The Executive Order issued by the President of Ukraine establishes the Financial Stability Council to deal with issues of timely evaluation and mitigation of risks that jeopardize stability of the banking and financial systems, the presidential press-office reports.
The Council will be comprised of the NBU Chair, Minister for Finance of Ukraine, Chair of the National Commission for Securities & Stock Market, Chair of the National Commission for State Regulation of Financial Services Markets, Executive Director of the Deposit Guarantee Fund, Deputy Chair of the NBU chosen by the NBU Chair, Deputy Minister for Finance of Ukraine chosen by the Minister for Finance of Ukraine, who partake as volunteers.
Co-chairs of the Council are Chair of the NBU and Minister for Finance of Ukraine, who will determine agenda items, convene and alternately preside over its meetings, sign documents on behalf of the Council in the manner prescribed by the regulations of the Council.
The Financial Stability Board is designed to identify, analyse, assess and monitor current external and internal sources of potential threats as well as systemic risks, risk exposure for the entire financial system, in order to detect any early signs of unstable financial condition of the banking system and the circumstances that threaten the stability of both banking and financial systems.
In accordance with the provisions concerning the Council, the latter should propose recommendations to minimize systemic risks that threaten the stability of the banking and financial systems, and develop effective mechanisms for cooperation and coordination to ensure the financial stability of the country, including the improvement of legislation in this field.
The Council will cooperate with international organizations, according to the established procedure, including the European Council, the Bank for International Settlements, the International Monetary Fund, the World Bank, the European Central Bank, the International Association of Deposit Insurers, the European Forum of Deposit Insurers and other authorities of foreign countries, on issues within its competence.
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