In line with a decree from Ukrainian President Petro Poroshenko, the National Bank of Ukraine (NBU) said on Tuesday that it has formed a Financial Stability Council.
NBU Governor Valeriia Gontareva will co-chair the council with Ukraine Minister of Finance Natalie Jaresko. The council intends to identify threats to financial stability and the banking system.
"It is difficult to overestimate the importance of the council in present-day conditions because on an expert level, in concert with our colleagues, we will take a comprehensive and systemic approach to identify and mitigate the risks threatening the stability of the banking and financial systems of the country," Gontareva said. "It was not today that the need to set up this council arose. We have been working in such a format since January. We meet with the economic (arm) of the government on a regular basis to discuss important problems and make joint decisions on all important matters."
The council is interdepartmental, with representation given to the National Commission for Securities and Stock Market, the Deposit Guarantee Fund, the National Commission for Financial Services Markets Regulation, the NBU and the Ministry of Finance. With the council's decisions, the NBU will be able to move forward with rectifying threats to the financial and banking systems.