OREANDA-NEWS. June 04, 2010. The Government is preparing a package of bills aimed at improving banking legislation. Vice Prime Minister of Ukraine Serhiy Tigipko said this during a meeting with German bankers, businessmen and diplomats.

According to the Vice Prime Minister, the working group with representatives of the Government, the National Bank of Ukraine and the Presidential Administration of Ukraine along with representatives of commercial banks are currently studying a package of five bills aimed at improving the regulation of banking activities. These documents particularly provide strengthening the independence of the National Bank of Ukraine, optimizing the procedure of banking regulation, increasing the powers of the Guarantee Fund of private persons’ deposits to reveal information about the real owners of banks as well as expanding the rights of creditors.

The financial crisis revealed numerous gaps in the banking law that require legislative solutions, said Serhiy Tigipko.

According to the official, adopting these projects will enable commercial banks to significantly reduce the risk of credit transactions, and thus restore the financing of the economy. Also Serhiy Tigipko believes that it is necessary to register a clear and transparent process of restructuring credits of those debtors who due to objective reasons are unable to pay them.