KIEV, July 26 – Law No. 7351 on the protection of rights of credit and financial services consumers passed by Parliament at first reading could fail to be effective due to corruption in the courts and the non-transparent work of law-enforcement service and notaries, according to Roman Shpek, senior Alfa-Bank adviser and a member of the National Bank of Ukraine's Council.

"Do you believe that we'll be able to credit the construction and mortgage sectors with such a court system? The problem is not one of funds, but in confidence in, and the predictability of the actions of the authorities. We're thankful to lawmakers and the NBU for law No. 7351. However, if the practice of its realization is the same as with the previous laws, nothing will change in the economy," the banker said at a roundtable organized by the League of Financial Development nongovernmental organization with the support of the USAID Financial Sector Development Program (FINREP) and the Dzerkalo Tyzhnia weekly newspaper.