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NBU Completes Twinning Project Aimed at Practical Implementation of EU-Ukraine Association Agreement

NBU Completes Twinning Project Aimed at Practical Implementation of EU-Ukraine Association Agreement

The National Bank of Ukraine has competed the Twinning project Strengthening the Institutional and Regulatory Capacity of the National Bank of Ukraine to Implement the EU-Ukraine Association Agreement (hereinafter, the “project”).

At the closing event held in Krakow, the parties summed up the results and discussed achievements across five components of the project.

First, the approach to banking regulation and supervision was updated. This was another step toward implementing EU principles and approaches in Ukrainian banking legislation.

Second, thanks to the cooperation with European experts, the NBU drafted the concept of implementing instant payments and the functional specification of instant payments in Ukraine.

Third, the NBU improved its capacity in terms of strategic planning, process management, and performance management.

Fourth, the Ukrainian central bank became more active in the areas of European integration and bilateral and multilateral cooperation with international organizations, central banks, and EU institutions.

Finally, legal and technical requirements were analyzed in detail as needed for Ukraine to join the Single Euro Payments Area (SEPA). This issue is very important in the context of further European integration, as it will foster deeper economic integration between Ukraine and the EU.

As a reminder, the project started on 1 October 2020. It was implemented by a consortium of Narodowy Bank Polski and the Bank of Lithuania, supported by the European Union. More than 60 experts from EU countries were engaged in the project implementation, including representatives of Narodowy Bank Polski, the Bank of Lithuania, the European Central Bank, central banks of Belgium, Croatia, Greece, Hungary, the Netherlands, Portugal, and Sweden, and national clearing houses of Poland and Hungary. On top of that, more than 100 experts from the National Bank of Ukraine took part in the project. 

The project implementation covered 85 expert missions, 3 expert forums, 2 workshops, and 3 visits of NBU specialists to their colleagues at central banks of Poland, Lithuania, and Hungary.

The closing event of the project was attended by the First Deputy Governor of the NBU Kateryna Rozhkova, First Deputy Governor of Narodowy Bank Polski Marta Kightley, Board Member of the Bank of Lithuania Simonas Krepsta, representatives of EU Delegation to Ukraine Chloe Alio and Vitaliya Mudruk, project leaders of the Twinning project, component leaders, representatives of invited public authorities of Ukraine, representatives of the NBU and European central banks, and other invited guests.

“The implementation of the Twinning project was carried out at the time Ukraine was facing extreme difficulties. At first it was the COVID-19 pandemic, and then the full-scale war. Nevertheless, we managed to implement the project successfully, which brought us another step closer to Ukraine joining the EU, our cherished ambition. I’m grateful to all our colleagues for sharing their experience, and to the European Commission for its immense contribution to European integration processes at the NBU,” underlined Kateryna Rozhkova.

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