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The State Has no Right to Rule “Thing of the Past”, R. Marchenko, Senior Partner at Ilyashev & Partners Law Firm, on Restructuring of Foreign Currency Loans


Roman Marchenko, Attorney at Law, Senior Partner at Ilyashev & Partners Law Firm
Source: The Yurydychna Praktyka

Roman Marchenko, Senior Partner at Ilyashev & Partners Law Firm, commented to the Yurydychna Praktyka on the idea of ​​restructuring of foreign currency loans contained in the draft law No. 1558-1, which was adopted in the third reading and in general, but the Parliament can cancel the voting results due to violation of the Rules:

“I strongly oppose such a law. Not because Ilyashev & Partners serves a dozen and a half banks. The state must govern the future processes. It has no right to rule thing of the past: it is impossible to pass laws of yesterday’s date, you can not change the rules of the game of yesterday’s date. If you think that foreign currency loans are illegal – prohibit them. If you think that foreign currency deposits are illegal – prohibit them. Put everything in hryvnia. De-dollarization is a global trend, e.g. it is now actively done by Kazakhstan after devaluation of tenge. However, you can not change the old rules of the game. For the sake of a handful of active foreign currency borrowers, who came to the Verhovna Rada, we jeopardize the entire population, who did not take foreign currency loans. Why does everyone have to suffer because someone took a foreign currency loan?

Protection of interests of the citizens must be based on sound principles. And one of such principles is non-discrimination of one group against another. While in this case discrimination just happens: the person who took a foreign currency loan is in a more favorable position than the one who took a hryvnia loan. And we must not forget that the rates of foreign currency loans were significantly lower. It was a business decision of the person – he or she tried to save. Now we all have to “chip in” and help. I ask: why on earth?

By such a restructuring the state would jeopardize the banking business and, most importantly, give debtors a hideous signal: do not pay – debts will be written off. In fact, a conscientious borrower, who repaid loan by the skin of teeth, would be left with egg on the face.

What the government can do? It can provide refinancing to the bank requiring “to let alone” the currency debtor for some time. So it is necessary to help, but not to write off debts, putting banks in a very shocking situation”.

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