Funds allocated to recapitalize banks Rodovid, Ukrgazbank, Kyiv

Daily Kommersant reported this morning that on July 3-6 the Cabinet of Ministers transferred UAH 9.5 bln in local sovereign bonds into the charter funds of Rodovid Bank (RODB), Ukrgazbank (UGZB), and Bank Kyiv, which are in turn to sell the bonds to the National Bank of Ukraine. Rodovid received UAH 2,808 mln, Ukrgazbank UAH 3,100 mln, and Bank Kyiv UAH 3,565 mln in bonds. According to the article’s sources, the government hopes to take the banks out from under administration by the National Bank of Ukraine and begin repaying obligations before depositors by the end of the month.