actual recapitalization of banks was the undoubted advantage of government in negotiations with the mission of the IMF. By issuing gosobligatsy in the amount of 9.57 bln., Ministry of Finance set off their capital in three to reach the finish line first interim finuchrezhdeny problem. It was thus fulfilled one of the conditions of international donors - the existence of real steps to improve the health of the banking sector. With as many observers suggest, allows Kiev hope to a number of poblazhek in a number of outstanding items.

Here are just a pain in the process has still a very distant relationship to a healthier banking system.

lull. That is the definition most accurately characterized ¬ No situation in the financial system ¬ less of Ukraine in the past two to three months. Already blunt in your frenzied course racing and a massive outflow of deposits of the end of the past - the beginning of the year, liquidity problems of individual banks and the entire system, the introduction of interim administration. The last few weeks, rates on the Night resources in the interbank market ¬ ment does not extend beyond 4%, while relatively recent, in times of outbreaks of deficiency of liquidity, they jump to 100% per annum and above.
In

banks even started ponemno ¬ gu return deposits. Depot ¬ zity people at banks grew the entire second quarter, up 7.6 billion UAH. (of which in June accounted for 5,2 billion).

Enabling this relative stability of the course, unfortunately, as always, bounce into penny National Bank. Last month, cash market down more than $ 500 million, and only the intervention of NBU spent 690 million dollars, however, excluding currency, which is required for payments NAK Naftogaz of Gazprom (about $ 500 million) balance between supply and demand for it could be close to zero.

course, the special cause for celebration маловато. ¬ but especially when one considers that in relation to the start of the year in the red zone are still almost all the bank rate (not to mention compared to the beginning of October 2008 on). Growth grivnevyh loans at 6.3 bln. since the beginning of the year recorded in the plus does not raise the hand, if we recall that ensured he was basically all the loans of the same Naftogaz under the charge of gas supply (only in June for a minimum of 3,8 billion UAH.).

Even less reason for rados ¬ ty, if the note that, unlike deposits, deposit yurlits in the banking system continued to decline in June (for 1.2 bln.). And in general, since the beginning of the year decreased shilis at ¬ 24.3 billion, or 17.1%.

You can not write to the bankers and asset fact announced July 7, ai Heads of the National Bank of Ukraine Anatoly Shapo ¬Gross: to date, 20 agencies did not meet obligations to depositors for the amount of about 10.5 bln.

In doing so, Mr. Shapovalov said that the greatest challenges remain in the two institutions - the Bank Nadra Ukrprombank and, in particular, their only debt to external creditors more than $ 1 billion in debt two times more of these structures to the Ukrainian citizens - 15,9 bln. (on 01.04.2009 g.). According to the NBU, Nadra and Ukrprombank at the end of the first quarter of this year is the fifth and sixth place in the banking system on the volume of deposits of the population and the number of depositors was 2 and 1 million respectively.

Recall that both institutions were included in the original list of seven applicants for the recapitalization proposed by Ministry of Finance of the NBU Board in April. One ¬ stringent conditions to govern ¬ wa (control of no less than 75% of equity) was forced to sharehold ¬ ers Bank, as well as IMEXBANK search for other reserves replenished ¬ of capital than the state.

Another of the conditions for entering the state capital in the restructuring of problem institutions had their external debt. For this reason, the number of lucky ones who fell in the June 10 approved a government decision to recapitalize with the state, fell to three. They are Ukrgasbank, Bank Kiev and Rodovid Bank.

And nearly one month, the necessary formalities like utryaseny and accounts pioneers at the end of last week and the beginning of this last pos ¬ tupili long-awaited resource. Thus, Ukrgasbank OVDP received in the amount of 3,1 billion UAH. in exchange for a 81.6% stake in the bank, Rodovid Bank - by 2.8 billion (99.93%), while the Bank Kiev - at 3.56 bln. (99.97%).

So recapitalization eventually acquired the real, but is still a lot of questions. Ideology as they relate to future use rekapitaliziruemyh institutions (for which all the same state they want, what the strategic objectives will be placed in front of them?) And the principles of corporate governance and selection of managers. As promised Acting Minister of Finance Igor Umansky, Ministry of Finance seems to care to the need for the competition for the positions of top managers in rekapitaliziruemye agencies. Only the big question - whether the procedure is indeed a tool of search and selection of the best bankers, managers, or merely bureaucratic formalities will sieve through which proberutsya just need people. If the latter, then there should meditate bankruptcy cheese selection, and waste precious time?
So far, only

Alexander Morozov, an applicant for the post of chairman of the UGB, announced the intention for a month to work in a bank at the same time as the interim administrator, preparing for this time for consideration by Cabinet of Ministers Program for the Development of Institutions. In doing so, he hoped to be able to work with the former owner of Bank of Basil Gorbal, now is the minority shareholder.

of the Governor of the Bank Kyiv the Ministry of Finance seems to have adopted the same well-known banker - Igor Frantskevich, who led at one time, such institutions as the Raiffeisenbank Ukraine (now - OTP Bank ), the Bank Mriya and Index - Bank. Claiming an armchair manager Bank Kiev Alexander Singaevsky and was unable to two attempts to pass the necessary examination of the National Bank of Ukraine …

I want to believe that close attention to the processes rekapitalizatsionnym did at least partially protect them from potential abuse and corruption giant. But before the realization of its main objectives - improving the system of banking institutions, as well as to restore the confidence of depositors and the resumption of lending to the economy - a process more like the first far.

I would like to once again draw attention to the fact that out of all three institutions recapitalizeUkrgasbank only applies to the largest category in the classification of the NBU (12,5 bln. assets on 01.04.2009 g., the natural persons - 4 , 7 billion). Due to depositors in the bank Kiev is more than two times less - 2,2 billion UAH. But rekapitalizatsionnye needs were more than 500 million UAH. fat.

This bank Kiev is not on either the largest or even to large for the classification of the NBU (included in the third group - the average bank), just-barely matches rekapitalizatsionnomu criterion - at least 1% of the total deposits of natural persons in the banking system. Nevertheless, the institution has received the largest infusion of state (3.56 bln.) 1,6 times more than all the bank's commitment to natural persons (2.2 billion UAH. On 01.04.2009) and almost completely ( 88%) - all the liabilities of the bank (4.05 bln.). Is not this the case when the bank was easier to eliminate, rather than attempting to keep afloat?

or state of affairs in the institution is so bad that the only way lenders can collect from his? Maybe this long-standing relationship with the owners of the establishment of Ivan Ivy, godfather of the President's policies have helped promote the state for this money?

What explains these needs Kiev in the media, the government refused to explain. Ai Minister of Finance Igor Umansky in an interview with PN said that the inside information on banks, including those that are already started the process of recapitalization, the Ministry of Finance (at the time of the decision) was not. Office, he said, had received only that information which found it possible and advisable to provide the National Bank. NBU official comments on the requirements put on the recapitalization of institutions did not.
Temporary administrators

Bank Nadra (Valentina Zhukovskaya) and Ukrprombank (Konstantin Raevsky) estimated that they managed to restore finuchrezhdeny require an increase in capital of each of them at 5.5 billion UAH. Meanwhile, the chances of timely recapitalization of these institutions the state is rapidly declining: semi-moratorium on satisfaction of creditors' claims in Ukrprombank will expire on 21 July this year (interim administration was introduced with effect from 21 January this year), and Nadra - August 10 (10 February).

situation around the largest to date of problem institutions - Bank Nadra - are so entangled that a ball of contradictions unlikely in the near future to unravel, even an experienced banker. Doubtful that Valentine Zhukovskiy succeed so easily (as it expects by mid-July) to persuade the creditors (70 institutions from 20 countries) to accept the proposed restructuring of the very stringent conditions for the coming to maturity in 2009-2010 commitments of approximately $ 600 million As published in the Ukrainian mass media information, holders of Eurobonds-2009 in the amount of 175 million dollars was offered two options: to redeem their securities for 15% of nominal value, which is close to their current market rates, or cancellation of 60% of the amount and payment of the balance of July 2015 at a rate of 9.5% per annum.

In addition, over finuchrezhdeniem hangs the problem of finding offshore mortgage controlling stake in the bank, which is unlikely to be quickly resolved in the London court.

much further advanced in the matter of restructuring the interim administration Ukrprombank. As stated in the report issued July 7, creditors Ukrprombank confirmed their intentions regarding the restructuring of over 95% of the total external debt, which amounts to 120 million dollars.

But the problem is that, judging by the behavior of government officials, special desire to communicate as Nadra, and with Ukrprombank they do not.

According to sources in the Ministry of Finance, the consideration of Ukrprombank long delayed under the pretext that probably could be called an excuse. Then, like the intention was to consider it before the end of this week - on Friday or Saturday. At the time of preparation of this material in the printing of information, whether these intentions are realized, the wording is not. But the reported intention of acting Minister of Finance Igor Uman - one of the key figures in rekapitalizatsionnyh processes - to go from 13 July to leave.

So it seems quite feasible option, in which the State will have to begin to eliminate two of the largest to date of systemic banking problems. Apparently, it is a scenario in which the payment of compensations to depositors of these institutions would have to assume the Fund to guarantee the deposits of physical persons (FGVFL). According to come into force on 27 June decree № 308 On National Bank loans FGVFL, the NBU has undertaken to lend to fund if it means (4,5 bln. On June 1 this year) will not be enough to return deposits in liquidated banks.

To date, deposits of Nadra and Ukrprombank (15,9 bln. on 01.04.2009 g.) exceed the assets FGVFL approximately 3.5 times. However, cover obligations to depositors of the ten remaining problem banks (in liquidation or with the interim administration), who make up 3.8 billion UAH., Or 83% of the Fund. So the way out of this difficult situation, the government seems to have: extra compensation mechanism for the vast masses of the deposits of the 3 million depositors of these institutions seem to be found.

not forget that the disbursement of funds to investors through the Fund guarantee deposits in a relatively short time means the issuance of the population of 10-15 bln. with 2-3 million small contributions. This hot cash immediately be on the consumer and the foreign exchange markets and may seriously destabilize them.

so long as the court case, from a field of view of the public had one more obvious problem, which at one time in an interview for ZN raised the Vice Chairman of the NBU Alexander Savchenko: the responsibility of owners and managers of institutions of concern for the situation to them and the safety of deposits of citizens and legal persons.

fact the case, for example, Ukrgasbank, former owners who not only have minority shareholders, but also a great deal of effort to rescue the bank, was isolated. A rule of interpretation to the contrary.

most resonant example - the situation in Ukrprombank, former owners and management who should be responsible not only for the issuance of credits amounting to more than 5 bln. affiliated entities, but also for future attempts to withdraw owned (or owned), filling them from under the mortgage with the bank. How to characterize such actions, if not as an attempt to deceive the trusting investors, or state, which would have to assume the compensation invested in bank deposits?

A decision as to characterize the Economic Court of Kiev on 29 May (№ 30/90), invalidated the mortgage Ukrprombank contracts with several oil companies, which belong to the group Alpha-Nafta, allowing withdrawal of gas ANP from the banking bail?

it is safe to assume that such ukrpromovskim violations, if desired, otyschutsya many problematic institutions. Of course, all banks should not be cut by one comb, as it likes to make policy. Bank Card will certainly be played repeatedly during the upcoming electoral battles, exacerbating the effects of the crisis on the financial system and overall economy. Therefore, surveillance and law enforcement authorities should promptly and thoroughly understand the situation in each subject agency, bringing to justice those responsible. Otherwise, total impunity will lead to new large-scale abuse. Sounds ridiculous? Not very, if you remember, that will have to pay back society.

Yuri Skolotyany