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Dec 19, 2016

The Guardian | Business | Eurozone Business Live - December 19, 2016: Markets Mixed After Improved German Confidence Figures
Jennifer Rankin
Today’s decision of Ukrainian authorities to nationalize PrivatBank is an important step in their efforts to safeguard financial stability. This decision was taken to ensure the smooth operations of the bank given its systemic role in Ukraine’s financial system, and in view of insufficient efforts to strengthen its capital adequacy in recent months...

It is now important that the process of nationalisation be followed by firm efforts to maximise the repayment of related-party loans, and the appointment of an independent management team to restore the bank’s viability, minimising the cost to the state and taxpayers in line with existing legislation and international best practice.

The IMF will continue to support Ukraine in its efforts to build strong institutions, enhance transparency, and advance structural reforms which are critical to achieve strong and sustainable economic growth.
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