Financial analysts and bond market turned to the chapter of the National Bank of Ukraine Volodymyr Stelmakh requested to remove item 3 of Part 3 of the decree NBU № 421 from July 22, 2009 to bring it into conformity with the legislation that governs the circulation of securities.

Under treatment, the analysts point out that the NBU this decision forbade banks, with losses to early redemption of its bonds, except when such repayment is at a price no higher than 50% and does not lead to a significant deterioration in the liquidity of the bank. Despite the fact that the Ministry of Justice did not register this decision, commercial banks use it as a current, which is the reason for the failure of some issuers of their obligations under the bonds.

The actions of the banks - issuers of bonds for its own failure to comply with obligations (failure of coupon payments, waiver of prepayment of bonds on offer) are nothing else as the restriction of the rights of investors (individuals and legal entities) - the owners of bonds, - said in an address to head of the National Bank.

Analystsbelieve that this is causing irreparable harm to the functioning of the financial system and investment environment, by discrediting the Ukrainian market bonds, which includes a wide range of risks. In particular, one of the biggest is the risk of interference by government regulators, even if such actions regulator seem justified to protect certain business entities, analysts say.

We want to remind you that a number of organizations, including the IMF, and called and called Ukraine's power structure to the full development of the domestic bond market (government, local councils and various business entities, both public and private). Today, on the way toward this goal, there are many problems that require concerted action by government, regulators and market participants. One of the major obstacles to the emergence of such market after the financial and economic crisis of 2008-2009. is precisely the aforementioned decision of the NBU in the redemption of bonds by banks on offer, -- analysts note.

In their view, the decision has done more harm than good due to the fact that most banks, bonds which are at the investors are able to own or redemption of bonds or to reconfigure them on terms that are mutually acceptable for both the bank issuer and investors. In addition, using this regulation, banks can avoid their obligations, creating an artificial loss.
Under treatment

affixed their signatures: Alexander Valchyshen ( Investment Capital Ukraine), Olga Slivinskaya (Dragon Capital), Andrew Gerus, Alexander Klimchuk (Concorde Capital), Maxim Myronchuk ( Renaissance Capital ), Sergey Fursa (Astrum ), Konstantin Stepanov, Mikhail Salnikov ( Socrates ), Vladimir Nesterenko (Galt and Taggart), Inna Perepelitsa, Konstantin Golovko (KBC Securities), Igor Kogut (Fineks-Ukraine), Oksana Bazylevych (Fineks-capital ), Sergei Lihodid (Tekt-Trade ), Vladimir Moroz (ITT-Invest), Natalia Kaznacheyeva ( Investment Standard), Ruslan Khomenko (FC Unives), Vladimir Gryn ( Universal), Andrew Dribnyuk (Optima-Capital ), Vyacheslav King ( Art Capital ), Olesya Lemish (Vsesvit), Alexei Orlov (Foyil Securities).

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