National Bank of Ukraine (NBU) has obliged banks to comply with the law on elections and not to deny the opening of election funds’ accounts, the regulator said in a letter to commercial banks.

"... The National Bank of Ukraine receives numerous complaints from MP candidates and their representatives on refusal to open accounts of election funds in some banks. Thus, we oblige banks to ensure execution of the law of Ukraine "On MP Elections" and the regulations of the National Bank on opening of election funds’ accounts of parties and MP candidates," the letter says.

According to the law, banks open and close accounts of the election fund free of charge. Establishments of banks don’t accrue and pay interest for the use of funds.

Under the current law, the party with the MP candidates registered in national multi-mandate constituency opens one growth account of the election fund in the bank of Ukraine in Kyiv and not more than one current account at the bank on the territory of one single-mandate constituency.

MP candidate in single-mandate electoral district opens one current account of his electoral fund in the bank of Ukraine at the location of the district election commission.

Local organization of the party, MP candidate in single-mandate constituency, candidate for the head of village or town open one current account of their electoral fund in the bank determined by the territorial election commission on the location of the relevant election commission.


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