KIEV, Dec. 19 – Bohdan Danylyshyn, head of the Council of the National Bank of Ukraine, defended the government's decision to nationalize PrivatBank, Ukraine's largest private lender, and moved to reassure clients of the failed financial institution.

"In the current situation the decision about PrivatBank is responsible and creating the reliable base for the further operation of both PrivatBank and the country's entire banking system. PrivatBank is a systemic bank. It is important for the financial system. The bank is the largest saving bank of the country. I believe that this is the right decision of authorities and the NBU at the present stage of country's development," Danylyshyn wrote on his Facebook page on Monday.