Ukrainian parliament passes bill No. 13007-d in second reading with 271 votes
The Verkhovna Rada supported bill No. 13007-d in the second reading and as a whole, amending the operation of the Deposit Guarantee Fund, the National Bank of Ukraine, and collective investment institutions. The decision was backed by 271 MPs. This was reported by Economichna Pravda citing the Telegram channel of Danylo Hetmantsev, according to the portal PromPolitInform.
The adopted document aims to optimize the withdrawal of insolvent financial institutions from the market, making procedures more transparent and less costly for the state budget. The updated legislation expands the opportunities for depositors and creditors to recover funds in the event of a bank failure.
The new norms significantly expand the powers of the National Bank of Ukraine as a secured creditor when dealing with distressed assets. The document also introduces clear mechanisms for interaction between insolvent banks and receiving institutions willing to assume their assets and liabilities.
Information exchange and banking secrecy
An essential component of the legislation is the improvement of information exchange procedures between the Central Bank and the Deposit Guarantee Fund. The amendments regulate the sharing of data containing banking secrecy for a prompt response to risks within the banking system.
The primary goal of these legal changes is to reduce state spending on liquidation procedures and to ensure proper protection of citizens’ funds. The bill was approved in its first reading by parliament in August 2024.
Photo: Economichna Pravda
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