On September 14, 2015, the Vision, Mission and Values Statement of the National Bank of Ukraine as a basis for the strategic development of the Ukrainian central bank and financial sector was presented at the Kyiv-Mohyla Business School.
The presentation was held in the format of an open discussion, which brought together the financial market regulators, officials from the economic block of the government, representatives from the banking community and international institutions, relevant organizations and business associations.
Governor of the National Bank of Ukraine Valeria Gontareva started the presentation of the Vision, Mission and Values Statement by citing a Japanese proverb: “Vision without action is a daydream. Action without vision is a nightmare”. Thus, according to the NBU Governor, the Vision of the National Bank is that of being a modern, open and independent central bank integrated into the European community of national central banks.
“The definition of the mission statement is in full compliance with the Law of Ukraine On the National Bank of Ukraine. Our Mission is to ensure price and financial stability contributing to the sustainable economic development of Ukraine,” stressed Valeria Gontareva.
The Governor of the National Bank also introduced to the audience the Values by which the Ukrainian central bank is guided in its activities. “These are our “5P”, standing for the first letters of the Ukrainian words - patriotism, professionalism, transparency, integrity and partnership,” said Valeria Gontareva.
In his speech,Governor of the National Bank of Ukraine Vladyslav Rashkovan reflected on how the Ukrainain central bank was undergoing transformation. “To begin with, we studied the organizational structures of more than hundred central banks across the globe, their legal functions and mandates. Then we took the Bank of England as a role model – their current mandate is similar to that of the National Bank – and focused on the key functions of the regulator. We have arranged them in four separate areas of focus: prudential supervision, monetary policy, open market operations and settlement operations. In addition, of course, we have a block responsible for enabling functions and a block, which is directly subordinate to the NBU Governor. There are 6 blocks all in all. There are 6 members on the Executive Board. The Bank of England has a similar structure.
Following the speeches delivered by the NBU representatives, the invited guests joined the discussion.
Valerii Pekar, a lecturer at the Kyiv-Mohyla Business School and a co-founder of the New Country project:
“The importance of the Vision, Mission and Values should not be underestimated. Only when a man sees a clear picture of the future, he or she is ready to move forward. The Vision and Mission are such pictures. The values navigate us on our path”.
Natalia Popovych, co-founder of the Ukrainian Crisis Media Center:
“The NBU has defined its goals and moves towards the attainment of these goals. It is important that the National Bank has a clear understanding of how to reform the sector”.
Roman Shpek, Chairman of the Board of the Independent Association of Ukrainian Banks:
“I have known all the governors of our central bank. All of them have fought for independence in their own way. However, you are struggling for the institution, and you have succeeded in your endeavours”.
Marko Škreb, a project leader and an advisor, Canada-IMF NBU Capacity Building Project:
“I have worked in many central banks, but I have never seen such commitment to implement reforms. We - international organizations - will assist the National Bank in implementing reforms and achieving the financial stability goal to the extent possible”.
Tymur Khromaev, Head of the National Securities and Stock Market Commission:
“Over the period of more than 12 months, the National Bank of Ukraine has turned into a modern institution capable of adopting the international financial regulation standards. This gives us hope for the successful implementation of the Comprehensive Program for the Development of Ukraine’s Financial Sector for the period up to 2020”.
Taras Kyrychenko, Chairman of the Management Board at Pravex Bank PJSC:
“ I am pleased to see that the reforms are being implemented in a comprehensive and proper manner. When it comes to reforms, we need more competition between various public institutions. I believe that business entities that are required to undergo transformation will find the NBU’s experience useful.
As a side note, robust transformation processes at the National Bank were launched in 2014. In 2015, along with a radical transformation of the organizational structure, changes in the principles underlying the decision-making process, and the adoption of a new version of the Law of Ukraine On the National Bank of Ukraine, a Strategic session of the National Bank was held, at which the National Bank of Ukraine formulated the Vision, Mission, and Values statements as a basis for the strategic vision for the development of the National Bank of Ukraine and the banking sector in the long run.
The Vision, Mission and Values statements are published on the NBU’s website.
Detailed information about the transformation of the National Bank is available in the Transformation section on the NBU’s website.