Domino effect: how the criminal case against Yermak could lead to the dismissal of NBU head Pyshnyi

Domino effect: how the criminal case against Yermak could lead to the dismissal of NBU head Pyshnyi

Amid the scandal in Ukraine involving the criminal case against Yermak, persistent rumors have spread in financial circles about a possible quick change of the National Bank’s head.

Let us remind you that Andriy Pyshnyi currently holds this position, and he is considered Yermak’s man.

These talks have intensified considering that the scandal concerns the banking sector — in particular, the activities of the nationalized "Sense Bank" and the advisor to the chairman of its supervisory board, Veselyi (who is also linked to Yermak).

In this regard, Pyshnyi has already been summoned to a meeting of the Verkhovna Rada’s Temporary Investigative Commission.

Pyshnyi has long accumulated numerous complaints in the market, including accusations of condoning corrupt schemes: banks and financial companies complain about extortion of bribes for resolving issues, as well as the introduction of a «subscription fee» for the opportunity to continue operations.

Until recently, Pyshnyi was protected from dismissal by his ties to Yermak, who retained influence even after leaving the position of head of the President’s Office.

However, if the Yermak case and the situation with "Sense Bank" continue to develop, the positions of the current NBU head will significantly weaken, and he may be forced to resign (or be strongly asked to do so).

Two possible candidates for this position are being discussed in banking circles.

First, this is the former Minister of Finance, former Ambassador of Ukraine to the USA, and current advisor in the President’s Office, Oksana Markarova. There are questions regarding her due to the unfinished liquidation of "Aktyv-Bank" (where she owned 17% of shares), as well as her husband Danylo Volynets’ stake in the operating "Akkordbank" (74.8% of shares) — this creates a clear conflict of interest if she were to lead the NBU.

If Markarova is appointed as the head of the National Bank, the return of former First Deputy Kateryna Rozhkova is possible. Markarova and Rozhkova are close friends who have already discussed plans with colleagues. However, Rozhkova also has issues: the Supreme Court found her guilty in the bankruptcy of Platinum Bank, and the decision is final.

According to another version, current Deputy Head of the NBU for Supervision and Financial Monitoring, Dmytro Oliynyk, has been nominated for the position of NBU head. Although he is considered part of Pyshnyi’s team (he worked with him for a long time at Oschadbank), since last year he has been trying to distance himself from the current NBU head. Let us remind you that rumors about his possible appointment as NBU head circulated last year as well.