State guarantees safety of PrivatBank client's funds - Poroshenko
Ukrainian President Petro Poroshenko has said the state guarantees safety of the money of clients of PrivatBank (Dnipro).
"The state takes up a liability and guarantees safety of the funds of clients of PrivatBank. Saving the bank and guaranteeing ownership rights to own financial resources for all who placed them in this institution lies beneath our decision," he said on Monday in a video address commenting on the transfer of PrivatBank to state ownership.
Poroshenko said that it has turned up that measures taken in the past two years by private owners and top managers of the bank were insufficient.
"The problems of PrivatBank have been accumulated for years. In the conditions of war and economic turmoil they have become acuter. The shareholders failed to find resources to observe the obligatory additional capitalization program. Obviously the existing business model has run out of steam," the president said.
