Arseniy Yatsenyuk urges audit of expenses of Deposit Guarantee Fund to be public

The Government has allocated the Deposit Guarantee Fund budget funds worth UAH 28.9 billion. Prime Minister of Ukraine Arseniy Yatsenyuk demands from the Fund transparency and accountability to the citizens and urges to hold full public audit of expenses. The Head of Government announced during a meeting with members of the Deposit Guarantee Fund on Thursday, August 13.

"We have provided 28.9 billion hryvnias from the state budget so that the money was transferred to the Fund and you could pay it to depositors. Therefore, as the Prime Minister, I demand transparency and accountability", he appealed to the Managing Director of the Fund.

The Head of Government stressed that 6 out of 12 banks which had disbursed funds to the depositors of bankrupt financial institutions were announced weak afterwards and three - insolvent: "Who made a decision to select these particular banks that took public money and had to pay it to their depositor, and then they themselves went bankrupt?"

According to Arseniy Yatsenyuk, the Fund should also report about their expenditures: "Why to maintain temporary Fund’s administrations, according to our data it's about 8 thousand people, per annum has been spent additional 1.8 billion hryvnias, the sum could have been spent to compensate for the deposits?"

The Prime Minister announced that he makes a demand to ensure efficient use of budgetary funds by the Fund and reminded he had raised this issue for a lot of times. Arseniy Yatsenyuk stressed the need to ensure "a full public audit of expenses" by the Deposit Guarantee Fund.

Moreover, the PM accentuated to investigate the bankruptcy of 56 banks is needed in order to "find out who moved out assets, which state officials should be answerable for moving out of assets, who assisted them and where those assets disappeared".

The aforesaid commission was given to the Minister of Internal Affairs, Chairman of the Tax Police, Chairman of the State Financial Monitoring Service, the Prosecutor General of Ukraine and the Security Service of Ukraine. He also appealed to the National Bank of Ukraine to join the investigation.

"Our people demand from us the return of deposits. Hence, we should exact from the banks’ owners, the management of the banks and public officials who supervised these banks and obtained the right to manage the assets, accountability and answerability for hundreds billions of hryvnias, which were siphoned off the banking system", summed up Arseniy Yatsenyuk.