The Minister of Finance confirmed that Ukraine will indeed remove guarantees from state banks to please the IMF
Statements by deputies and reports that appeared in the media that the draft memorandum with the IMF involves the removal of guarantees from deposits in state-owned banks are true.
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Minister of Finance of Ukraine Alexander Danilyuk announced this on the air of the “Freedom of Speech” program on the ICTV channel.
“Indeed, it was intended to remove guarantees from state-owned banks. Why? When they were introduced, for me, as a financier, it was the height of populism. When the state already owns the banks, why should it give additional guarantees from above? This is a state bank, a priori nothing can happen to it. All its activities are guaranteed by the state,” he said.
According to him, this measure is supposedly needed to create equal working conditions with foreign banks.
“What was it supposed to be filmed for? Very simple. Because we have no goal of keeping the banking sector in state hands. This is wrong, this does not exist anywhere in the world. Our goal is to ensure maximum competition in the banking services market. And when we have state-owned banks and we provide some additional guarantees for them, the question arises: are some private banks, large, foreign, on equal terms? No. Thus, the state, instead of creating competition, limits it. Who will suffer from this? People and business,” the minister assures.
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