Piraeus Bank board member Svetlana Cherkay participated in a recent forum on "Small Business in Ukraine: What are the chances of becoming European?"

Cherkay gave a speech at the discussion, which was organized by the Ukrainian union of industrialists and entrepreneurs.

Cherkay said that the time for massively lending money is gone.

"Today, five years after the crisis of 2008, the availability of collateral is not the crucial factor for a bank to take a positive decision and to lend money," Cherkay said.

Banks now consider revenues and the financial status of the borrower before providing bank loans.

Cherkay said that both sides will come to a constructive dialogue that will assure synergy to every side including private entrepreneurs, citizens and banks.

The roundtable also involved such speakers as Sergiy Prokhorov, the first vice-president of Ukrainian union of industrialists and entrepreneurs, Oleksandr Potymkov, the first deputy head of State Service of Ukraine for Regulatory Policy and Entrepreneurship Development, Vyacheslav Bykovets, the managing director of the Union of small, medium and privatized enterprises of Ukraine, and Segriy Mamedov, the executive officer of Independent association of the banks of Ukraine, Ukrgazbank chairman of board of directors.