PrivatBank reported (https://en.privatbank.ua/news/2021/5/14/1431) previously on the important decision issued by the Bank of England on 14 May 2021 to recognise, under section 89H of the UK Banking Act 2009, the bail-in by the National Bank of Ukraine in December 2016 of four loans totalling US$ 595 million which were made by UK SPV Credit Finance plc to PrivatBank. That bail-in by the NBU formed a critical part of the resolution actions taken by the Ukrainian authorities on the nationalisation of PrivatBank.
Under English law, any parties affected by that decision had a period of three months from the date of the decision in which to seek to challenge it before the English Court by way of a process known as judicial review. That three month period has now passed without any claim for judicial review being filed with the English Court. As a result, the decision of the Bank of England to recognise the bail-in under the UK Banking Act and to thus give it force of law in England is now final and unassailable.
This marks another important milestone in the recovery of the Bank from its position of insolvency, prior to its nationalization in December 2016.