Statement of the G7 Ambassadors on Nationalization of the Privat Bank

December 19, 2016

We recognize and applaud the leadership of the governor of the National Bank of Ukraine, the Prime Minister, the Minister of Finance and the President for their continued efforts to clean up the banking sector and stabilize the economy.  The Government’s decision to nationalize Privatbank is an important and necessary step in this process, and it will help ensure that all banks in Ukraine are held to the same prudential regulatory standards. This will make the banking sector stronger and more resilient. This nationalization is also a means for the Government of Ukraine to safeguard deposits of household and legitimate businesses and to facilitate uninterrupted access to banking services for Privatbank’s client base. Ukraine’s banking sector clean-up is a vital component of its larger reform efforts. We look forward to continuing to support Ukraine and working together to promote macroeconomic and financial stability, improve the investment climate, and help the Ukrainian people continue on a path toward economic prosperity.