Posted: 07.02.2023 14:33:00

Runets: changes to Banking Code aimed at protecting citizens’ interests

The innovations that are planned to be introduced into banking legislation are of great importance for our economy and for citizens – as Chairperson of the Standing Commission on Economy, Budget and Finance of the Council of the Republic Tatiana Runets told reporters after a meeting with the President


“The Banking Code is a strategic document, and the work on it has been going on for about three years. Innovations became imminent because the code has not changed for a long time. The most important thing that the President always aims at is not to do harm,” Tatiana Runets underlined.

According to her, the proposed changes structure the banking system and the attitude of banks to loans issued to the population.

“In particular, the amount of penalties is reduced. After all, there are often cases when banks, with a delay in payment of loans for 1-2 days, impose penalties on a large scale. The Banking Code clearly defines in which cases the bank may impose penalties in an increased amount. The Council of the Republic also received proposals from citizens regarding the possibility of unconditional repayment of the loan without the consent of the bank. Now consumer loans can be repaid ahead of schedule, but only with bank consent. Not all banks go to meet people halfway. Therefore, citizens turned to us with proposals to make changes to the legislation and loans were repaid by people according to their financial capabilities.”

Tatiana Runets said that the draft Banking Code was also discussed at the expert council in the upper house of the Parliament, “A big discussion was caused by the operational independence of the National Bank. It was proposed to change approaches to the approval of the main directions of monetary policy. I think that everything will remain the same here and there will be no drastic innovations in this regard, because now more than ever we need the consolidation of our society and, of course, each indicator approved by the National Bank must be clearly tested, worked out and agreed with all government agencies.”