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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of October 21, 2021 No. 110

About non-use of corrective actions for non-compliance with the requirements limiting risks on transactions with financial assets of credit unions in connection with introduction of quarantine

According to Articles 7, 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", to Articles 28, 29, 39 Laws of Ukraine "About financial services and state regulation of the markets of financial services", to Articles 26, 27 Laws of Ukraine "About credit unions", in connection with establishment by the resolution of the Cabinet of Ministers of Ukraine of December 9, 2020 No. 1236 "About establishment of quarantine and introduction of rationing anti-epidemic arrangements for the purpose of prevention of distribution in the territory of Ukraine sharp respiratory disease of COVID-19, of SARS-CoV-2 caused by coronavirus" (with changes) quarantine by prolongation of action of the quarantine established by resolutions of the Cabinet of Ministers of Ukraine of March 11, 2020 No. 211 "About prevention of distribution in the territory of Ukraine of sharp respiratory disease of COVID-19, of SARS-CoV-2 caused by coronavirus" (with changes), of May 20, 2020 No. 392 "About establishment of quarantine for the purpose of prevention of distribution in the territory of Ukraine sharp respiratory disease of COVID-19, of SARS-CoV-2 caused by coronavirus" (with changes) and of July 22, 2020 No. 641 "About establishment of quarantine and introduction of the strengthened anti-epidemic measures in the territory with considerable spread of sharp respiratory disease of COVID-19, of SARS-CoV-2 caused by coronavirus" (with changes) for the purpose of minimization of negative impact of the established quarantine and the entered restrictive anti-epidemic actions on activities of the Board of the National Bank of Ukraine DECIDES: credit unions

1. The National Bank of Ukraine does not apply to credit unions of corrective action, provided in Items 1 - 7-1 parts one of article 40 of the Law of Ukraine "About financial services and state regulation of the markets of financial services", for non-compliance with the requirements limiting risks on transactions with financial assets concerning the share of unproductive assets which shall not exceed the size of fixed capital of credit union established in Item 6 of the Section V of the Regulations on the obligatory financial standard rates and requirements limiting risks on transactions with financial assets of credit unions, approved by the order of the National commission performing state regulation in the sphere of the markets of financial services, of September 19, 2019 No. 1840, registered in the Ministry of Justice of Ukraine on November 27, 2019 for No. 1186/34157 (further - the Provision) if:

1) non-compliance with such requirement happened during action of quarantine and introduction of the rationing anti-epidemic arrangements established by the Cabinet of Ministers of Ukraine for the purpose of prevention of distribution in the territory of Ukraine of sharp respiratory disease of COVID-19 (further - establishment of quarantine and introduction of restrictive anti-epidemic actions);

2) non-compliance with this requirement is caused by establishment of quarantine and introduction of restrictive anti-epidemic actions;

3) the share of such unproductive assets of credit union according to the requirements established by the Provision exceeds the size of fixed capital no more than for 15 percent, and for the joint credit unions - no more than for 30 percent;

4) the credit union has no violations of other requirements limiting risks on transactions with financial assets and the financial standard rates established by the Provision;

5) the credit union provided the reasonable actions plan on elimination till June 30, 2022 of violation of the requirements limiting risks on transactions with financial assets concerning share of unproductive assets (further - the actions plan).

The National Bank within seven working days from the date of receipt of the actions plan has the right to send credit union the letter with notes to the actions plan which are obligatory for accounting.

The credit union shall within seven working days from the date of receipt of the letter of National Bank submit it the modifed actions plan;

6) the credit union implements the actions plan submitted to National Bank.

2. To impose control over the implementation of this resolution on the vice-chairman of the National Bank of Ukraine Yaroslav Matuzka.

3. The resolution becomes effective from the date of, its official publication following behind day, and is effective till June 30, 2022.

Chairman

K. Shevchenko

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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