National's Bank dilemma

National Bank of Ukraine (NBU) is currently facing a dilemma: help real sector get loans but endanger stability of the banking system, or stabilize the banking system but let the real sector's credit lines run dry. Bad credit in the economy currently is evaluated at around 30-40% of outstanding credit portfolio. Letting the banks credit the enterprises means letting the banks somewhat loose. Making the banks deal prudently with bad credit means cutting credit in the economy and letting real sector suffer without credit. UR sources say that the price of all bad debt portfolio in Ukraine as of now might be worth about USD 30 m - not a very promising figure.