Financial Stability Council Report on Activities (August 2018 – July 2019)
Financial Stability Council
The Council is an inter-agency body and a platform for discussions related to financial stability. The Council makes recommendations. The Council does not interfere with the work of its member agencies but develops recommendations on public policy aimed at ensuring financial stability.
The Council’s key tasks include:
- data exchange, identification and monitoring of systemic risks
- recommendations on mitigation of systemic risks
- coordination of rapid response measures under financial crisis episodes
- coordination of internal and external communications under emerging crisis situations in financial sector.
The Council was established by Presidential Decree No. 170/2015 in March 2015. Its mandate is to identify and mitigate in a timely manner risks that pose a threat to the stability of the banking and financial systems.
The Council holds meetings at least quarterly and publishes press releases and annual reports on its activity.
Membership
The Council is made up of representatives from the National Bank of Ukraine, the Ministry of Finance of Ukraine, the National Securities and Stock Market Commission, the National Commission for the State Regulation of Financial Services Markets, and the Deposit Guarantee Fund. The Council’s decisions are non-binding recommendations.
Co-chairs of the Council:
- Governor of the National Bank of Ukraine
- Minister of Finance of Ukraine
Chair of the National Securities and Stock Market Commission:
- Chair of the National Securities and Stock Market Commission
- Chair of the National Commission for the State Regulation of Financial Services Markets
- Managing Director of the Deposit Guarantee Fund
- Deputy Governor of the National Bank of Ukraine
- Deputy Minister of Finance of Ukraine, responsible for European Integration
Financial Development Working Group
To implement the Strategy, the Memorandum stipulates the setting up of a steering committee and that the heads of the signatory institutions will serve on it. To this end, the Financial Stability Council resolved at its 13 December 2019 meeting to establish a Financial Development Working Group (Committee) under the Financial Stability Council.
Main tasks of the Committee:
- identifying the directions and priorities for the implementation of the Strategy of Ukrainian Financial Sector Development until 2025;
- facilitating the coordinated implementation of the measures stipulated in the Strategy of Ukrainian Financial Sector Development until 2025; monitoring the effectiveness of their implementation;
- consideration of proposed action plans for financial sector development.
Governor:
- Yakiv Smolii, NBU Governor
Deputy Governor:
- Tymur Khromaiev, Chair of the NSSMC
Council members:
- Oksana Markarova, Minister of Finance of Ukraine Ihor Pashko Head of the NCFS, which regulates financial services markets
- Svitlana Rekrut, Managing Director of the DGF
- Kateryna Rozhkova, NBU First Deputy Governor
- Yuri Heletii, Deputy Minister of Finance of Ukraine
- Maksym Libanov (by agreement), Member of the NSSMC
- Oleksandr Zaletov (by agreement), Member of the NCFS
- Andrii Olenchyk, (by agreement), Deputy Managing Director of the DGF
Secretary:
- Serhii Karpenko, Director of the NBU Strategy and Reforming Department