Central bank governor Valeria Gontareva said they were confident the decision to transfer PrivatBank to state ownership was “the only possible way to protect deposits placed with this bank and rescue the financial system”.
The 20 million Ukrainians who use the bank include 3.2 million pensioners, more than 500,000 students and 1.6 million socially vulnerable households.
The nationalisation also enables small businesses to continue trading and means 3.2 million public and private sector employees will continue to be paid.
The NBU launched a study of the banking sector more than two years ago.
The stress test on PrivatBank revealed that the bank had capital shortages, which, the central bank said “apart form the crisis-related factors, were…