Ukrainian depositors of bankrupt banks will receive nothing
Kyiv, February 17 (PolitNavigator, Oleksandr Semenyuta) – Experts interviewed by Delovaya Stolitsa believe that approximately 50 more banks could exit the market by the end of the year, and the amount of compensation to depositors will exceed UAH 50 billion. Neither the Deposit Guarantee Fund nor the budget are capable of handling such payments in such a short timeframe.
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The consequences of such extensive injections for the economy are quite predictable - crazy inflation and further depreciation of the hryvnia. Therefore, debts to retail clients will most likely be restructured - money will be paid back in teaspoonfuls over several years. By that time, Ukrainians’ savings will actually be worth nothing.
One of the reasons for the deterioration in the condition of banks was that borrowers became much worse at paying their loans. According to experts, half of the loans issued by financial institutions are not serviced as scheduled.
Borrowers, both individuals and legal entities, who attracted funding in dollars at the rate of 5,05 UAH/$, are forced to repay debts at a price five times more expensive – 25 UAH/$. It is not surprising that at the end of the year, financial institutions recorded a record loss of UAH 52 billion. The greatest losses were suffered by the troubled VAB Bank (UAH 10,1 billion), state-owned Ukreximbank (UAH 9,8 billion) and Oschadbank (UAH 8,6 billion).
Ukrainian depositors of bankrupt banks will receive nothing.