Banks will work with credit debtors under new rules
24 January 2024 10:55
The National Bank of Ukraine is introducing new rules for banks’ dealings with credit debtors. According to updates published on the NBU’s website, financial market participants are required to report on the status of active transactions with debtors, the 
These rules are designed to improve supervision of financial institutions and assess the quality of credit risk management.
According to the new requirements, the NBU must receive reports from
- ukrainian banks;
- financial companies that provide any financial services, including lending and guarantees
- credit unions.
The reports must be submitted if the debtor’s total debt is UAH 50,000 or more (or the equivalent in a foreign currency) and must be continued until the financial obligations are fully repaid.
The NBU has set different reporting deadlines for different categories of market participants:
- from 1 July 2024 – limited reporting for banks, financial companies and credit unions;
- from 1 October 2024 – full reporting.
The NBU press service emphasises that to ensure a smooth transition to the new standards, institutions will have a certain period of adaptation without being sanctioned for violating these rules. The regulator will provide banks, financial companies and credit unions with a certain amount of time to implement the new requirements, starting in July 2024 and ending in June 2025, depending on the type of financial institution.
