The Bank of England granted the NBU’s request for PrivatBank

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The Bank of England granted the NBU’s request for PrivatBank

18.05.2021 News

The Bank of England granted the request of the National Bank of Ukraine on the legality of the bail-in operation of four issues of its Eurobonds worth $ 595 million conducted at the end of 2016 during the nationalization of PrivatBank.

“In accordance with section 89H, the Bank of England has decided to recognize the bail-in of PrivatBank, and Her Majesty’s Treasury has approved the decision,” the statement said.

Such recognition gives the right to consider the transaction as a bail-in and in accordance with English law, but at the same time does not affect deposits in British banks.

“Recognition does not imply approval of the measures taken and is not intended to influence any legal appeal against these actions submitted to the jurisdiction of the country of origin in accordance with the legislation of Ukraine,” the document reads.

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