NBU URGES TO INITIATE BANKING CHANGES
COMMITTEE APPROVES UKRTYTAN FOUNDING
KYIV. The anti-monopoly committee has given the green light for the creation of the UkrTytan corporation in Kyiv. The co-founders of the new corporation are the Zaporizhya titanium-magnesium integrated works, the Tytanium research institute and UkrKolyorProm, both of whom are state-run, and the Paton Institute of Welding. The main aim of the new company will be to raise funds for the modernization of production of titanium sponge at the Zaporizhyan integrated works and the installation of equipment to cast sponge ingots. The total value of the project is estimated at US $20mn. UkrTytan's president will be Volodymyr Bakumenko, general manager of the Zaporizhya titanium-magnesium plant.
KYIV. The NBU has urged the VR to supplement its law on banks and banking with a new provision ordering commercial banks to notify the former by April 1 whether they have increased their statutory funds to the mandatory level of ECU 1 mn. According to the NBU, two commercial banks have failed to comply with the demand, while
17 others have increased their statutory funds but failed to notify the NBU about changes made.