NBU chairman Peter Poroshenko on Sept. 22 reported that the remains of foreign exchange funds on correspondent accounts with domestic banks in foreign financial institution since the beginning of the year increased by 2,5 times. According to him, at the beginning of the year it was $ 2 billion today, this amount exceeds $ 5 billion, and the trend continues.

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This means that banks do not comply with the requirements of the regulator - instead of selling off their holdings of foreign exchange, they actively accumulate currency. Recall: February 28, 2009 The National Bank has adopted three resolutions number 107, 108, 109, which radically changed the method of calculating rates for currency positions of banks.

These changes came into force on 23 April. To meet the new regulatory requirements, banks within 60 days should have to sell about $ 3 billion of its own currency reserves (estimated by market participants). From June 23 the National Bank has the right to fine violators of the new regulations. It is significant that since May NBU stopped publishing the value of foreign exchange regulations on the system as a whole. According to a source in the NBU Board, a dozen banks with foreign capital have not fulfilled the new requirements of the regulator.

Banks, who only a few do not fit into the new standards, preferred to sell the currency. At the same time a major financial institution is simply not meet the new requirements in time. While NBU is looking at it through my fingers - not fine. They understand that artificially drove the banks into such a trap - confirms the director of the Treasury of oneof the foreign banks. According to him, such financial institution agreed with the regulator about the individual SROs ¬ Kach, and at this time the perpetrators allegedly even excluded from participating in foreign exchange interventions NBU.

   

By the way, the total remains the 13 largest domestic banks in Nostro accounts (correspondent accounts of Ukrainian financial establishments abroad) over the past four months (May - August) is almost unchanged and amounted to $ 3 billion, ie 60% of the residues of the system.

Given the assessment of Mr. Poroshenko, one can conclude that most of the accumulation of foreign exchange holdings abroad, medium and small banks. This currency composition of reserves has changed in favor of the euro, including as a result of Euro-currency appreciation against the dollar. If, as of May 1, the ratio of these exchange Nostro accounts of Ukrainian banks was $ 2.2 mlrd/EUR0, 5 billion, now it is $ 1,7 mlrd/EUR0, 8 billion during the reporting period, more than all the reserves has increased the state Ukreximbank - on $ 525 million This enabled him to become a leader by volume of accumulated foreign currency - almost $ 1 billion

likely part of the funds accumulated to pay Ukreximbank eurobonds on $ 250 million, which was implemented on September 23. The second highest growth rate of foreign exchange balances also State Oschadbank ($ 127 million). Probably, these funds were intended to pay for Russia's gas (payments in favor of Gazprom made up to 7 th of each month). Growth fund more than $ 100 million recorded in Nostro accounts UkrSibbank. The growth of foreign currency liquidity of some banks due to the fact that they are accumulating assets to pay its external debts in Nostro accounts. We, for example, on Sept. 23 extinguished an external loan of $ 63 million , - says Dmitry Zinkov, chairman of OTP Bank (Kiev, since 1998, about 5 thousand people.).

In this regard, bankers point out that the requirement of the National Bank to sell the currency threatens the fulfillment of the obligations of foreign debts. If the banks would immediately sell the currency, which comes to them from the borrowers to repay loans than they did then they would pay for the obligations? - Is outraged chairman of a major bank, who requested anonymity. However, the balances on correspondent accounts of some major banks declined. Most Slimmed down nostro accounts Prominvestbanka - nearly $ 700 million

In the spring of our foreign currency balances have increased sharply, as we have received state funding from the parent structure to support liquidity. Now we increase the authorized capital (the first tranche of $ 375 million received 25.09.09 - the Ed.) For $ 500 million, therefore the previously received funds not necessary, - says Vladislav Kravets, a board member of Prominvestbank.

At the same time, recent regulatory innovations NBU indicate the commitment of the agencies still force the banks to meet the new standards and sell foreign currency reserves. Thus, 4 August 2009 the NBU adopted Resolution № 475 (registered in Ministry of Justice on September 4), which changed the method of calculating rates for currency positions and significantly tightened control over their implementation. In particular, the regulator has secured the right, depending on the situation on the market in manual mode to set new standards of currency positions. If the bank during the calendar year, violates the standards of 2 times or more (the period - month), National Bank of Ukraine shall have the right to monitor compliance with regulations such bank every day.

Turnover

is noteworthy that last week the trend of stabilization of the currency market remained. Interbank dollar rate fluctuated within 8,50-8,55 UAH /USD, cash U.S. currency is sold in kiosks in the average per week on 8,55 UAH /USD.

In early September, the demand for currency is 20-30%. At some point, the NBU has demonstrated willingness to regularly saturate the market exchange. Thus was brought down by speculative demand in the calculation of the appreciation. Although not excluded the option that the current balance is situational, - commented by Paul Krapivin, deputy chairman of the bank Contract .

note that last week, the NBU did not go to the currency market, except for sales rate for borrowers physical persons. Recall: National Bank previously held four auctions without limiting the purposes of purchase of currency, which sold $ 287 million

way, according to Poroshenko, for the first 20 days of September NBU sold from the reserves of more than $ 1.1 billion, with $ 450 million had been thrown on the market through auctions. Given that in September the lights went out on the market mainly through auctions, we can conclude - about $ 650 million were used to pay the external public debt. This could be the purchase of currency and NAK Naftogaz Ukraine for the regular payment for gas. In addition, September 14, the Ministry of Finance early redemption brought by investors to put eurobonds in Swiss francs for a total amount equivalent to $ 750 million
    

Meanwhile, the balance of payments of the country as a whole continues to deteriorate. In August the current account deficit fell to - $ 44 million, ie nearly 8 times as compared with July. NBU experts attributed this increase in exports of agricultural products and metals. However, this positive trend was the increase is more than offset by the financial account deficit of 4 times in August - to - $ 2.6 billion

The National Bank increased the negative balance of financial accounts associated with large amounts of scheduled payments on external liabilities of domestic corporate sector in August.

Dmitry Grinkov

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