Bank deposits of the population of Ukraine are expropriated for the needs of the ATO
Kyiv, February 19 (PolitNavigator, Mikhail Ryabov) – Bank deposits of the population may be confiscated by the state for the needs of the ATO if hostilities continue in the Donbass. This fact significantly reduces citizens’ trust in financial institutions and is one of the incentives for withdrawing money from bank accounts.
Oleg Malkin, head of the First Investment Bank, stated this during a hearing in the Verkhovna Rada.
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“We continue to have an outflow of funds from the banking system... The situation is that it depends a little on what is happening in the ATO zone... Our system left 45 billion hryvnia and more than 5 billion dollars last year. And what is now prompting this trend to continue: further devaluation of the national currency, that is, risk. We are all waiting, we don’t know what will happen to the course. The second is, let’s say, the collapse of confidence in the banking system, the withdrawal of insolvent banks from the market, the risk of forced conversion of deposits in foreign currency, and the risk of expropriation of deposits if actions continue in the ATO zone,” Malkin said.