On May 13, 2014, as part of the Annual Meeting of the EBRD Board of Governors, Governor of the National Bank of Ukraine Stepan Kubiv met with Ms Beatrice Maser Mallor, the head of the Swiss delegation, and attended the Swiss-led EBRD constituency meeting. Ukraine is a member of this constituency together with other countries.
During a meeting with the Ukrainian delegation, Ms Beatrice Maser Mallor pledged the Swiss government's political and financial support worth 20 million Swiss francs for the Ukrainian authorities’ initiatives designed to undertake reforms to the financial sector and other sectors of Ukraine's economy. She also unveiled plans to further increase technical assistance and offer additional financial resources to fund the agrarian and energy sector projects and help small and medium-sized businesses grow in Ukraine.
According to Ms Beatrice Maser Mallor, as part of cooperation under the Stolen Asset Recovery Initiative (STAR), Switzerland is committed to taking further measures to prevent the assets illegally acquired by corrupt officials from leaving Ukraine and ensure the return of stolen assets to their country of origin.
Mr Stepan Kubiv thanked the head of the Swiss delegation for Swiss government's backing of the Ukrainian authorities’ efforts and signaled the National Bank's readiness to act as a coordinator of financial assistance to be provided to Ukraine by the international donors to help Ukraine restore a sound and resilient Ukrainian banking sector. “This will enhance the efficiency of the program, and enable Ukraine to save public funds,” he said and expressed hope for efficient co-operation with European countries and the United States in the area of facilitating the return of stolen assets to Ukraine.
On its part, the Swiss side came up with a proposal to set up a donor (trust) fund as part of a program of co-operation with strategic partners and EBRD's initiatives to promote economic reforms in Ukraine.
“The National Bank of Ukraine will take further steps towards consolidation in the Ukrainian banking sector. Ukraine is currently facing a very challenging period. At the same time, this period offers an opportunity to reform the financial sector, enhance the transparency of financial institutions' activities and improve the quality of corporate governance and risk management," said Mr Stepan Kubiv at a constituency meeting.
During a constituency meeting, the heads of delegations representing the countries forming the constituency discussed the EBRD medium-term strategy and its focus areas. They were unanimous in their view of the need to implement energy efficiency projects and energy sector projects in Ukraine, especially in light of the fact that Ukraine had been placed in financial difficulties by the Russian Federation. In addition, the meeting participants expressed support for the Ukrainian delegation in view of current developments in Ukraine.
Mr Stepan Kubiv reassured the meeting participants that once the political and financial stabilization was achieved and measures to recapitalize banks were implemented, once banks saw a gradual return of household funds to the banking system, the National Bank of Ukraine would create the conditions needed to resume lending to the real sector of the economy over the coming years.