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Reports: Ukrainian lenders may get more time to boost capital

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Reports: Ukrainian lenders may get more time to boost capital

TheNational Bank of Ukraineis considering extending a deadline by which banks must increase their minimumauthorized capital to 300 million Ukrainian hryvni to July 11, 2017, fromJanuary 11, 2017, reported March 30.

Thenews source cited central bank deputy head Yakiv Smoliy as saying thatpostponing the deadline would allow banks to use profits from 2015 and 2016 asan additional source of capitalization. He also noted that the regulator could decideon the deadline extension by April 10, after consultations with bankingassociations.

Meanwhile,the Ukrainian parliament's financial policy committee recommended that MPsdiscuss legislative changes that would introduce a minimum capital requirementof 150 million hryvni as of July 11, 2017, and push back the 300 million hryvniminimum requirement to July 11, 2020. The draft, however, could be amendedbefore it goes through second reading, if the central bank introduces thechanges signaled by Smoliy, the news report noted.

Thecentral bank said Feb. 4 that the authorized capital of banks should be no lessthan 120 million hryvni by June 17, 2016, gradually increasing to 500 millionby July 11, 2024.

As of March 30, US$1 wasequivalent to 26.25 Ukrainian hryvni.