Savchenko: Ukraine is to speed up banks' additional capitalization

Savchenko: Ukraine is to speed up banks' additional capitalization

Dec 4, 2009 at 13:28 | Interfax-Ukraine
It is reasonable for Ukraine to speed up the additional capitalization of banks to increase credit support for the economy, Deputy Finance Minister Oleksandr Savchenko has said.

I would call it criminal inactivity, when the budget under the agreement with the IMF [International Monetary Fund] foresaw allocating UAH 44 billion to the additional capitalization of the banking system, and we used only UAH 21 billion, while UAH 23 billion will be written off," he said on Ukrainian television's Channel 5.

In addition, Savchenko said that the level of problem credits in the banking system exceeds 10%, which entails significant risks for the sector.