Ukreximbank, Oschadbank are reliable banks, fulfilling obligations to depositors – Finance Ministry

The Ukrainian Finance Ministry has denied that the downgrading of the ratings of the state-owned banks Oschadbank and Ukreximbank (both based in Kyiv) by Fitch Ratings could affect their current work or their ability to fulfill their obligations to depositors, the Finance Ministry has said in a statement on its website.

"The Ministry of Finance reports that the actions of Fitch international rating agency dated March 20, 2015, on the ratings of Ukreximbank and Oschadbank as the issuers of securities in foreign currency, has nothing to do with the ongoing work of these banks and their financial state. This action does not affect the ability of the state banks to fulfill their obligations to depositors," reads the statement.

According to the report, the priority for the Ukrainian government is to ensure the stability of the Ukrainian financial system, in particular, the reliability of citizens' bank deposits in state-owned banks. Due to this, at the end of 2014, Ukreximbank and Oschadbank were recapitalized.

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