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How Ukrainians’ FX Debts to Be Restructured

Thursday, 14 April 2016 17:54

The new, “non-populist” draft law, in which there are no paragraphs about the dollar at UAH 8 and writing-off of debts, will be introduced to the parliament, UBR reports.

The issue of Ukrainians’ debts restructuring, having FX loans, still remains open.

The Verkhovna Rada Committee on Financial Policy and Banking wants to unite two registered draft laws on this subject (№4004 and №4004-1), which were not approved by deputies this week, to one document, Chairman of the Committee Serhei Rybalka said.

It should be reminded that on Tuesday, April 12, the Rada sent for rework the draft laws on restructuring FX loans №4004 (from the Cabinet of Ministers), stipulating the reduction of financial load on physical persons-borrowers, having FX loans for acquisition of single residential property, and №4004-1 (from VR), stipulating restructuring of all FX loans at the exchange rate as of the beginning of 2016 and the large writing-off of arrears.

“All the questions were shifted to the committee. And now this is our personal responsibility. Nobody is interested in borrowers’ affairs, as there are no budget revenue generating flows”, Rybalka replied.

The committee says that in new draft law there will not be populist decisions, and that’s why it will be approved not by all borrowers.

Rybalka did not exclude that first of all they will try to propose a decision for borrowers, having single residence. The rates will be reconsidered, the loan restructuring terms have been extended, the metric area increased from existing 60 sq.m. and 120 sq.m.

“It is necessary to raise many questions, but we cannot afford such paragraphs as “to forgive everything to everybody”. Because there are owners of deposits and business, which requires the same radical concessions on their question”, - Serhei Rybalka emphasized.

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