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

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