The new financial law gives the NBU the right to manage the defence accounts of state bodies � analysis of the document

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The new financial law gives the NBU the right to manage the defence accounts of state bodies � analysis of the document

What happened? The law on the functioning of the financial sector under martial law is currently expected to be signed by the president. This document allows the National Bank to maintain accounts of state bodies, which are intended to ensure the defence needs of the state, for charitable donations and humanitarian aid.

Source. This is stated in the Mind's article “Military rules for the financial market: MPs decided to help banks and credit unions”.

What does it mean? It should be noted that this norm is necessary for the legislative consolidation of the NBU's right to open and maintain certain accounts of state structures during martial law. The document also declares permission for the National Bank to use funds from such accounts to support the Armed Forces, to restore road and social infrastructure facilities, housing and communal services facilities, etc.

Details. The current version of the law “On the National Bank of Ukraine” does not provide for the possibility of the National Bank to manage such operations.

“In fact, the relevant legislative proposal establishes the legal basis for the opening of special purpose accounts by the National Bank of Ukraine,” says Mykola Lykhachov, a partner of the Eterna Law firm.

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8 of August 2022