President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti has said that the EBRD is strongly supportive of the decision of the Ukrainian government to nationalize PrivatBank and to protect the banks depositors, both individuals and businesses."The nationalization which took place with the cooperation of existing shareholders will be combined with adequate recapitalization and liquidity back-up provided by the authorities to ensure the banks stable financial position and operation," EBRD said in a statement.
Nationalization of the systemic banks has allowed many developed countries to protect their economies during the global financial crisis and it is absolutely the right decision for Ukraine today, said the EBRD President.
