Emphasizes the importance of this issue and the issue price itself - 44 billion UAH. Budgeted for 2009 for this purpose …
over a year now “ZN” tracks in its publications, the process of recapitalizing troubled financial institutions. The importance of this issue and stresses the issue price itself - 44 billion UAH. Budgeted for 2009 for these needs.
main charm of this expenditure was and is that for its funding does not need real revenues. National Bank is obliged to repurchase issued for this purpose liabilities of the Government at their nominal value, actually printing the hryvnia for these needs. Moreover, the scheme was framed by law (draft laws) and coordinated with the principal guardian of the Ukrainian budget order - the International Monetary Fund (IMF).
is worth remembering that, presenting 23 December 2008 in Parliament then the draft main estimates for the country, Prime Minister Yulia Tymoshenko called stabilization of the banking system is practically the main task “of the government. And quite rightly said: “I am convinced that we need to fully restore the functioning of the banking system. Then we have a chance to rest. If the banking system does not stand on his feet, the real economy would be incredibly difficult to raise.”
not to say that over the past 12 months, nothing has been done. However, thanks to indefatigable PR-activity premiere, lack of transparency rekapitalizatsionnye processes cause public officials to suspect in all possible sins.
Few chronology
actually started the process of recapitalization, not 12, but good 15 months ago, when Kiev began to negotiate its terms, in the preparation of the memorandum with the IMF for funding the program stand-by. The first document on the order of state participation in the capitalization of banks was approved at a Cabinet is November 4, 2008 (№ 960). However, the apparent dampness of the document indicated: it took more for show, to report to the functionaries of the IMF on the performed steps to improve the health of the financial sector.
that began after this process has been sluggish and painful - a sharp conflict between the leadership of the Cabinet and the National Bank, obviously reduces the effectiveness of cooperation of all involved in the process of officials. But be that as it may, the spring was determined by the first list of seven banks nominated for entry in the state capital from which to fly on the initiative of the owners changed their minds were removed two institutions - the Bank Finance and Credit “and Imeksbank.
fact
recapitalization started in early July, when exercising on the issuing state bonds worth 9.57 billion UAH., Ministry of Finance set off in their charter capitals of the three financial establishments. Ukrgasbank received Government Bonds in the amount of 3,1 billion UAH. in exchange for a 81.6% stake in the bank, “Rodovid Bank - to 2,8 billion (99.93%), while the Bank” Kiev “- to 3,56 billion UAH. (99.97%).
major problem institutions - Bank Nadra and Ukrprombank - remained in limbo. One of the reasons mentioned then publicly - they have not been restructured external borrowing (one of the key conditions of the Ministry of Finance). The total debt of these institutions to foreign creditors exceeded $ 1 billion, however, their debt to the Ukrainian citizens on 01.04.2009, she was twice as much - 15,9 billion UAH.
According to NBU, Nadra and Ukrprombank at the end of the first quarter of this year occupied the fifth and sixth places in the banking system to raise funds of the population. Apparently, the problems of depositors was moved closer to the election.
And indeed, investors Ukrprombank waited their turn until November, when ordered by the government began the process of transferring their deposits (liabilities to banks) and part of the assets of institutions (network and a living part of the loan portfolio) to the already converted to state ownership Rodovid Bank . Capital last through the budget (or more precisely - under the National Bank for redemption of debt obligations of the Government) was increased by another 5.6 billion UAH. (up to 8,4 billion).
In this issue of transfer of assets from “Ukrproma” has not been resolved. First, the property the bank is under arrest in response to numerous lawsuits. Secondly, most of those living the most assets, which, except for retail, claiming Rodovid “, is a pledge from the National Bank in ensuring that the Ukrprombank refinancing. Recover which, of course, not anything else: in the active part of the balance of the bank, we recall, miraculously formed “hole” in the amount of more than 5 billion UAH. National Bank its refinancing must now write off?
way, from sources in the Prosecutor General”s Office “ZN” was yet informal information that any case against Ukrprombank yet initiated. We hope that in the future will be not only an official confirmation of this fact, but also information that those responsible for the multibillion-dollar abuses, in fact led to the looting of the bank, had suffered an adequate punishment. If, of course, this again will not prevent bank secrecy.
little about technology
Incidentally, remained so until the end and did not clarify why the Cabinet did not want to implement a simpler scheme - payments to depositors through the possession of a much broader network Oschadbank. In which, with the correct approach, surely would have left a much larger share of deposits than those who are now in a prolonged “Rodovid (as at 25 December 2009, investors returned Ukrprombank 1,148 billion UAH., While the amount of perevlozhennyh new term deposits of 1,899 billion).
negligible sumnyashesya, the head of the Cabinet on Dec. 23 announced the decision to transfer to Rodovid Bank also deposits of individuals from the bank “Nadra” (about 600 thousand people.). Like, delay have nowhere - Elections are coming! As explained in the same day, acting Minister of Finance Igor Umansky, we are talking about the bank”s liabilities to depositors-physical persons in the total amount of 7,2 billion UAH.
for payment of deposits in Rodovid Bank will be poured another 6,5 billion UAH. (money is, we recall, the National Bank will print!). So even with the best scenario, the payment of funds, as reported in an interview Maanimo.com temporary administrator “Rodovid Sergei Shcherbina, will not begin before February 1. From 21 January 2010, after the transfer registers and all the necessary payment information, investors can start check “Nadra”.
“Simultaneously with the signing of the contracts, we insist on transferring the balance Rodovid Bank 150 branches of the bank” Nadra “, that his clients had no problem getting money, as happened at work with ukrpromovskimi investors. Rodovid Bank not always had the offices and branches in all the towns in which he worked Ukrprombank. So often investors Ukrprombank had to overcome in 20-30 miles to get their money at the nearest branch Rodovid Bank - admitted Shcherbina.
issue of 150 units is unlikely to be solved even for a month. So will certainly be delays. Especially when you consider that before the coherence is still very far away. December 24 temporary administrator of the bank “Nadra” Valentine Zhukovskaya reported that the decision to transfer the investors in Rodovid Bank “is not final - is still under consultation with representatives of the Cabinet and the National Bank.”
the same day, Director of the Department of Foreign Economic Relations National Bank of Ukraine Sergey Kruglik expressed on behalf of the agency”s position incomprehensible surprise Cabinet. “The whole year was expedient recapitalization. This was confirmed by, among other things, in the negotiations with the IMF, when the government declared its readiness to capitalize the bank provided 85% of the restructuring of its debts to creditors. But after the signing of an agreement with creditors was set at 100% suddenly raises the question of transfer “- said Kruglik.
“not quite accurate” described by Mr. Kruglik of achieving 100-percent agreement with external creditors of the bank “Nadra” Director of the Department of State participation in the recapitalization of banks MOF Taimur Bagirov. The commentary for “ZN”, he noted that up to 100% far: documentary evidence of restructuring is only with export agencies and holders of Eurobonds totaling approximately $ 290 million
From the same coordinating committee of creditors, which includes the holders of more than half of the external debt agencies, a legally binding document is not signed.
“A figure of 85% I do not understand, - said the representative of the Ministry of Finance. - This figure is nowhere to be fixed. The question is always raised about the restructuring of all debt for all groups of creditors, under conditions that reduce the debt burden on the bank and allow it to operate normally. According to order, the final terms of restructuring should be agreed Expert analysis and advice. The State must know that the bank, the capital of which it comes, is viable. ”
But is it really actually need government intervention now? “Today,” Nadra Bank “by analyzing its capacity for payment of deposits to the population, may at its own expense to fulfill their obligations (in the first place, before the least protected category of depositors who have deposits of up to 150 ths.) Till the end first half of 2010 “, - said Ms. Zhukovskaya. If so, the big question will be effective infusion (or rather, “pouring”) at the expense of government commitments 6,5 billion UAH. Which really is not in the budget.
Some conclusions
All these nuances give reason to suspect Cabinet in the questionable intentions. Or, at least, too much desire to play premiered on the needs of defrauded investors just before the election, not worrying too much about the economy, and so extremely scarce budgetary resources.
On the other hand, once the payment would not begin until February (more likely - March), it is not conceived the idea of whether the government take “temporarily free” money for plugging budget holes? Does this not due to fever, as, incidentally, in the case of started by now dokapitalizatsiey Ukrgazbanka another 1,9 billion UAH.?
All of these issues could be avoided, whether the procedures relating to government activities in the new State Bank, completely understandable and transparent.
When, finally, will be published development strategy for these structures? What will they do, where to take clients and whether their power to take away the rest of the market? As the business of these institutions from the problem will become effective and profitable if it is obvious that only injections of the emission of billions for this is not enough?
“ZN” already in the eleventh time the Finance Ministry asking questions - on what principle is formed on the supervisory board (NA) of these banks? Why “Rodovid” nabsoveta has not yet been formed, if this is enough, it seems, the decision as temporary administrator? Will (and when) are included in the compositions of these NA authoritative independent directors with serious name and reputation? How will the division of labor between the board and nabsoveta?
In the case of the new state-owned banks the right to manage them on behalf of the State has exclusive executive power. The powers must always involve the responsibility, and now the government seems to be responsible for the state of affairs in the country and the economy, then enter the state-owned banks should nabsoveta its representatives. Such an approach is perhaps more valid than prescribed by law for the National Assembly Oshchadbanka and Ukreximbank, in which, at not quite understood the reasons included representatives of the president and parliament, do not carry responsibility for their actions at all.
On the other hand, the formation of nabsoveta representative of one of the Cabinet (and in fact - the Ministry of Finance) is violated the very principle of collegiality, which as a result of the parliamentary-presidential struggle for control over state-owned banks was fairly well implemented in the National Assembly Oshchadbanka and Ukreximbank.
best way of distribution of powers - taking into account both international standards and Ukrainian realities - is somewhere in the middle. And look for a solution for both the “old” (Oshchadbanka and Ukreximbank), and for new recruits (Ukrgasbank, Rodovid Bank and the Bank “Kyiv”), of course, necessary. But serious systemic search is hardly possible before the election - as long as those in power a few other tasks. And why, if, today, all power in the “converts” state bank is actually in the hands of Yulia Tymoshenko and Igor Uman? Will the problem occurrence in nabsoveta independent directors - the big question.
I would like9fe to believe our interlocutors in the Cabinet, who argue that the solution to these very important issues is delayed only because of lack of time and human resources. But if so, why would anyone in government seriously questions the need to establish a special agency whose staff - professional financiers - were engaged in on behalf of the State of state-owned banks, since much of their number and share of market increased significantly.
Otherwise, it seems that things are moving or shaky the motions for the simple reason that someone in the Cabinet profitable status quo, in which the new state-owned banks can be controlled in part or in full manual mode.
According to “ZN”, one of the famous byutovskih PR, injections, is planning a new mailing chain letters, now investors bank “Nadra”. Guess at whose expense?
Yuri SKOLOTIANY
In the U.S. schoolgirl robbed bank Since the new year is changing the size of almost all payments that might be claimed Ukrainians … Loneliness Yushchenko, Tymoshenko”s anxiety and selective truth-Litvin … Today, when the salary substantially subsided, is to find a few works at the same time … In Kyrgyzstan, while predicting a positive growth of the economy in 2010, but expected a very large budget deficit … HeadHunter (hh.ua) has prepared a final review of the labor market in 2009 - HeadHunter:: Barometer. General facts of the review … repeat the stock markets last year”s rise in stock prices ?..
Police complained of lack of funding
Experts: shadowing of the economy has become all-out character
What kind of assistance expected from the state in 2010
Milestones week
Where is the best to work part-
Kyrgyz economy in the coming year are waiting for new tests
Want to find a job? The number of vacancies decreased by more than half …
In 2010, to make money on the stock exchanges would be very difficult