Today, the first meeting of the
Steering Committee set up in the framework of the EU Technical
Assistance Project on Technical Assistance in the Financial Sector's Priority
Areas has been held at the National Bank of Ukraine to discuss and approve the
inception report of the Project.
First Deputy Governor of the National Bank of Ukraine Oleksandr Pysaruk welcomed and
commended the substantial support provided by the European community for the
reform process in Ukraine and the provision of assistance to help Ukraine
recover its economic prosperity.
He pointed out that the Project is intended to provide assistance in
promoting Ukraine’s financial services sector reforms, which would enable it to
deliver stable, secure and efficient financial markets capable to provide
financial resources to the national economy and support the country’s economic
and social development and integration into the global financial environment.
In particular, with respect to the activities of the National Bank of
Ukraine, the Project is intended to introduce new means of macro-prudential supervision aimed
at strengthening the financial stability;
implement the Basel II principles; establish the necessary preconditions
of the future gradual implementation of the free flow of capital; enhance the
existing regulatory financial reporting framework by adoption of the XBRL taxonomy; as well as to improve monetary and financial statistics.
Mr. Simon Knott,
an expert from the Support Group for Ukraine at European Commission, underlined
the importance of the ongoing Project as it has to
set the stage for the creation of a solid, autonomous and efficiently
functioning financial sector in Ukraine.
The Project is fully consistent with the EU-Ukraine Association Agreement, and the Comprehensive Program for the Development
of Ukraine’s Financial Sector till 2020, which was approved by Ukraine's
National Reform Council and implemented under the guidance of the National Bank
The meeting was also attended by Ms Nadya Boneva, Project Director, Project Key Experts (Gilbert
Scott Calhoun, Artur Radomski, and Harilaos Mertzanis), and Ms Juana Mera Cabello,
Head of Section for Economic Cooperation at European Commission, as well as
representatives of the Project beneficiaries (the Ministry of Finance of
Ukraine, National Securities and Stock Market Commission (NSSMC); National
Financial Services Commission and the National Bank of Ukraine).
The objective of the EU technical assistance Project is to uphold the
strengthening of the Ukrainian Financial Services Sector and harmonize and
align it with EU and international standards. The Project represents a
continuation of technical cooperation between Ukraine and the EU in the area of
financial services, which aims to facilitate the implementation of the
EU-Ukraine Association Agreement. The EU technical assistance Project, which
was launched in late March 2015, will run for three years. The Project is
implemented by Hulla&Co.Human Dynamics KG.