The financial and economic crisis in Ukraine in 2013 laid bare systemic failures and a fundamental loss of trust in the country’s financial system and institutional framework. Since 2014 the relevant authorities have driven an ambitious program of national financial sector reform, the aim of which is to build a resilient, competitive financial system in line with EU standards that can ensure sustainable economic development.
Reform of the financial sector is one of 18 priority reforms identified by the National Reform Council of Ukraine, established in 2014 to drive forward reform efforts in Ukraine. Between February and April 2015 the National Bank of Ukraine (‘NBU’), together with other financial sector regulatory agencies such as the National Securities and Stock Market Commission (the ‘NSSMC’), professional associations and participants from civil society developed the Comprehensive Program for Financial Sector Development of Ukraine until 2020. The Program is chaired by the NBU, who is also responsible for the project management and coordination of all stakeholders responsible for financial sector reform.
The NBU approached the EBRD with a request to provide technical assistance in support of the reform and development of Ukraine’s financial system, in particular by financing the creation of two Project Management Offices responsible for financial sector reform (FSR PMOs).
The initial duration of this TC Project will be 12 months, with the possibility to extend for an additional 12 months subject to further TC Com approval, satisfactory progress on reform and the availability of funding.
The TC Project is fully aligned with EBRD’s Medium Term Directions ('MTDs') which support the building of resilience into reforms and the reform of institutions in the Bank's countries of operations which support policy and institutional reforms. Banking sector stabilisation and restructuring ranks prominently among the three core priorities for EBRD interventions in Ukraine under its revised “Reform Anchoring and Crisis Response Package”: this TC fits within the completion of post-crisis stabilisation and deep restructuring of the financial sector, including capacity building to help support activities that will help to limit the sector’s future instability, including strengthening governance. Furthermore, it contributes to the creation of a financial system that can ensure sustainable economic development based on the development of a full-fledged market competitive environment, in line with the EU standards.
The Project Management Offices are operational and effectively fulfil their mandate to implement the Comprehensive Program for Financial Sector Development of Ukraine.
TC Recipient Information
National Bank of Ukraine.
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