A new EU project on supporting the National Bank of Ukraine (NBU) was launched today, implemented by the Polish Financial Supervision Authority (UKNF), the Bank of Lithuania (LB) and FIAP with the Directorate General for Insurance and Pension Funds, Ministry of Economy, Commerce and Business of Spain (DGSFP). The two year project with a total budget of almost 1.5 million EUR will improve Ukraine’s overall financial supervisory mechanisms in line with the EU best practices to ensure stability and transparency of the Ukraine’s financial sector.

More specifically, the project shall contribute towards: 

• – The gradual introduction of a quantitative assessment of risks that pose a threat of capital loss, liquidity of NBFIs and risk profile.
• – Delivering support in development of risk-oriented supervision and introduction of supervisory assessment of NBFIs; 
• – Delivering support in development of a model of prudential requirements for NBFGs; 
• – Strengthening the NBU’s capacities as the non-bank financial institutions supervisory authority in the area of European integration of Ukraine. 

Virtual launch event

The conference was attended by the representatives of the government and public administration in Ukraine, Poland, Lithuania and Spain, the key representatives of the NBU, UKNF, LB, DGSFP, FIAP as well as representatives of Ukrainian insurers and market associations, credit unions, united credit unions and market participant associations, banking and non-banking associations, non-banking payment services providers and market participants associations and media participated in the opening event.