President signs law on 100% guaranteeing deposits for war period

On April 12, President of Ukraine Volodymyr Zelensky signed law No. 2180-XI on the full guarantee of deposits of individuals by the state for the period of martial law and three months after its completion.

Head of the Verkhovna Rada Committee Danylo Hetmantsev said on his Telegram channel on Tuesday, the law also establishes that subsequently the maximum amount of compensation on deposits will be UAH 600,000 compared to UAH 200,000 at present.

In addition, the state-owned Oschadbank, which today is the only one with a 100% deposit guarantee, will be included in the general deposit guarantee system. Owners of deposits in Oschadbank for a period of more than 12 months after the entry into force of the law will be entitled to receive them ahead of schedule.

According to the text of the bill on the website of the Rada, investments in deposit and savings certificates of the bank are not deposits.

Among other provisions of the law is the cancellation of the obligations of the Deposit Guarantee Fund for promissory notes issued by it in 2015-2016 to the Ministry of Finance. As of September 2021, the balance of the Fund's debt obligations to the Ministry of Finance on promissory notes amounted to UAH 45.7 billion at face value of promissory notes and over UAH 62.5 billion of interest, which should be accrued until 2031.

The law also instructs the Accounting Chamber to immediately audit the work of the Deposit Guarantee Fund in 2016-2019.

Source: www.en.interfax.com.ua