaranteed amount of compensation for individuals deposits to USD 20 thousand. The relevant draft law backed by the NBU was proposed to the Parliament of the previous convocation.