National Bank took some more concessions for banks

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Between abatement – elimination of tests for officers and paperwork

NBU has taken some more concessions for banks. Photo: bank.gov.ua

The National Bank of Ukraine softened the requirements for the work of banks and non-banking institutions during a period of quarantine and restrictive measures related to the spread of coronovirus COVID-19. This was reported on the NBU website.

What has changed:

1. Leaders and candidates for senior positions in banks and non-banking financial institutions are not allowed to undergo the test

2. Interview with the candidates will be done through video communication

3. Abolition of paper bureaucracy. Banks, non-banking financial companies and other individuals are not allowed to submit paper documents to the NBU provided they are sent digitally by e-mail (electronic document management system) of the National Bank of Ukraine with a qualified electronic signature Go.

4. The time limit for introducing the requirements of Regulation No. 97 has been extended to “Organization of the process of management of distressed assets in banks”. In particular, the period of development and approval by banks of the problematic asset management strategy and operational plan was extended to six months.

note. At the same time, banks need to work with non-performing assets by March 30, 2020 and develop a plan to recover assets recognized by the bank by March 1, 2020. The deadline for full implementation of the requirements of this provision was extended to November 30, 2020.

5. The period of commencement of the risk declaration by banking groups, as provided by Regulation No 64, has been extended to four months.

6. In 2020, while developing and providing banks with recovery plans according to the requirements of resolution number 95, banks are allowed to implement only one stress scenario instead of three

note. Such a tense scenario should provide for the long-term negative economic impact of the spread of COVID-19 in Ukraine.

7. For banks that do not have a systematically significant status, the deadline for submission of plans for the resumption of activities has been extended from October 1 to December 20, 2020.

In the article, PaySpace magazine wrote about all other NBU concessions for banks Coronavirus Fight: what Ukraine is doing to support trade.

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Earlier, we have written that the National Bank of Ukraine recommends that banks avoid distributing profits for dividend payment no less until October 2020. The letters were sent to Ukrainian financial institutions with the same recommendation of the NBU. As noted by the NBU Press Service, the regulator considers it extremely important for banks to maintain capital to sustain the economy amid economic problems caused by the coronovirus epidemic.

Read: Quarantine financial tips


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