Today, on March 24, 2015, the Financial Stability Council has been established and Governor of the National Bank of Ukraine has been appointed as its co-chair by virtue of the Presidential Decree.

"It is difficult to overestimate the importance of the Council in present-day conditions, because, on an expert level, in concert with our colleagues, we will take a comprehensive and systemic approach to identify and mitigate the risks threatening the stability of the banking and financial systems of the country. It was not today that the need to set up this Council arose. We have been working in such a format since January. We meet with the economic block of the Government on a regular basis to discuss important problems and take joint decisions on all important matters. The Financial Stability Council has been formally established today," said Valeriia Gontareva.

According to Valeriia Gonatreva, the Financial Stability Council is an interdepartmental agency responsible for identifying potential external and internal threats and systemic risks in a timely manner to safeguard financial stability and devising preemptive prompt response measures (the anti-crisis management), should signs of unsustainable financial position of the banking system emerge.

The National Bank of Ukraine will provide information, analytical and administrative support to the Financial Stability Council.

For reference

The Council is composed of the following members: the Governor of the National Bank of Ukraine (subject to his/her consent), Minister of Finance of Ukraine, Head of the National Commission for Securities and Stock Market, Head of the National Commission for Financial Services Markets Regulation, Managing Director of the Deposit Guarantee Fund, Deputy Governor of the National Bank of Ukraine, designated by the Governor of the National Bank of Ukraine, and the Deputy Minister of Finance of Ukraine, designated by the Minister of Finance of Ukraine, who will offer their services on a pro bono basis.

The Governor of the National Bank of Ukraine and the Minister of Finance of Ukraine are co-chairs ex-officio of the Council.

The Council's judgment acknowledging the existence of signs of unsustainable financial position of the banking system, as well as the circumstances threatening the stability of the banking and/or the financial system of the country constitutes grounds for the National Bank of Ukraine to exercise its power to determine temporary special mode of banking regulation and supervision over banks and other entities subject to inspections by the National Bank of Ukraine.