The Ukrainian Banking Academy and the Banking University, which used to be under jurisdiction of the National Bank of Ukraine, will be placed under control of the Ministry of Education and Science of Ukraine, effective from September 1, 2015.

The move represents a consistent step   towards implementing the reform agenda of the National Bank of Ukraine as to the internal transformation and the removal of extrinsic functions as part of the approved strategy for reforming the banking sector.

The respective decision was approved by Regulation of the Cabinet of Ministers of Ukraine No. 666-р, dated June 24, 2015.

As Director of the Personnel Department of the National Bank of Ukraine Roman Borysenko said, the National Bank of Ukraine would fulfil its obligations and provide funding for training of students, postgraduates and doctoral candidates who had already been enrolled in training and whose tuition fees had been covered by the National Bank of Ukraine in the previous years.

The tuition fees of first-year students, postgraduates and doctoral candidates will be funded from the budget within the limits of funding earmarked for the Ministry of Education and Science of Ukraine for training of the staff.

“During 2014 – 2015, the preliminary   arrangements were made for these educational establishments to be placed under jurisdiction of the Ministry of Education and Science of Ukraine.  Thus, the National Bank of Ukraine has streamlined the organizational structure of these educational institutions, brought staff numbers to sustainable levels, reduced staff costs and taken measures to raise their earnings capacity.  The Ukrainian Banking Academy and the Banking University are ranked among the best educational institutions specializing in training professionals for the banking industry in terms of both the quality of knowledge generated by these educational establishments and their facilities and resources,” said Director of the Personnel Department of the National Bank of Ukraine Roman Borysenko.

He also expressed his confidence that the Ministry of Education and Science of Ukraine will ensure the strategic development of these educational institutions in accordance with best international practices and educational trends: “These higher educational institutions will be offered new opportunities, which would enable them to focus on the qualitative development of their potential, which best addresses today's challenges and the needs of the state”.