Financial Stability Council Publishes the Annual Report on Its Activities
Drawing on best practices of the EU inter-departmental authorities for financial stability, the Financial Stability Council starts publishing the Annual Report on its activities. The First report covers the period from April 2015 through March 2016.
The first meeting of the Council took place on 27 April 2015. During the year the Council held six meetings, including 2 extraordinary meetings convened to address urgent issues posing risks to the financial sector.
At each Council meeting the NBU provided insight into risks threatening the stability of Ukraine's financial system. The restructuring of sovereign debt, cooperation with foreign donors, the coordination of efforts of the NBU and the Government to ensure price stability, the financial sector clean-up process, the development strategy for state-owned banks, and audit reforms, as well as strengthening the capacity of the National Securities and Stock Market Commission and the Deposit Guarantee Fund were among other issues addressed at the meetings.
The Annual Report will be published on a regular basis at the end of the second quarter of each year. The Secretariat established at the NBU Financial Stability Department provides information, analytical and administrative support to the Council.
The Financial Stability Council was established by the Presidential Decree in March 2015. The Council comprises the Governor of the National Bank of Ukraine, the Minister of Finance of Ukraine (co-chairs of the Council), Head of the National Securities and Stock Market Commission, Head of the National Financial Services Commission, Managing Director of the Deposit Guarantee Fund, First Deputy Governor of the National Bank of Ukraine, and Deputy Minister of Finance of Ukraine. The Council provides a forum for professional discussion of risks posing a threat to the country’s financial stability. The Council has held two meetings in 2016. The next meeting has been scheduled for May 2016.