Deposit Guarantee Fund intends to repay UAH 2 bln to Finance Ministry ahead of schedule

Deposit Guarantee Fund intends to repay UAH 2 bln to Finance Ministry ahead of schedule

Ukrinform
Deposit Guarantee Fund intends to repay UAH 2 billion ahead of schedule to the Finance Ministry, the Fund’s press service has reported.

"The Deposit Guarantee Fund intends to repay UAH 2 billion ahead of schedule under its obligations to the Finance Ministry of Ukraine. These funds will be sent to the Entrepreneurship Development Fund, in accordance with a bill submitted by the President of Ukraine to Parliament as urgent and approved by the Verkhovna Rada on January 14, 2019," reads the report.

As of January 1, 2020, the Deposit Guarantee Fund paid UAH 89.7 billion as guaranteed refunds to about two million depositors of insolvent banks. To make guaranteed refunds, the Fund in 2014-2017 had to raise UAH 59.5 billion of loans from the Finance Ministry of Ukraine at the rate of 9.99%-12.5% ​​per annum and UAH 20.15 billion from the National Bank of Ukraine at the rate of 12.5% -14% per annum.

The Deposit Guarantee Fund notes that as of January 1, 2020, the Fund repaid more than half of the amount of its borrowings - over UAH 41 billion, including loan debts fully paid off to the NBU.

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