NBU developing system for guaranteeing deposits of credit union members.

A joint working group of the National Bank of Ukraine (NBU) and the Deposit Guarantee Fund met with representatives of the U.S. Agency for International Development (USAID) Mission for Ukraine and the project Credit for Agriculture Producers (CAP) to discuss the issue of establishing a deposit guarantee system for credit union members.

NBU Governor Kyrylo Shevchenko wrote about this on his Facebook page.

“Last week, a joint working group of the National Bank and the Deposit Guarantee Fund and the U.S. Agency for International Development (USAID) Mission for Ukraine and the USAID-funded project Credit for Agriculture Producers (CAP) held a meeting dedicated to the establishment of a deposit guarantee system. At the meeting, we discussed relevant plans to develop comprehensive amendments to the legislation in the field of regulation and supervision of the credit cooperative market," Shevchenko wrote.

He explained that the credit union market, which includes 308 members, has been stagnating for the last 10 years and thus needs recovery. A total amount of assets is UAH 2.3 billion, there are no adequate sources of recapitalization. Moreover, 27% of unions remain in the occupied territories. The coronavirus crisis has significantly affected the quality of their loan portfolio, accelerating the process of its "aging".

"Given this, the work to improve the market needs to be accompanied by qualified specialists, and we are grateful to the experts of the CAP Project for technical assistance. Protecting the rights of consumers and creditors of financial institutions will contribute to financial stability and confidence in the financial sector," Shevchenko wrote.

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