LAW OF UKRAINE

of November 21, 1996 No. 537/96-BP

About the state guarantees of recovery of savings of citizens of Ukraine

Article 1. Based on this Law obligations of the state to citizens of Ukraine who as a result of depreciation lost the cash savings placed in the period till January 2, 1992 in the organizations of Savings bank of the USSR and national insurance of the USSR operating in the territory of Ukraine and also in the government securities acquired in the organizations of Savings bank of the USSR operating in the territory of Ukraine including the bond of the State target non-interest loan of 1990, the bond of the State internal premium bonds of 1982, the state treasury obligations of the USSR, certificates of Savings bank of the USSR are established.

Compensations are subject also cash savings of citizens of Ukraine placed in organizations of Savings bank of Ukraine and the former Ukrgosstrakh during 1992-1994 and which were on accounts of the specified organizations it is at least one complete calendar year during 1992-1995.

Operation of this Law extends to foreign citizens and persons without citizenship who condition for January 2, 1992 had savings in the organizations of Savings bank of the USSR and national insurance of the USSR operating in the territory of Ukraine.

Article 2. The state shall provide preserving and recovery of actual cost of savings of citizens and guarantees their compensation in accordance with the established procedure.

Article 3. Determine that the savings of citizens specified in part one of article 1 of this Law are recovered in the ratio 1 karbovanets of savings on 1, of the 05th hryvnia as of October 1, 1996.

Article 4. Compensation of the savings of citizens specified in part one of article 1 of this Law is carried out according to the procedure, established by articles 6 and 7 of this Law, and guaranteed by the state in the amount which for October 1, 1996 constitutes 131, 96 billion hryvnias, including:

cash savings - 121,90;

insurance premiums - 7,77;

bonds of the State target non-interest loan of 1990 - 0,61;

bonds of the State internal premium bonds of 1982 - 1,05;

the state treasury obligations of the USSR - 0,21;

certificates of Savings bank of the USSR - 0,42.

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