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Ukrainian MPs vote to guarantee all deposits at nationalised PrivatBank
December 20, 2016 / 6:16 PM / a year ago

Ukrainian MPs vote to guarantee all deposits at nationalised PrivatBank

KIEV (Reuters) - Ukraine’s parliament on Tuesday passed a bill giving full state guarantees to individual depositors in the country’s largest lender, PrivatBank, a move aimed at preventing deposits fleeing the nationalised lender.

People gather near an automated teller machine (ATM) outside a PrivatBank branch in Kiev, Ukraine, December 19, 2016. REUTERS/Valentyn Ogirenko

Currently only deposits in the state-owned Oschadbank are fully covered by guarantees. In the case of other, private lenders, the State Guarantee Fund compensates depositors only up to a value of 200,000 hryvnias (6,131 pounds) if they go bankrupt.

Ukraine declared PrivatBank insolvent on Monday and said bringing it under state ownership was the only way to protect the money of more than 20 million Ukrainian clients and stave off threats to the financial system..

Reporting by Natalia Zinets; editing by Matthias Williams and Gareth Jones

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