Two more banks have been removed from the list of financial institutions authorized to pay public sector salaries. Now, only 65 banks are authorized to pay public sector salaries.
The Ministry of Finance has removed two banks from the list of financial institutions authorized to pay public sector salaries, according to the ministry's website.
Following the meeting of the competition committee on December 1, it was decided to exclude the following banks from the list: All-Ukrainian Development Bank and BG Bank (both based in Kyiv).
Thus, after the above changes, the total number of banks approved by the authorized bodies amounted to 65.
In December 2011, the Ministry of Finance decided to hold a competition to select authorized banks for the payment of salaries to public sector employees by a standing competition committee on the 10th of each month, subject to the receipt of competition documentation from more than one applicant bank.
Banks that are members of the Deposit Guarantee Fund for Individuals (except for the State Savings Bank) and whose instant liquidity ratio has been at least 20% over the past 6 months are allowed to participate in the competitions.
As previously reported by the Ministry of Finance, the National Bank has classified BG Bank and the All-Ukrainian Development Bank as insolvent.
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