The Council of the National Bank of Ukraine (hereiafter – the Council) held a meeting today to discuss financial issues related to the operation of the NBU.
In opening the meeting, Chairman of the NBU Council Mr Bohdan Danylyshyn said: “Today's meeting agenda includes one of the most important issues within the terms of reference of the NBU Council, notably consideration and approval of the Consolidated Financial Statements and the budget of income and expenditures of the regulator. I expect constructive discussions to take place over the NBU’s equity management. Today we have to discuss and approve the 2016 annual financial statements of the NBU, along with the auditor's report issued by the audit firm Deloitte. The report on Administrative Expense Budget of the NBU and allocation of distributable profit for the reporting year is also on today's agenda.”
Pursuant to paragraph 6 and paragraph 11 of Article 9 of the Law of Ukraine On the National Bank of Ukraine and in accordance with Articles 5, 51, 13, 131 of the Law of Ukraine On the National bank of Ukraine Within the meaning of Article 9 of the Law of Ukraine On the National Bank of Ukraine, the NBU Council has reviewed the following documents submitted by the NBU Board:
- the Independent Auditor's Report on the consolidated financial statements for the year ended 31 December 2016;
- the 2016 Consolidated Financial Statements of the NBU;
- the report on Administrative Expense Budget of the NBU and allocation of distributable profit for 2016;
The discussions led the NBU Council to adopt the following decisions:
- take note of the auditor's report of the 2016 consolidated financial statements of the NBU issued by the audit firm Deloitte;
- approve the report on Administrative Expense Budget of the NBU for 2016; and
- approve the 2016 Consolidated Financial Statements of the NBU.
At its meeting, the NBU Council has also approved recommendations to the NBU Board.
The NBU Council adopted a decision to approve the NBU’s distributable profit for 2016 in the amount of UAH 59, 450, 568, 518.58 to be allocated as follows:
- UAH 15,071,739,573.08 shall be used to create general provisions; and
- UAH 44,378,828 945.50 shall be transferred to the State Budget of Ukraine for 2017.
The NBU Council has also adopted a decision to publish the 2016 Consolidated Financial Statements of the NBU approved by the NBU Council on the NBU’s website in due time.