PM: Gov't to increase Oschadbank's capital by UAH 11 bln

The Government of Ukraine adopts a decision on additional capitalization of the key state-run bank - Oschadbank, Prime Minister of Ukraine Arseniy Yatsenyuk said at a meeting of the Cabinet of Ministers of Ukraine on Wednesday, November 19.

“Together with the National Bank and the International Monetary Fund we’re increasing Oschadbank’s capital by UAH 11 billion. These funds should be directed to financing and supporting the Ukrainian economy,” he said.

According to Arseniy Yatseniuk, on the one hand, this is additional stability for the state bank, “as it is a rise of its charter capital”: “On the other hand, this is an opportunity for the state bank to issue loans to the economy and to keep key sectors of the Ukrainian economy afloat.”

The PM has reminded that Oschadbank runs an energy efficiency facilitation program: “The replacement of natural gas was, is and will be a key task of either this or the next Government. We’ve managed to diversify energy sources within seven months, but this is not enough. I’m asking all the public authorities and Oschadbank to expedite the implementation of this program.”