of November 21, 2011 No. 01-06/1626/2011
Economic courts of Ukraine
About some questions of practice of resolution of disputes with participation of banks (on materials of the cases considered in cassation procedure by the Supreme Economic Court of Ukraine)
According to the procedure of information and for taking into account in hearing of cases the overview of the disputes with participation of banks solved by economic courts of Ukraine in which judgments are reviewed in cassation procedure by the Supreme Economic Court of Ukraine is sent.
1. Provision and receipt by residents of foreign currency loans does not require the individual license if the bank has the corresponding general license of the National Bank of Ukraine for implementation of such transactions
The local economic court with which the Appeal Court agreed with reference to item 4 of article 5 of the Decree of the Cabinet of Ministers of Ukraine "About system of currency control and currency exchange control" of 19.02.93 No. 15-93 (further - the Decree) nullified the credit agreement due to the lack at bank of the corresponding individual license on provision and receipt of foreign currency loans by residents, use of foreign currency as instruments of payment. At the same time availability of the general license for implementation of currency transactions by bank is not taken into account.
Canceling judgments on case and submitting the case on new trial, the Supreme Economic Court of Ukraine left it.
According to article 5 of the Decree the National Bank of Ukraine grants individual and general licenses for implementation of currency transactions which fall under the licensing mode according to this Decree. General licenses are granted to commercial banks and other financial institutions of Ukraine, the national operator of mail service on implementation of currency transactions which do not require the individual license, for the entire period of action of the mode of currency control.
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