{"id":18313,"date":"2022-04-05T22:42:24","date_gmt":"2022-04-05T19:42:24","guid":{"rendered":"https:\/\/esquires.ua\/?p=18313"},"modified":"2022-05-11T23:51:56","modified_gmt":"2022-05-11T20:51:56","slug":"garantuvannya-vkladiv-derzhavoyu-v-chasi-vijni","status":"publish","type":"post","link":"https:\/\/esquires.ua\/en\/garantuvannya-vkladiv-derzhavoyu-v-chasi-vijni\/","title":{"rendered":"State guarantee of deposits at the time of war"},"content":{"rendered":"

The <\/span>full-scale<\/span> persistence<\/span> of<\/span> the<\/span> Russian-<\/span>Ukrainian<\/span> war<\/span>, <\/span>which<\/span> began<\/span> in<\/span> 2014 <\/span>with<\/span> the<\/span> illegal<\/span> annexation<\/span> of<\/span> Crimea<\/span> and <\/span>Donbass<\/span>, <\/span>is<\/span> having<\/span> a <\/span>devastating<\/span> impact<\/span> on<\/span> all <\/span>spheres<\/span> of<\/span> public<\/span> and <\/span>economic<\/span> life<\/span>. <\/span>Unfortunately<\/span>, <\/span>the<\/span> Ukrainian<\/span> banking<\/span> system<\/span> has<\/span> never<\/span> been<\/span> stable<\/span>. <\/span>Since<\/span> 2014, <\/span>the<\/span> anti-terrorist<\/span> operation<\/span> (<\/span><\/span>later it was<\/span><\/span> called<\/span> the<\/span> operation<\/span> of<\/span> the<\/span> joint<\/span> forces<\/span>, or <\/span>rather<\/span>, <\/span>the<\/span> war<\/span> with<\/span> the<\/span> <\/span>r<\/span><\/span>ussian<\/span> <\/span>f<\/span><\/span>ederation<\/span>) <\/span>has<\/span> led<\/span> to<\/span> the<\/span> insolvency<\/span> of<\/span> dozens<\/span> of<\/span> Ukrainian<\/span> banks<\/span>. <\/span>Not<\/span> all <\/span>of<\/span> them<\/span> complied<\/span> with<\/span> the<\/span> current<\/span> legislation<\/span>, <\/span>created<\/span> sufficient<\/span> reserves<\/span> and <\/span>stabilization<\/span> funds<\/span>, <\/span>because<\/span> some<\/span><\/span> banks<\/span><\/span> acted<\/span> as<\/span> \u201c<\/span>purses<\/span>\u201d <\/span>for<\/span> nominal<\/span> owners<\/span> and <\/span>hid<\/span> the<\/span> ultimate<\/span> beneficiaries<\/span>.<\/span><\/span>\u00a0<\/span><\/p>\n

The new stage of the war of the Russian Federation against Ukraine has caused quite concern of Ukrainians about the safety of their savings. <\/span>Its an<\/span> anxiety, not panic. In my opinion, the banking sector is not <\/span>currently <\/span>suffering from strong turbulence, the situation is generally under control, not a single bank went bankrupt during the 55 days of the war. However, one of the tasks of the state is to ensure the stability of the financial system and guarantee the deposits f<\/span>or<\/span> citizens.<\/span><\/p>\n

How does the deposit guarantee system for individuals work in Ukraine<\/span><\/b>\u00a0<\/span><\/p>\n

In case of bank liquidation, the Deposit Guarantee Fund (hereinafter referred to as the Fund), which operates on behalf of state, shall reimburse depositors within the guaranteed amount. The Fund reimburses the funds of individuals and individual entrepreneurs in national and foreign currencies attracted by banks under the terms of a bank (card) account agreement or contributions (deposits) together with accrued interest. Deposits in foreign currency are reimbursed in hryvnias at the rate of the National Bank.<\/span>\u00a0<\/span><\/p>\n

Before the full-scale invasion of <\/span>russian<\/span><\/span> federation to Ukraine, the guaranteed amount of compensation for bank deposits amounted to UAH 200,000. The only exceptions were deposits in the state-owned bank Sberbank. “Deposits of individuals in the State Savings Bank of Ukraine are guaranteed by the state,” the Law of Ukraine “On Banks and Banking Activities” states.<\/span><\/span>\u00a0<\/span><\/p>\n

The law came into force<\/span><\/b>\u00a0<\/span><\/p>\n

On April 1, 2022, the Verkhovna Rada adopted the Law of Ukraine No. 2180-IX \u201cOn Amendments to Certain Laws of Ukraine on Ensuring the Stability of the Deposit Guarantee System for Individuals\u201d (hereinafter referred to as the Law). On April 13, it entered into force. We emphasize that this Law applies only to deposits of individuals and individual entrepreneurs and does not apply to deposits of legal entities.<\/span>\u00a0<\/span><\/p>\n

Purpose of the Law<\/span><\/b>\u00a0<\/span><\/p>\n

The law is aimed at protecting the rights of bank depositors, who will be<\/span> declared insolvent during martial law and 3 months after its termination or cancellation. It contains rules providing for the full reimbursement of deposits of individuals at the expense of the Fund for the period of martial law in Ukraine and within 3 months from the date of its termination or cancellation.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>O<\/span>ther words, during martial law and 3 months after it, the Fund is obliged to reimburse each depositor in the full amount of his contribution, <\/span>taking into account<\/span> the interest accrued as of the end of the day preceding the start of the procedure for withdrawing the <\/span>bank from the market. It should be noted that this rule will apply to banks which <\/span>were<\/span> decisi<\/span>ded<\/span> to withdraw from the market after the date of entry into force of this Law.<\/span><\/p>\n

After the expiration of 3 months from the date of the<\/span><\/span> end or cancellation of martial law, the maximum amount of reimbursement of funds on deposits of individuals in a bank (regardless of the number of deposits in this bank) will be increased to UAH 600,000, which will be three times the current amount of the guarantee.<\/span><\/span><\/p>\n

What funds will not be refunded<\/span><\/b>\u00a0<\/span><\/p>\n

The following funds will not be refunded in full or in part:<\/span>\u00a0<\/span><\/p>\n