The Ministry of Finance of Ukraine explained the source of origin of funds for the nationalization of PrivatBank, RBC-Ukraine reports.
Deputy Minister of Finance for European Integration Yurii Butsa provided the relevant information.
«The state, represented by the Ministry of Finance, acquired the shares of PrivatBank PJSCCB for 1 hryvnia through the funds, envisaged for the Ministry of Finance in the State Budget of Ukraine for 2016 under PBECLC (program-based budget expenditure classification and lending code) 3501010 «Finance Administration and Management», according to the response to journalists’ inquiry.
It is also noted that the nationalization of PrivatBank was conducted under the agreement, concluded between the Ministry of Finance and the Individuals’ Deposit Guarantee Fund, and Paragraph 12 of Part 6 of Article 41 of the Law of Ukraine on Individuals’ Deposit Guarantee System.
On December 18, 2016, the Cabinet of Ministers of Ukraine approved the decision on nationalization of PrivatBank, as the result of which the state, represented by the Ministry of Finance, became the owner of 100% shares of the financial institution.
Later, the foreign partners of Ukraine, in particular, the International Monetary Fund and G-7 ambassadors, approved the nationalization of PrivatBank, calling it an important and necessary measure for economic stabilization of the country.
