Akhmetov and Pinchuk "deployed" both banks and TV channels in support of Gontareva

Akhmetov and Pinchuk "deployed" both banks and TV channels in support of Gontareva

On Sunday 06 November a segment aired on the Ukraina TV channel (which, like PUMB bank, is controlled by Rinat Akhmetov) that clearly supported the head of the NBU, Valeria Gontareva. A short quote from the presenter’s lead-in (reflecting the overall tone of the piece): “Mykhailivskyi Bank, like a number of other financial institutions, appeared in documents handed to our editorial office by the head of the National Bank on live television a week ago. We promised to find out who and why launched a campaign against the NBU and the banking-sector reforms it is carrying out.”

Reported by the ANTYKOR portal with reference to the media.

Recall that R. Akhmetov’s PUMB bank was among the signatories of the Independent Association of Banks of Ukraine’s appeal in support of the head of the NBU, Valeria Gontareva.

PUMB bank’s chairman, Serhiy Chernenko, acknowledged in early April that the bank had committed to the NBU to increase capital by 1,28 billion hryvnias by 01 September. “This can be either a direct capital increase or funds obtained as a result of working with problem debt,” Chernenko clarified. “A letter signed by the shareholders, in which they assume such obligations, had to be submitted to the National Bank. Such a letter exists.”

On 01 September PUMB’s press service reported that on 31 August it had submitted to the National Bank a package of documents “confirming the full implementation of the recapitalization program by providing additional collateral on problem loans, as well as the repayment of part of the loan portfolio” (quote).

The National Bank did not report the results of its review of PUMB’s documents.

We add that two weeks earlier an interview with the head of the NBU also aired on the ICTV channel (which, like Credit Dnipro bank, is controlled by Viktor Pinchuk).

Credit Dnipro bank was also among the signatories of the IABU appeal in support of V. Gontareva.

On Friday the NBU 04 November officially reported a meeting of its head with Dominique Strauss-Kahn — the former managing director of the IMF and a member of Credit Dnipro’s supervisory board, who again expressed support for V. Gontareva.

As Finbalance wrote, Credit Dnipro’s loss for 9 months amounted to 227,4 million hryvnias (for 9 months — 2015 — 560 million hryvnias). At the same time the bank’s interest expenses (581,5 million hryvnias) exceeded its interest income (462,8 million hryvnias) by 118,7 million hryvnias. Compared with the same period last year, Credit Dnipro’s interest income fell by 30,6%, while interest expenses fell by 10,2%.

Credit Dnipro admitted that as of the end of 2015 year it violated a number of NBU regulatory ratios:

- minimum regulatory capital (N1);- regulatory capital adequacy (N2);- maximum credit risk to a single counterparty (N7);- large credit risks (N8);- maximum credit risk on transactions with related parties (N9);- overall short open foreign-currency position limit (L13-2).

At the same time, the financial institution reported that on 28 April 2016 the NBU board approved the bank’s prepared Action Plan to eliminate the violations of economic regulatory norms by 01 January 2019 (which includes, among other things, an asset restructuring plan).