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Fresh Measures to Save the Ukrainian Banking System
On 24 July 2009 the Verkhovna Rada (Ukrainian parliament) passed the Law of Ukraine No.1617-VI “On Introduction of Amendments to Certain Legislative Acts of Ukraine Regarding Peculiarities of Carrying out Measures Aimed at the Financial Recovery of Banks” (the “Law”).
The Law, which came into affect on 5 August 2009, introduced certain important changes to the Ukrainian banking and commercial legislation aimed, primarily, at improving the rules for financial recovery of Ukrainian commercial banks and, ultimately, at saving the Ukrainian banking system in the aftermath of the credit crunch in the international financial markets and its severe affect on the Ukrainian financial system.
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