Criteria for the selection of banks, whose guarantees are accepted as financial security, have been approved by PJSC "Ukrtransgaz"
The operator of the national gas transportation system - PJSC "Ukrtransgaz" - introduced criteria for the selection of banks, whose guarantees are accepted as financial security.
Those criteria have been presented due to the need to minimize financial risks of PJSC "Ukrtransgaz" and proper enforcement of obligations of transportation services clients under the natural gas transportation contracts based on analysis of international experience and consultations with experts of the National Bank of Ukraine.
Criteria for the selection of banks, whose guarantees are accepted as financial security
Transportation service clients are entitled to provide the financial support in the form of a bank guarantee, issued by bank registered in Ukraine or the bank registered in countries of the Organization for Economic Cooperation and Development (OECD), provided that the following requirements are met:
- For banks registered in OECD countries , the active long-term credit rating must be at least A for ratings issued by Standard & Poor's or Fitch IBCA, and / or at least A2 for ratings issued by Moody's Investors Service;
- For banks registered in Ukraine:
1) such bank shall have an active national long-term credit rating from international rating agencies Standard & Poor's, Fitch IBCA or Moody's Investors Service, which is not less than:
a) A (ukr) for ratings issued by rating agency Fitch IBCA, and / or
b) A.ua for ratings issued by rating agency Moody's IBCA, and / or
a) uaA for ratings issued by rating agency Standard & Poor's; or
2) that bank shall have:
a) the share of assets not less than 1% of the assets of the banking system of Ukraine; or
b) the controlling stake (over 50%) shall be owned by bank or financial institution (-s) that have a active long-term credit rating of at least A for ratings issued by Standard & Poor's or Fitch IBCA, and / or less than A2 for ratings issued by Moody's Investors Service, and registered in Ukraine or in the Member-state of the OECD.
Bank guarantees of banks will not be accepted if:
1) the ratio of stabilization loans and / or refinancing loans issued by the National Bank of Ukraine to that bank, is more than 50% of the share capital of the bank, which provide such a guarantee;
2) the amount of bank guarantee exceeds 20% of the share capital of the bank having provided such guarantee;
3) the bank that provided such guarantee, or the owners of significant share of which, or affiliated parties are subject to the sector sanctions of foreign countries - members of OECD, the European Union or Ukraine.
* Approval of criteria for the selection of banks, whose guarantees are accepted as financial security by PJSC UKRTRANSGAZ, contain no signs of violation of legislation on economic competition protection in accordance to the conclusion of Antimonopoly Committee of Ukraine from 19 July 2016 No. 38-rr.