On 19 March 2012, Deputy Governor Ihor Sorkin and heads of the leading NBU departments held a meeting with representatives from the Austrian Supervisory Authorities – Oesterreichische Nationalbank (OeNB) and Austrian Financial Market Authority (FMA).
During the meeting, representatives from the National Bank of Ukraine informed their Austrian colleagues about the current state of the Ukrainian economy, in particular, inflation rate, the state of the balance of payments and outlook for economic growth. Short-term (until the end of 2012) and long-term estimates of key macroeconomic parameters were discussed at the meeting.
The Austrian delegation was informed about the current developments in the Ukrainian banking system and its financial performance in 2011. The representatives from the Austrian Supervisory Authorities were informed that the financial performance of Ukrainian banks had shown positive trends, including growing volumes of active and passive transactions carried out by banks, net profits made by banks in the current year and increasing confidence of population in the banking system.
The participants exchanged views on the importance of measures taken by the supervisory authorities aimed at reducing or minimizing the potential risks that could arise as a result of difficult economic situation in some EU countries, further strengthening confidence in the banking systems of both countries.
Over the course of the meeting, special attention was paid to the importance of deepening cooperation between the supervisory authorities of Ukraine and Austria in the sphere of banking supervision.
The participants emphasized that a fruitful dialogue established between two countries, efficient cooperation, adequate information on the developments in the banking systems of both countries, plans and development strategies of certain banks, as well as supervisory measures are a necessary prerequisite for the proper assessment of risks faced by banking institutions and ensuring efficient supervision over their activities.