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Ukraine’s Parliament Approves Simplified Consideration of "Anti-Kolomoisky" Bill
30 April, 2020

The Ukrainian MPs have endorsed a shortened procedure for considering the so-called 'anti-Kolomoisky' banking bill, which would prevent the return of bankrupt and nationalized banks to their former owners.

255 deputies voted in favor of this decision on April 30.

The simplified procedure for consideration of the law will allow MPs to avoid having to consider the over 16,000 amendments submitted to this bill for the second reading. According to MP estimates, the simplified procedure paves the way for the bill to be adopted in the first weeks of May 2020.

READ MORE: Most of the 16,335 Amendments to “Anti-Kolomoisky” Bill Filed by 7 MPs

The simplified procedure was applied for the first time in history by MPs, as the amendments to parliamentary procedures that allowed for it were approved the day before.

READ MORE: MPs Search For Ways to Pass "Anti-Kolomoisky Law" Amidst Internal Disagreement

The Parliamentary Finance and Tax Policy Committee recommended the adoption of banking law in the second reading on April 27.

READ MORE: Ukrainian MPs Protract Amendments to Pass "Anti-Kolomoisky” Bank Law

The so-called “anti-Kolomoisky” bill was approved by the Rada in the first reading on March 30. The bill regulates the powers of the National Bank to remove banks from the market and declare them bankrupt. The law also explicitly prohibits the return of nationalized banks to their former owners, largely seen as a move to prevent oligarch Ihor Kolomoisky from reassuming control of the nationalized PrivatBank following the discovery of a $5.5 billion hole in the bank's finances.

READ MORE: Ukrainian Parliament Approves “Anti-Kolomoisky” Bill on First Reading

The bill's approval on the first reading came after March 25, when some Servant of the People MPs called for the bill to be adopted as soon as possible in order to secure assistance from the International Monetary Fund and avoid a default.

The adoption of the banking law and changes to the state budget for 2020 are two key requirements that the International Monetary Fund has set for Ukraine to sign a $5-8 billion loan program. Another prerequisite was the adoption of the law on the land market, which the Rada approved in its second reading on March 31.