To streamline the performance of its management processes, the NBU has set up a new chain of command and partially rearranged its units by changing the lines of reporting and reshuffling responsibilities between members of the NBU Board.
To make the regulation of the banking and nonbank financial markets more effective, the NBU has decided to combine its banking and nonbank regulation methodology functions into a single line of reporting that will also include the Financial Stability Department. To this end, the central bank has created a new line of reporting called Financial Stability. This novelty will improve the process of designing and developing the regulatory framework for the banking and nonbank sectors, including by taking into account the analysis of systemic risks identified by the Financial Stability Department.
The Strategy and Development Department is now part of the General line of reporting. In accordance with the generally accepted practices of central banks around the globe, this addition aims to strengthen the role of strategy in the institution, modernize it so that it can meet new challenges, and accelerate the implementation of key changes in the financial system and the NBU.
These changes are in line with global best practices and recommendations of international financial institutions. Central banks such as the Bank of England operate on similar principles.
New distribution of NBU units by line of reporting
The General line, which remains under Andriy Pyshnyy’s control: Strategy and Development Department, Security Department, Personnel Department, Legal Department, Internal Audit Department, Communications Department, Risk Management Department, Office for Financial Services Consumer Rights Protection, Office of the NBU Board, Secretariat to the NBU Council, Classified Records Division, Corruption Prevention and Detection Division.
The new Financial Stability line: Bank Regulation Methodology Department, Department of Methodology for Nonbank Financial Institutions, Financial Stability Department. Kateryna Rozhkova, NBU First Deputy Governor, will be in charge of this line of reporting.
The Monetary Stability line, led by Sergiy Nikolaychuk: Monetary Policy and Economic Analysis Department, Statistics and Reporting Department, Office for European Integration and International Programs.
In the Prudential Supervision line and the Finance, Administration, and Operations line, the composition of structural units remains unchanged, but responsibilities have been redistributed among members of the NBU Board. These lines of reporting will be headed by Dmytro Oliinyk (Prudential Supervision) and Yaroslav Matuzka (Finance, Administration, and Operations).
The Market Operations line, led by Yuriy Heletiy: Credit Analysis and Liquidity Assistance Department, Open Market Operations Department, Office for Corporate Rights and NBU Depository Services.
The Payment Systems and Cash Circulation line, headed by Oleksii Shaban: Payment Systems and Innovations Department, Cash Circulation Department, Information Technologies Department, Central Vault, State Treasury of Ukraine, NBU Banknote Printing and Minting Works.