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Saturday, 15 August 2020

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22 January 2013

At the crossways: financial system of Ukraine recoveres from the stroke but still some problems remain

Borys Tymonkin, CEO of PJSC "Ukrsotsbank", UniCredit Bank™, describing the current state of banking system after the economic meltdown in 2008-2009, said that although the system had recovered from the stroke, still there were some problems that need to be solved immediately.

Concerning foreign economic relations the banker said that the system "came out of recession with honor", as total external debt reduced by almost a half and continued to decline; and the fact that "there were no foreign payment defaults" was significant.

According to the well-known banker, one of the main lessons of the financial crisis is imperfection of deposit agreements, namely, their definite period. Now Borys Tymonkin considers that the main problem is the absence of the solution in legislation that "the deposit must be really fixed one; parties must be aware of their responsibility to each other." "In accordance with a deposit agreement parties must be given a right of preschedule repayment, but it should be a right, not an obligation," the banker said.

Another vital problem, according to Borys Tymonkin, is corruption in the justice system and inadequate criminal responsibility for fraud. In particular, the banker assures that now offers on changes to the Criminal Code are in the process of preparation. "The objective, professional and impartial court is really needed for the public good, for the economic system improvement and the proper functioning of the banking sector," Tymonkin said.