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8-0603-ANNUAL REPORT-2007-10,07,2008 Copy ANNUAL REPORT OF UKRAINE ANNUAL REPORT 2007 Dear Ladies and Gentlemen, For the purpose of informing of the activity of the National Bank of Ukraine, I would like to offer you the Annual Report of the National Bank of Ukraine for 2007, which represents the results of the NBU activity. The financial report is an integral part of the Annual Report of the National Bank of Ukraine, which is con- firmed by the auditor’s conclusion. The characteristic feature of 2007 was preservation of high rates of econom- ic development against the background of political tension owing to the parlia- mentary elections. However, the banking system of Ukraine in 2007 was charac- terized by essential improvement of both qualitative and quantitative indicators of its development. Inflationary processes accelerated under the influence of the global tenden- cies towards rise in prices for energy carriers and food. The consumer price index in 2007 was also affected by reduction of crop production output due to adverse weather conditions. The National Bank of Ukraine pursued the monetary policy in compliance with the Monetary Policy Basic Guidelines for 2007. In the conditions of infla- tionary pressure amplification, the NBU actions were aimed at quantitative restriction of monetary offer as well as prevention of imbalances in the financial market by raising the attraction of operations in the national currency and by means of gradual restriction by economic methods of the funds attracted from non-residents. The National Bank of Ukraine assumed some measures to regu- late liquidity in order to prevent monetary pressure on prices. An increase by 52% in banks’ liabilities under deposits in 2007 was achieved mainly due to natural persons. There was a positive dynamics of growth of deposits in the national currency with substantially higher rates than in foreign currency under all types of deposits. The structure of term deposits improved. More than 77 per cent of funds from natural persons was attracted by banks under term deposits. Rate of funds inflow on demand accounts of natural persons increased in conditions of development of payment card systems in Ukraine. Salary, pension and other social cards dominated among card accounts of natural parsons in the national currency, which were characterized by steady earnings. The functioning system of deposit guaranteeing also contributed to the deposit fund attraction. By the decision of the administrative council of the Fund of guaranteeing of natural persons’ deposits in February 2007, the amount of reimbursement of funds to depositors in case of bank bankruptcy increased up to UAH 25 thousand and in August – up to UAH 50 thousand. Due to essential growth of the resource base, the banks continued to increase the volumes of crediting. In 2007, volumes of bank claims on credits increased by 74 per cent. Absolute growth of credit deposits in 2007 was the biggest dur- ing the times of independence of Ukraine, which had a positive effect on the dynamics of economic growth in the country. In the structure of credit deposits under categories of borrowers, the share of credits extended to economic entities remained predominant despite growing volumes of crediting of natural persons. The structure of banks’ credit portfolio improved – the share of overdue and doubtful credits reduced. In 2007, the banking sector of Ukraine continued its dynamic development showing considerable growth rates under the main indicators. As of end of 2007, bank capital was 10 per cent to GDP, total assets - 85 per cent to GDP and liabil- ities – 75 per cent to GDP. According to the results of 2007, Ukrainian banks received the biggest income during all years of the banking system existence. The banking sector remained attractive from the point of view of invest- ments, which was confirmed by the amount of agreements on sale of banks’ control stock, particularly to foreign investors. During the year under review, the tendency towards increasing the foreign capital share in the banking sec- tor of Ukraine continued. As of end of December 47 operating banks in Ukraine were created with participation of foreign capital, including 17 banks with 100-per cent foreign capital (as of the beginning of the year – 35 and 13 banks). The share of the market belonging to banks with foreign capital increased respectively. Dynamic growth of the volume of banking operations required activation of work on improving the interbank settlements. The year that passed was the first full year of industrial exploitation of the e-Payment System of the national Bank of Ukraine of new generation. Foreign economic conditions continued their essential influence on the econ- omy of Ukraine as a result of its increasing integration into the world economy. I would like to assure you that all efforts of the National Bank of Ukraine in the future will be directed at dynamic development of the banking sector, raising its competitiveness, improvement of banking regulation and supervision for strengthening the protection of interests of depositors and preservation of confi- dence of the people in the banking system. Sincerely, Governor National Bank of Ukraine Volodymyr Stelmakh Members of the Council Petro Ihor Poroshenko Prasolov Resolution of the Verkhovna Rada Resolution of the Verkhovna Rada of Ukraine of 11.01.2007 №560-V of Ukraine of 11.01.2007 №560-V Chairman of the Council Deputy Chairman of the Council of the National Bank of Ukraine of the National Bank of Ukraine (Decision of the Council of the National (Decision of the Council of the National Bank of Ukraine of 23.02.2007 №4) Bank of Ukraine of 23.02.2007 №4) Anatoliy Serhiy Danylenko Kliuiev Decree of the President of Ukraine Resolution of the Verkhovna Rada of 28.02.2005 №384/2005 of Ukraine of 11.01.2007 №560-V Volodymyr Anatoliy Stelmakh Fedorenko Member of the Council Decree of the President of Ukraine of the National Bank of Ukraine of 28.02.2005 №384/2005 by position, as Governor of the National Bank of Ukraine of the National Bank of Ukraine (as at 1 January, 2008) Valeriy Mykhailo Vasyl Heiets Honcharov Horbal Decree of the President of Ukraine Resolution of the Verkhovna Rada Resolution of the Verkhovna Rada of 28.02.2005 №384/2005 of Ukraine of 11.01.2007 №560-V of Ukraine of 11.01.2007 №560-V Borys Mykola Petro Kolesnikov Onischuk Sabluk Resolution of the Verkhovna Rada Decree of the President of Ukraine Decree of the President of Ukraine of Ukraine of 11.01.2007 №560-V of 28.02.2005 №384/2005 of 28.02.2005 №384/2005 Hennadiy Arseniy Shemshuchenko Yatseniuk Decree of the President of Ukraine Decree of the President of Ukraine of 28.02.2005 №384/2005 of 25.09.2006 №782/2006 Members of the Board Volodymyr Anatoliy Stelmakh Shapovalov Governor First Deputy Governor of the National Bank of Ukraine of the National Bank of Ukraine Viktor Mykola Kravets Lavruk Executive Director Executive Director on Payment Systems and Settlements on Administration Ihor Olha Vasyl Ivaniuk Kandybka Pasichnyk Director Director Director of the Personnel Department of the Financial Department of the Legal Department of the National Bank of Ukraine (as at 1 January, 2008) Volodymyr Olexandr Pavlo Krotiuk Savchenko Senysch Deputy Governor Deputy Governor Deputy Governor of the National Bank of Ukraine of the National Bank of Ukraine of the National Bank of Ukraine Olexandr Ihor Natalia Tolstoi Shumylo Hrebenyk Executive Director Executive Director Director of the on Cash Circulation on the Economy Monetary Policy Department Vira Anatoliy Anatoliy Rychakivska Savchenko Stepanenko Chief Accountant – Director of the Head of the Main Department Director of the Accounting Department Information Technology Department for the City of Kyiv and Kyiv Region Organizational Chart NBU Governor Volodymyr Stelmakh NBU Council Group of Advisers Audit Bank Security Office to NBU Governor Department Department Guard of NBU Institutions in Kyiv First Deputy Governor Deputy Governor Anatoliy Shapovalov Volodymyr Krotiuk Executive Executive Foreign Department Director Director Exchange Executive of Banking on the Economy on Administration Regulation Director – Director Regulation and Ihor Shumylo Mykola Lavruk Department of Directorate Supervision for Banking Regulation and Supervision Olexandr Kirieiev Department Department NBU Monetary of Banking of Economic Maintenance and Policy Regulation Analysis and Administration Department and Supervision Forecasting Office Directorate Methodology of Banking Regulation and Supervision Department Balance Archive of Foreign Department of Payments Office Exchange for Prevention Department Reserve of Legalization Management of the Proceeds and Open from Crime NBU Market and Terrorism Construction Statistics Operations Financing Office and Reporting through the Department Banking System Tenders and Marketing Editorial Research Office Department of Office of NBU Banks’ Activity Periodicals Termination NBU Department Scientific of Registration Research Centre and Licensing of the National Bank of Ukraine (as at 1 January, 2008) Office of Public Department Personnel NBU Board’s Legal and Mass of External Department Secretariat Department Economic Media Relations Relations NBU Educational Institutions NBU Training Centre NBU Central Library Deputy Governor Deputy Governor Olexandr Savchenko Pavlo Senysch Executive Accounting Department Executive Department Director on of Foreign Director Cash Circulation Exchange on Payment Olexandr Tolstoi Regulation Systems and and Licensing Settlements Information Viktor Kravets
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