Ukraine will closely track assets belonging to owners of banks to stop the offering of sweetheart loans to shareholders – a practice that helped bankrupt 40 percent of the banking sector, a deputy governor of the central bank said.
So far the regulator has been praised for its clean-up of banks, required under a $17.5 billion IMF-led bailout program, which since early 2014 has closed 70 insolvent lenders that had become little more than personal piggy banks for their owners.
The progress made in revamping the banking sector is one of the rare bright spots in Ukraine’s otherwise lackluster reform progress, …read more
Source: Voice of America
