Speaking at a meeting with members of the Public Council set up at the NBU, Chairman of the Council of the National Bank of Ukraine Mr Bohdan Danylyshyn said that the NBU Council  is set to enhance dialogue with the public and calls on the expert community and civic institutions to join efforts to establish the Public Council and  the Higher Expert Council at the NBU Council that  would serve as platforms for professional discussions in the financial sector.

“We would like to hear public opinion and encourage all interested stakeholders to contribute on a pro-bono basis to the activities of these advisory bodies that would serve as platforms for maintaining dialogue with civic institutions and the expert community. We count on cooperation with all interested stakeholders,” said the Chairman of the NBU Council.

The Higher Expert Council at the NBU Council will comprise leading scholars, market experts,  former senior officials of ministries and agencies, and representatives from the international expert community.

Mr Danylyshym believes that the composition and mandate of a new Public Council should be extended to include more powers.

“Given  the future transfer of functions previously performed  by the National Commission for the State Regulation of Financial Services Markets to the NBU and the National Securities and the Stock Market Commission with insurance, leasing and factoring companies, credit unions, credit history bureaus, pawn-shops and other financial companies being placed under the supervision of the NBU, as well as the revised Law of Ukraine On the National Bank of Ukraine, we will review its mandate and role,” said Mr Danylyshyn.

The Chairman of the NBU Council expressed his confidence that through joint efforts the NBU Council would effectively meet the requirements and perform all the tasks assigned to it  by the Law of Ukraine On the National Bank of Ukraine and the Constitution of Ukraine.

First Deputy Governor of the NBU Mr Yakiv Smolii backed the proposal put forward by the NBU Council.

“In order to avoid the overlapping of functions performed by the Public Council established at the NBU and the NBU Council, we back the proposal to establish this advisory body with an updated mandate at the NBU Council,” said Mr Smolii.

Mr Smolii  expressed his confidence that the NBU Council would maintain effective dialogue with the public based on the highest standards of openness, transparency and partnership.

For reference

The tenure of office of the Public Council members expired in June 2016.

Establishment of public councils at the central executive authorities and local self-governing bodies is regulated by Resolution of the Cabinet of Ministers of Ukraine No.996 of 3 November 2010 (hereinafter – Resolution). In particular,  as mandated by paragraph  4 of Resolution No.996, the ministries, other central executive authorities, the Council of Ministers of the Autonomous Republic of Crimea, state administrations of oblasts, Kyiv and Sevastopol cities shall take measures to hold  constituent meetings with participation of civic institutions to establish public councils  at the central executive authorities and local self-governing bodies and ensure their functioning within three months from the date of entry into force of this resolution.

Along with this, in accordance with  the Law of Ukraine On the National Bank of Ukraine (hereinafter  – the Law), the National Bank of Ukraine is the central bank of Ukraine, a special central government authority whose legal status, objectives, functions, powers and organizational principles are determined by the Constitution of Ukraine, this law and other Ukrainian laws, meaning that establishment of the Public Council at the NBU shall  be regulated by the Constitution of Ukraine and the  Law of Ukraine On the National Bank of Ukraine  rather than the Resolution of the Cabinet of Ministers of Ukraine.