(Un)constitutionality of the Household Deposit Guarantee System Law
The constitutional crisis in Ukraine is gaining momentum as it threatens to undermine the results of previous reforms and Ukraine’s further economic development. On 15 September 2020, the Constitutional Court of Ukraine (the CCU) recommenced the constitutional proceeding initiated by the Supreme Court of Ukraine on recognizing the Law of Ukraine On the Household Deposit Guarantee System of 23 February 2012 No. 4452-VI unconstitutional. If the CCU declares the Law unconstitutional, it will put at risk the functioning of the deposit guarantee system in Ukraine. Furthermore, the repercussions of adopting such a decision will be devastating for the financial system of Ukraine as a whole.
Andrii Chornous is a counsel at Hillmont Partners
Kateryna Lazarchuk is a junior associate at Hillmont Partners
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