International loans are becoming growingly important to large Ukrainian banks, though this process is being legislatively broken, Boris Timonkin, UkrSotsBank board chairman, told attendants of the 2nd international forum "Bank - Development 2005", Cabinet's press office reported 

According to Boris Timonkin, today there are many diverse credit resources, available to Ukrainian banks.

In particular, these are international financial institutions, such as the World Bank, the European Bank for Reconstruction and Development, the International Financial Corporation.

Last year Ukrainian banks got syndicated credits to the tune of 141 M. USD. This year such credits are expected to reach 400 M. USD.

The credits' terms are rather attractive, LIBOR + (3.8 percent to 3.12 percent).

As Mr Timonkin told the gathering, Ukrainian banks have made seven emissions of eurobonds to the tune of 925 M. USD.

In particular, eurobonds have been emitted by the PrivatBank, UkrSibBank, UkrExImBank and the UkrSotsBank.

The rates range between 10.875 percent and 6.8 percent.

According to Boris Timonkin, state-owned banks enjoy more lucrative terms as eurobonds buyers view such banks as more reliable.

As Boris Timonkin stressed, Ukrainian banks cannot support quotation of their eurobonds because getting the NBU's individual licenses takes four and even more months.

Within such long time it can so happen that there will be no bonds in free circulation on the market.

Legislative irregularities do not allow Ukrainian banks to directly place their bonds, so they have to entrust this job to foreign banks.

According to Boris Timonkin, hypothecation and auto-credits are another major source for credits to Ukrainian banks.

Though standardization plays a great role in these, banks frequently violate standards, which the Ukrainian Hypothecation Association has developed.

Such forms of credits as subordinated debts or IPO are rarely used.

According to Antonina Palamarchuk, CEO of the First All-Ukrainian Bureau of Credit Records, all participants in the financial market must coordinate their activity, with a view of protecting their interests.

As Ms Palamarchuk noted, amounts of credits, granted to Ukrainian banks, are rapidly growing.

As of August 1, 2005, these totalled 21.5 bn. UAH. As a result, it has become difficult to determine the borrowers' solvency.

With a view of minimizing credit risks, the First All-Ukrainian Bureau of Credit Records has been established, Antonina Palamarchuk told the forum's attendants.

This institution, she said, unites 30 banks, two insurance companies, the Association of Ukrainian Banks.

The Bureau's authorized capital amounts to 4.25 M. UAH (about 850 ,000 USD).

As Ms Palamarchuk said, the Bureau will register information about borrowers, both favorable and negative.

The Bureau will render services to banks, insurance companies and other players on the financial market, Antonina Palamarchuk noted.

As she said, there are two other similar bureaus on the market, which will allow to make credits cheaper and enhance the quality of these.


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