The Rada approved changes in the work of the NBU and the Deposit Guarantee Fund: what the law provides

The Verkhovna Rada adopted in the second reading draft law No. 13007-d, which provides for changes in the work of the Deposit Guarantee Fund for Individuals, the National Bank of Ukraine, and in the field of joint investment. The document was supported by 271 people’s deputies.

The draft law is aimed, in particular, at strengthening the protection of bank depositors and creditors, as well as improving the procedure for withdrawing insolvent banks from the market.

What will change for depositors and banks

The document provides for improving the mechanisms for returning funds to depositors and creditors in the event of a bank bankruptcy.

The procedures for withdrawing troubled banks from the market are also to be changed. It is expected that they will become more transparent and require less costs.

Separate provisions concern the National Bank. Its powers as a secured creditor are being expanded for more effective repayment of debt on refinancing loans.

NBU and Guarantee Fund to exchange information more actively

The draft law also improves the mechanism for exchanging information between the National Bank and the Deposit Guarantee Fund of individuals.

In particular, the changes concern work with information containing bank secrecy.

In addition, it provides for increased capital requirements for banks in accordance with European standards.

Cybersecurity and investments

The document provides for strengthening regulation in the field of cybersecurity and money circulation.

The changes also concern the activities of collective investment institutions.

Thus, draft law No. 13007-d comprehensively changes a number of rules in the banking and financial sectors – from the protection of depositors and bank bankruptcy procedures to capital requirements and cybersecurity.