This year, until 1 March, banks for the first time submitted their recovery plans to the National Bank of Ukraine in a test mode. The plans were to contain realistic options for restoring banks’ financial resilience in the event of a significant deterioration in their financial standing due to the crisis related to the COVID-19 pandemic.
The NBU reviewed the plans and provided general recommendations for banks to factor in when drafting similar ones in 2021.
Some banks received the lists of identified weak points. However, the banks should not change their plans developed in 2020, as they were submitted in a test mode and taking into account the deadlines set for submitting the plans developed in 2021. At the same time, the banks are expected to avoid similar weak points when recovery planning in 2021.
Also now the banks can submit their plans electronically.
These changes were introduced by NBU Board Resolution No. 59 On Amendments to Certain Regulations of the National Bank of Ukraine dated 24 June 2021.