Financial News and Economical Crisis

National Bank decided to refinance the state-owned banks involved in financing the preparations for the championship of Euro 2012 without collateral. The key to credit will make the state guarantees the Cabinet, which will be responsible for the return of funds from central bank.

National Bank (NBU) has approved a new funding mechanism for preparing the city for the championship on football of Euro 2012. Yesterday NBU reported on the adoption decree #553, which approved the interim order of the refinancing of state banks engaged in long-term lending activities in preparation for Euro 2012. After this decree NBU № 568 expanded the list of collateral for refinancing. State Bank of the central bank was allowed to give a pledge of government bonds, government guarantees of the Cabinet and other highly liquid assets. This will support the long-term liquidity of state banks, which lend the preparation to Euro-2012, - reported in the NBU.

Loans National Bank will only Oschadbank and Ukreximbank. This ruling does not apply to recapitalize the state Rodovid Bank, Bank of Kyiv and UkrGasBank, because in them the state owns less than 100% of the shares, - explained the executive director of the National Bank of Ukraine on Banking Regulation and Supervision of Basil Pasichnyk.

This is not the first initiative of the NBU to encourage banks to finance the championship. From October 10 the National Bank allowed banks to build up to 20% of required reserves credited to a special account with the NBU, the target goszayma domestic bonds issued by the Ministry of Finance to finance the championship. Thus, banks will be able to send at Euro-2012 to 1.2 billion UAH. This change in the state budget for 2009 provides that the NBU will transfer to it a profit of $ 9.8 billion UAH for the financing of Euro 2012, but they have twice been vetoed by President Viktor Yushchenko.

The press service of both state banks yesterday failed to appreciate the initiative of the regulator, citing the inability to obtain comments from the management. But in May agreed to buy back bonds Ukreximbank Lviv 300 million UAH to finance the construction in the city stadium for Euro 2012.

According to experts, decisions taken to ensure that the NBU has received additional guarantees refund. Implies a state guarantees the Government's commitment to repay debt obligations of the borrower, if he can not do that. In this case, the bank itself, no specific pledge not leave, - said a senior analyst at Troika Dialog Ukraine, Yevgeny Grebenyuk. This is a form of guarantee of a refund. If the issuer is unable to ensure the payment of interest or the whole debt, the state will assume the obligations and Cabinet will make a legally responsible person, - noted the director of analytical department of the IR Dragon Capital Andrew rankings.

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