PrivatBank's debt on NBU's refinancing credits down to UAH 17.6 bln as of early Nov

A debt of the largest bank in Ukraine – PrivatBank (Dnipropetrovsk) – on refinancing credits issued by the National Bank of Ukraine (NBU) has narrowed to UAH 17.598 billion as of early November, passing the peak of UAH 18.096 billion at the end of H1, 2014, the bank has told Interfax-Ukraine.

"The pace of changes in the size of NBU's refinancing [the balance of accounts): UAH 3.472 billion as of December 31, 2013, UAH 12.835 billion as of March 31, 2014, UAH 18.096 billion as of June 30, 2014 and UAH 17.598 billion as of October 31, 2014," reads the report.

According to the report, PrivatBank in full compensated the decline in the funds of individuals and companies using own funds (UAH 22.4 billion) and refinancing loans issued by the NBU. The decrease in funds is linked to the political crisis and armed hostilities in eastern Ukraine.

The bank said that since early 2014, funds on accounts of individuals and companies fell by UHA 36.8 billion (in hryvnia equivalent), including by UAH 10.9 billion for deposits and accounts in hryvnias, and the U.S. dollar deposits and accounts of clients narrowed by $1.64 billion and in euros – by EUR 267 million.

"Outflows of money were covered by PrivatBank thanks to own funds, including over UAH 10.1 billion received after repayment of credits by companies and individuals, UAH 4.3 billion of the bank's funds on the correspondent account and thanks to the reduction of the volumes of interbank transactions by UAH 8 billion and refinancing credits," reads the report.

PrivatBank was founded in 1992. It was the largest bank in terms of total assets (UAH 204.199 billion) among the 173 banks operating in the country as of July 1, 2014, according to the National Bank of Ukraine.

By the beginning of October this year, the largest shareholders of the bank were Hennadiy Boholiubov with 37.02%, Ihor Kolomoisky with 36.51%, and Triantal Investments Ltd. with 16.79%.