The bill (Reg. No. 8586) regulates establishment, operation and activity of the remedial bank, a specialized bank in the territory of Ukraine set up to tackle problematic issues connected with financial rehabilitation of the bank system and with the purpose of creating legal preconditions for the effective procedure of withdrawing the insolvent banks from the market and protecting the rights and legitimate interests of bank depositors.
Under the bill, a remedial bank is a bank with the special status, which acts on the grounds of the license issued by the National Bank, is a legal entity, and has a separate property, autonomous balance sheet, and accounts in the National Bank of Ukraine and other banks.
Under the bill, the primary function of the remedial bank is to deal with the troubled assets of the banks, which operate in the general mode, those with provisional administration or under the liquidation proceedings, and to satisfy the demands of depositors and other loan holders.