OREANDA-NEWS. Today, on 24 June 2016, signing of Memorandum on intents for cooperation to built up in Ukraine a transparent and effective system of assets disposal of insolvent banks and banks being liquidated. Document was signed by Governor of the National Bank of Ukraine Valeria Gontareva, Deputy Minister Economic Development and Trade Maskym Nefiodov, Managing Director of Deposit Guarantee Fund Kostyantyn Vorushylin and Chairman of the Board of Transparency International Ukraine Andrii Marusov.

This Memorandum opens the way for important changes in system of assets disposal of banks under DGF. The result of cooperation should be the establishment and implementation of a new e-trading system, which will be performed under standards and principles underlying ProZorro system of electronic public procurement.

“ProZorro system managed to become an example for all those implementing reforms. ProZorro has succeeded in chinaging rules in public procurement playing field owing to its key principles: transparency, openness, equal and easy access to bidding and analysis. Currently, ProZorro has over 120 thousand tenders and more than 1.8 billion gains, and after full transition to the system from 1 August 2016, gains will increase several-fold. “I am convinced that the use of similar technologies and approaches allows to incease efficiency in assets disposal area,” noted Maksym Nefiodov.

According to him, development and introduction team of ProZorro will directly participate in establishment of a new system.

“Ensuring maximum level of transparency and efficiency of the disposal of insolvent banks assets always was a priority for DGF. Within a short period, we moved up from selling by auction to disposal of assets through e-auctions. Today, we made another important step towards improvement of this process. It is based on the principle of equal access for both potential buyers and each of the market participants to any asset listed for sale," said Konstyantyn Vorushylin.

As a result, unified operation rules for bidding process organizers will be created. Competition to be incresed by facilitating access for exchanges and all interested investors to information on the assets disposal. In turn, this should contribute to higher revenues from the sale that allows DGF to guarantee returning the state funds borrowed to pay compensation to depositors, and more fully satisfy the claims of creditors of insolvent banks. Moreover, full open access for public to information on assets disposal bidding results to be provided.

As Governor of the National Bank of Ukraine Valeria Gontareva mentioned, insolvent banks owe UAH 46.6 billion of refinancing loans principal and UAH 7 billion of interest to the National Bank of Ukraine. 

 “We are interested in diposal of assets placed as collateral under these loans at highest price. Therefore, the NBU  is in favour of an effective and modern system of assets disposal, enhanced transparency of  procedure for listing assets for sale and improvement of property purchase process. Investors need to be confident that they will have access to all assets listed for sale currently or in the future. We hope that Memorandum allow more transparent assets bidding, and that this year we will be able to perform disposakl of assets of insolvent banks in the amount of UAH 12 billion,” noted Valeria Gontareva.

 In his turn, Chairman of the Board of Transparency International Ukraine Andrii Marusov mentioned that ProZorro system of electronic public procurement has established itself as a revolutionary platform, and it was recognized internationally. 

 “It is to minimize the human factor in public procurement, and, thus, it would reduce the level of corruption in public procurement.” Therefore, it is appropriate to use its principles when selling property of insolvent banks  implementation of property of insolvent banks and and banks being liquidated. We have a caution regarding corruption component when selling assets of such banks. Their disposal shall be performed efficiently and equally to the greatest possible extent.  Currently, ProZorro can provide this openness and efficiency to the state”, said Adrii Marusov.