Ukrainian President Petro Poroshenko said that the situation with PrivatBank (Dnipro) was not only a threat to itself, but to Ukraine’s entire banking system.
“A threat to the bank and the whole Ukrainian banking system has appeared. It is obvious to us. Our key financial partners – IMF, World Bank, EBRD and others – have expressed their serious alarm with this situation in the past six months”, the president said in his address to Ukrainians.
The president said that the only way to save the bank and guarantee safety of funds of its clients was the bank’s transfer to state ownership.
“The alternative would have looked irresponsible, as it would have meant to close the eyes, hide the head in sand and wait until the bank falls”, the head of state said.
Poroshenko said that this was the reason why recently the National Security and Defense Council, National Bank of Ukraine, Cabinet of Ministers and Finance Ministry all made formal, legal decisions for transferring PrivatBank to full state ownership.
“These decisions have saved the bank and the banking system”, he said. (Interfax/Business World Magazine)