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Eastern Europe
July 7, 2017 www.intellinews.com I Page 21
will follow,” Groysman told the ICTV television channel on July 3.
The government nationalised the country’s larg- est lender last December after it failed to fulfill a three-year recapitalisation plan. The bank was found to have a UAH148bn (€5.1bn) hole in its balance sheet, which at the time was said to be almost entirely due to related-party financing. In April, NBU governor Valeriya Gontareva said the post-nationalisation audit of the bank found that
100% of the corporate portfolio was issued to re- lated parties.
To cover the capital shortfall, the government injected UAH117bn (€4.1bn) and bailed-in Pri- vatBank’s non-deposit unsecured creditors for UAH29.4bn ($1.1bn), including bondholders for the amount of $595mn. On June 23, the Ukrain- ian authorities said they will inject UAH38.5bn (€1.3bn) of additional capitalisation.
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