Arkadiy Shider, deputy head of FUIB's department of crediting and deposits of retail business:
At present, the deposit market for individuals is hardly ready for the introduction of the moratorium on early withdrawal of deposits, for this action may affect the level of clients' trust in the banking system.
Despite the fact that the moratorium on the early termination allows banks to predict the liquidity position more qualitatively and, accordingly, to manage it, today early withdrawals do not have a significant impact on the indicators of deposit portfolio at the banks that demonstrate sustainability and stable performance. This is connected with the fact that these indicators have stabilized in September and October 2014, and today at our bank these figures do not exceed the standard indicators of 2013.
The volumes of new money that clients bring to the bank as well as the level of reallocation of deposits have a far greater impact on banks' indicators today.
Summarizing all the above, it can be noted that we do not see large volumes of early terminations, which significantly affect our portfolio figures. It is also important to understand that pent-up demand for cash withdrawals in foreign currency exists with regard to the NBU restrictions on withdrawal of funds (equivalent of 15,000 UAH per day).
On condition that these restrictions are prolonged, a moratorium on early withdrawal is not a critically necessary measure, but, on the contrary, it may reduce clients' trust.
As for the successful experience of introduction of the moratorium in 2008, everything depends on the timeliness of actions. The situation in 2014 differs significantly from the situation in 2008. The actions that were implemented by the National Bank of Ukraine on administering deposit market and accounts of individuals are sufficient for today.
In general, if you implement a moratorium on the early termination of deposits, it has to be done through a systemic change of the culture of fund investment:
• if the client chooses a fixed term deposit and maximum profitability, he knows that he will be able to get the money back only at the end of the term;
• if he wants to have an ability to manage the money quickly and flexibly, then he chooses a demand deposit with a lower yield.
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