National Bank of Ukraine: Credit Union Loan Payments Missed Due to Martial Law Need Not Be Considered Overdue2022-03-24
The National Bank of Ukraine (NBU) on March 23 adopted a resolution that included a proposal advocated for by World Council of Credit Unions on the issue of managing the problem debts of credit union members during the current crisis.
On March 11, 2022, World Council wrote a letter to the NBU urging regulatory relief for credit unions on the accounting and accumulation of loan delinquencies that arise due to the war with Russia and the resulting implementation of martial law.
Less than two weeks later, the NBU declared that credit unions do not need to treat any missed loan payments that occur from February 28, 2022 to within 60 calendar days after the termination of martial law as delinquent or overdue.
World Council is working through its International Advocacy team and its USAID-funded Credit for Agriculture Producers’ (CAP) Project to advocate for emergency regulatory reforms before the NBU on behalf of Ukrainian credit unions, so that they may continue to serve members and communities despite the ongoing conflict.