Financial Services Commission yesterday announced the fall of the market of credit unions in the I half. In connection with the panic mood in the banking sector for six months, investors have seized from the accounts of more than 800 million UAH. Market participants are confident that if the National Bank not to support their refinancing, by the end of the year in the market place a series of bankruptcies.
slowdown in market growth of credit unions (CUs) in 2008 changed its sharp decline in the current. If I half of last year the volume of loans amounted to UAH 5.376 billion (an increase of 19,2% over the same period of 2007), then this - UAH 4.121 billion (decline of 1.25 billion UAH, or 26%) The state commission reported yesterday on the Regulation of Financial Services.
Thus the total amount of funds placed on deposit in the COP decreased by 825 million UAH (-21%) - up to UAH 3.122 billion - the level of early 2007. At the same time the number of union members who have deposits in the accounts of the COP decreased by 22,8% - up to 124 thousand people. Assets of 705 unions have fallen on 23,9% - to UAH 4.618 billion. Total II at the end of the quarter there were 821 agency.
main reason for the fall of the market participants are called to undermine confidence in financial institutions by banks. Previously, members renew the deposit agreement, now they increasingly withdraw funds, fearing for their safety, - said chairman of the COP Osvita Anastasia Duca. She notes that in most cases, citizens send withdrawn from COP funds for the purchase of foreign currency: Unions can not engage in foreign currency deposits, therefore, compared with the banks where we have something to lose.
help credit unions to stabilize the situation can the National Bank through the issuance of a refinancing. Back in early July, Financial Services Commission, together with professional associations, the COP requested the Cabinet of Ministers, Verkhovna Rada and the NBU with a request to provide for refinancing unions 0,5-1 billion UAH. According to Kommersant-Ukraine, after the National Bank asked the Financial Services Commission to check whether enough that the COP of assets that could make a pledge.
Continue to work with equity capital of the COP will not last long. In the I half of capital alliances fell 32,9% - to UAH 1.149 billion. President nabsoveta COP NAKSU Andrey Azarov considers that if the National Bank not to hold refinancing unions, then the market will soon begin bankruptcy proceedings. At first, all very tough belt-tightening, which will suffice for some time, but eventually will be the inevitable bankruptcy, because some borrowers do not return the money - he said.
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