On 27 July 2011, the National Bank of Ukraine (the “NBU”) issued Letter No. 41-208/3676-8851 “On the Reissue of Banking Licences and Written Permits of the National Bank of Ukraine to Perform Certain Transactions” (the “Letter”) according to the amendments introduced by Law of Ukraine No. 3024- VI “On Amendments to Certain Ukrainian Laws on Control over Bank Operations” dated 15 February 2011, as amended (the “Law”).

In this Letter, the NBU reminded that the 6-month period established by the Law to reissue banking licences and  written permits will expire on 17 December 2011.

According to a schedule which will be additionally provided by the NBU, banks must file respective applications to the following NBU departments:

1) the Department of Registration, Licensing and Reorganisation of Banks, in order to have current banking licences reissued; and

2) the Department of Control, Methodology and Licensing of Foreign Exchange Transactions, in order to obtain a general license (instead of the current written permit) to perform certain transactions with currency valuables.

Law: Letter No. 41-208/3676-8851 “On the Reissue of Banking Licences and Written Permits of the National Bank of Ukraine to Perform Certain Transactions”, dated 27 July 2011.