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Ukraine: Deposit Exchange

IZO writes about Deposit Exchange, a crisis-related new venture launched in Ukraine: “It enables people whose bank deposits have been frozen in banks of questionable solvency to sell the money in those deposits at a discount. The buyers of the frozen deposits, although they cannot withdraw the money, can use the full value of the deposits to cover the value of loans issued by the banks for home, car and land purchases on which customers have defaulted, and thereby take possession of the repossessed property. Currently the discounts on buying a frozen deposit are in the range 10-34%.”

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