Purpose: Implement the supervisory assessment of NBFIs in line with EU standards and develop a model of economic ratios for non-bank financial groups in Ukraine. Establish a financial services sector in Ukraine capable of ensuring stable, safe, and efficient financial markets to provide financial resources to support the country’s economic and social development and integration into the EU’s global financial environment, as well as to support sustainable recovery and reconstruction after martial law is over.
Components:
- introduction of a quantitative assessment of risks that pose a threat to the capital, liquidity, and risk profile of NBFIs (Component A)
- development of risk-based supervision and introduction of supervisory assessment of NBFIs (Component B)
- development of an economic ratios model for non-bank financial groups (Component C)
- institutional strengthening of the NBU’s supervisory capacity in the field of European integration (Component D).
Products implemented for the NBU, and key events:
- Component A: a number of expert consultations have been given to NBU representatives on Directive 2009/138/EC implementation; a range of workshops have been launched for Ukraine’s central bank and insurance market participants, including on the economic approach to risk management, the assessment of technical reserves, and the conduct by insurance companies of their own risk and solvency assessments (a total of 35 online missions have been held relating to the insurance market and the financial services market, including 8 workshops by Spanish experts for Ukrainian insurance companies’ representatives); in October 2025, a study trip took place to the Directorate General for Insurance and Pension Funds of Spain’s Madrid-based Ministry of Economy, Trade, and Entrepreneurship (DGSFP) that covered the Generalization of the Legal Framework and Supervisory Practices in the Field of Non-Bank Financial Institutions That Are Insurance Companies.
- Component B: a series of workshops for the central bank, related to the credit-union sector, have kicked off (four online missions conducted).
- Component D: four missions have been conducted to present approaches to ensure effective implementation of the EU-Ukraine Association Agreement and promote awareness of practical experience negotiating EU accession issues and cooperation on NBFI matters with EIOPA, EU Member States’ supervisory authorities and central banks, and international organizations, including the IAIS.
- The project steering committee has held three meetings and approved quarterly project implementation reports.