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Yanukovych vetoes bill on ban on consumer loans in foreign currency

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Aug. 1, 2011, 8:44 p.m. | Ukraine — by Interfax-Ukraine

Viktor Yanukovych has vetoed a bill passed by lawmakers in July 2011 regulating relations between lenders and consumers of financial services.

Ukrainian President Viktor Yanukovych has vetoed a bill passed by lawmakers in July 2011 regulating relations between lenders and consumers of financial services (bill No. 7351). The bill, which foresaw, among other things, a ban on consumer loans being made in foreign currency, was returned to parliament for repeat consideration, along with proposals from the president.

Detailed information about the presidential proposals has not been disclosed yet.

The bill contained a number of provisions aimed at safeguarding lenders' rights - it contained measures to improve the bankruptcy procedure, the execution of claims to recover a debtor's property, and on the sale of rights of claim on loan agreements.

The Association of Ukrainian Banks said that once adopted, the legislation would be an important measure to boost lending in Ukraine.
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