Dec 19 Ukraine declared the country’s
largest lender PrivatBank insolvent on Monday and said bringing
it under state ownership was the only way to protect the money
of 20 million Ukrainian clients and stave off threats to the
financial system.

The central bank said in a statement that PrivatBank had not
fulfilled its recapitalisation programme and 97 percent of its
corporate loans had gone to insiders. As of Dec 1, the bank’s
capital shortfall stood at 148 billion hryvnia ($5.65 billion).

“We are sure that moving the bank into state ownership is
the only possible way to save the money of the bank’s clients
and to save the financial system,” the central bank said in a
statement.

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