The Ukraine’s Cabinet of Ministers will issue bonds to raise money for the DGF
The President of Ukraine Petro Poroshenko has signed the law on amendments to article 231 of the law of Ukraine On Government Budget of Ukraine for 2014, which empowers the Cabinet of Ministers of Ukraine to issue domestic bonds in exchange for promissory notes issued by the Deposit Guarantee Fund so that to raise money for the Fund, the press-office of the President reports.
An issue of bills of exchange, certificated securities, in the form of e-documents requires additional time and extra funding and cannot be implemented in the near future. Instead, with regard to the situation occurred in the banking system, it is necessary to immediately raise additional money to help the Fund execute powers set out in the legislation.
The law stipulates the necessity to ensure financial capacity of the Fund in case of drastic shortage of money.
