The first meeting of the Financial Stability Council (the Council) took place on 27 April 2015. The Governor of the National Bank of Ukraine V. Gontareva (the Council Co-chair) presided at the meeting.

The Council was established in March this year by the Decree of the President of Ukraine. The aim of the Council shall be information exchange, timely identification of domestic and external threats and systemic risks for financial stability as well as minimization of their impact on the financial system of the country. Council’s decisions are recommendatory.

At the first meeting the Council discussed the key risks to Ukrainian financial sector caused by deterioration of macroeconomic situation and defined necessary measures to ensure stability of foreign exchange market and, more generally, financial market. The Council also considered issues of sustainability of public finance and its impact on financial stability.

The Council adopted its rules of procedures and composition of the panel. The Council consists of the Governor of the National Bank of Ukraine V. Gontareva (the Council Co-chair), the Minister of Finance of Ukraine N. Jaresko (the Council Co-chair), Head of the National Securities and Stock Market Commission T. Khromaev, Head of the National Financial Services Commission I. Pashko, Managing Director of The Deposit Guarantee Fund K. Vorushylin, First Deputy Governor of the National Bank O. Pysaruk, Deputy Minister of Finance for European integration A. Shevalev.

The next Council meeting should take place in the end of July. The Minister of Finance will preside at that meeting.