The National Bank temporarily suspended the licenses for the provision of financial services of the Credit Union “Svitovid” (USREOU 25377384)
Photo: bank.gov.ua
This is reported by press service regulator.
According to the information, the license has been suspended: for attracting financial assets with an obligation for their subsequent return and for lending funds, including on the terms of a financial loan.
This decision was made by the Committee on Supervision and Regulation of Non-Banking Financial Services Markets on November 13, 2023. As of July 1, 2023, KS “SVITOVID” did not adhere to mandatory financial standards and requirements limiting risks for transactions with financial assets, in particular the capital adequacy standard (K2).
The National Bank reminds that compliance with the capital adequacy standard (K2) is important for credit unions, since this standard provides a reserve of capital sufficient to absorb possible losses and protect the deposits and shares of credit union members.
The credit union must eliminate the violations and their causes by December 31, 2023.
The decision to apply the enforcement measure comes into force on November 14, 2023.
For information
After a temporary suspension of licenses, a financial institution loses the right to:
conclude agreements (extend the term of existing agreements) on the provision of financial services with clients according to the type of financial services for the provision of which a license was issued, the validity of which was temporarily suspended; enter into agreements (amend existing agreements) on the provision of financial services, which, as a result, increase the obligations of a participant in the non-banking financial services market to clients for the type of financial services for which a license was issued.
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2023-11-13 18:30:00
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