However, it should be borne in mind that the transfer of deposits to the National
 Bank did not significantly reduce the pressure on the liquidity of individual banks, as
 they should still have balances in accounts at the central
 bank for the transfer of deposits.  The balance sheet of assets and liabilities of the Bank
 liabilities of banks will be reduced, and commitment to new
 investors - will increase, which means it will have to take over as
 assets and liabilities of the banking institution.

 Obviously, the question of taking over the National Bank of Ukraine over
 depositary bank function becomes an actuality only
 situation.  A logical response to massive withdrawals
 the banks, in our view, is the introduction of the guarantee
 deposits in much larger quantities than it did the last time,
 as a direct transfer of deposits to Bank can only be seen as
 hypothetical option that can be used if the Fund
 Deposit Guarantee Fund fails to meet its
 obligations in full.  Note that in this scenario,
 deposits perevodytymutsya only for a short (limited) period of time.

 Due to the crisis of 2008-2009 as the National Bank of Ukraine
 refinancing tool uses currency swaps.  In the world
 practice, this approach is applied in cases where the banks do not have enough
 government securities for refinancing operations.  Under these conditions,
 Foreign currency is almost a form of security.  According to the model
 currency swap contract with the National Bank traded bank a certain amount
 foreign exchange for the national spot price and guaranteed
 of the inverse operation on a specified date in the future.  At redemption
 Currency used as spot rate increased (reduced) to
 interest rate differential between the two currencies.  Currency swap
 intended to cover short positions (borrowing securities
 special repo) as a mechanism for borrowing a currency.  Some central
 banks use swaps as a means of secured lending
 national currency, considering the foreign currency as a form of security.