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Annual Report
NATIONAL BANK OF UKRAINE ANNUAL REPORT 2005 Dear Sirs, We would like to offer for your attention the Annual Report of the National Bank of Ukraine for 2005 prepared in accordance with the Law of Ukraine "On the National Bank of Ukraine". The major achievements of Ukraine's macroeconomic development in 2005 primarily were the households' real income growth, unemployment decrease, inflation rate lowering and acceleration in the rates of foreign capi- tal attraction to Ukraine. Ukrainian banks essentially increased crediting of the economy, and the individuals' deposits unprecedentedly grew. International reserves of the National Bank of Ukraine almost doubled. The National Bank of Ukraine's monetary policy in 2005 was aimed at sup- porting the hryvnia stability as a monetary prerequisite for the economic growth, at reaching the long-term social, structural and institutional goals. We consider that the publication of the information of the results of the National Bank of Ukraine activity for the reporting year will promote trans- parency of its work and retaining of confidence in the national monetary unit. I would like to assure you that the National Bank of Ukraine will continue the weighed monetary policy directed towards restraining the inflation rate, ensuring the economic recovery and raising the people's welfare. Sincerely, Governor of the National Bank of Ukraine Volodymyr Stelmakh Council of the National Bank of Ukraine (as at 1 January 2006) Valerii Heiets Valerii Alioshyn Serhii Buriak Anatolii Danylenko Olexander Dubrov Chairman -
Український Нумізматичний Щорічник the Ukrainian
ISSN – 2616-6275 ISSN (online) 2617-9822 Інститут історії України Національна Institute of History of Ukraine of Академія Наук України National Academy of Sciences of Ukraine ДВНЗ «Переяслав-Хмельницький SHEI «Pereiaslav-Khmelnytskyi державний педагогічний університет Hryhorii Skovoroda State Pedagogical імені Г. Сковороди» University» Центральноукраїнський національний Central Ukrainian National Technical технічний університет University УКРАЇНСЬКИЙ THE UKRAINIAN НУМІЗМАТИЧНИЙ NUMISMATIC ЩОРІЧНИК ANNUAL Випуск 3 Issue Київ Переяслав-Хмельницький Кропивницький Kyiv Pereiaslav-Khmelnytskyi Kropyvnytskyi 2 0 1 9 УДК 737(062.552) Рекомендовано до друку Вченою радою ДВНЗ «Переяслав-Хмельницький державний педагогічний університет імені Григорія Сковороди». Протокол №2 від 18.09.2019 р. Український нумізматичний щорічник. Вип. 3. Переяслав-Хмельницький, 2019. 154 с. The Ukrainian Numismatic Annual. Issue 3, Pereiaslav-Khmelnytskyi, 2019, 154 p. Свідоцтво про державну реєстрацію друкованого ЗМІ КВ 22861-12761Р від 03.07.2017 р. Збірник включено в міжнародні бази даних: ResearchBib, DOAJ (Directory of Open Access Journals) Журнал розрахований на науковців, викладачів, аспірантів, докторантів, студентів, працівників музейних установ, експертів-мистецтвознавців, й усіх, хто цікавиться питаннями нумізматики та спеціальних галузей історичної науки. Редакційна колегія не обов’язково поділяє позицію, висловлену авторами у статтях, та не несе відповідальності за достовірність наведених даних і посилань. Головний редактор: Василь ОРЛИК, д.і.н., проф. Заступник головного редактора: Інна ДЕМУЗ, д.і.н., проф. Відповідальний секретар: Андрій БОЙКО-ГАГАРІН, к.і.н. Редколегія: Віктор КОЦУР, д.і.н., проф., академік НАПН України (Переяслав-Хмельницький, Україна) Світлана ОРЛИК, д.і.н., проф. (Кропивницький, Україна) Ренат РІЖНЯК, д.і.н., проф. (Кропивницький, Україна) Наталія ПАСІЧНИК, д.і.н., доц. (Кропивницький, Україна) Микола НІКОЛАЄВ, д.і.н. (Миколаїв, Україна) Лілія ЦИГАНЕНКО, д.і.н., проф. -
Smaller Businesses in Ukraine Struggle Amid Lack of Credit
SECTION PARTNER ADVERTISEMENT29 CAN UKRAINE’S BANKS SEE THE LIGHT AT THE END OF THE TUNNEL? IHOR OLEKHOV Partner, Baker & McKenzie, Kyiv Ukraine's commercial banks were hit hard by the economic turmoil. Barely two thirds of the banks survived the crisis. On 1 April 2016 Ukraine had 111 operational banks (compared to 180 on 1 January 2014 and 163 on 1 January 2015), which still seems quite a lot for the current level of Ukraine’s GDP. Is there light at the end of the tunnel for Ukraine’s banks in 2016 and beyond? Ownership Transparency While the fall of Ukrainian banks seems to have reached at its peak in 2015 and continues during the first half of 2016, the NBU could have had very few choices but to adopt aggressive measures aimed at making bank ownership transparent. Historically, many Ukrainian owners tended to be unscrupulous about insider lend- A customer purchases tea at Kyiv’s Tea & Honey shop on May ing and theirs banks are now facing the dilemma of either disclosing their owner- 27. Tatiana Popova, the owner of the small shop, wants to ex- ship structure and increasing capital immediately, or going out of business. The pand her enterprise, but says she can’t aff ord to take out loans NBU successfully implemented measures aimed at making the banks’ ownership transparent and imposed strict deadlines for the shareholders of banks to disclose from banks because of the high interest rates. (Serhii Popov) their genuine ownership structure. These measures were supported by clear sanc- tions applied to offending banks and a clear intention to continue applying such sanctions in the future. -
Biden and Ukraine: a Strategy for the New Administration
Atlantic Council EURASIA CENTER ISSUE BRIEF Biden and Ukraine: A Strategy for the New Administration ANDERS ÅSLUND, MELINDA HARING, WILLIAM B. TAYLOR, MARCH 2021 JOHN E. HERBST, DANIEL FRIED, AND ALEXANDER VERSHBOW Introduction US President Joseph R. Biden, Jr., knows Ukraine well. His victory was well- received in Kyiv. Many in Kyiv see the next four years as an opportunity to reestablish trust between the United States and Ukraine and push Ukraine’s reform aspirations forward while ending Russia’s destabilization of Ukraine’s east. Ukrainian President Volodymyr Zelenskyy is greatly interested in reestablishing a close US-Ukraine relationship, which has gone through a bumpy period under former US President Donald J. Trump when Ukraine became a flash point in US domestic politics. Resetting relations with Kyiv will not be simple. As vice president, Biden oversaw Ukraine policy, visited the country six times, and knows most of its players and personalities, which is an obvious advantage. But Zelenskyy is different from his immediate predecessor. He hails from Ukraine’s Russian- speaking east, was not an active participant in the Revolution of Dignity, has had little contact with the West, and took a battering during Trump’s first impeachment in which Ukraine was front and center. However, Zelenskyy is keen to engage with the new Biden team and seeks recognition as a global leader. The Biden administration would be wise to seize this opportunity. The first priority for the new Biden team should be to get to know the players in Ukraine and Zelenskyy’s inner circle (Zelenskyy’s team and his ministers are not household names in Washington) and to establish a relationship of trust after the turbulence of the Trump years. -
Migration and the Ukraine Crisis a Two-Country Perspective This E-Book Is Provided Without Charge Via Free Download by E-International Relations (
EDITED BY AGNIESZKA PIKULICKA-WILCZEWSKA & GRETA UEHLING Migration and the Ukraine Crisis A Two-Country Perspective This e-book is provided without charge via free download by E-International Relations (www.E-IR.info). It is not permitted to be sold in electronic format under any circumstances. If you enjoy our free e-books, please consider leaving a small donation to allow us to continue investing in open access publications: http://www.e-ir.info/about/donate/ i Migration and the Ukraine Crisis A Two-Country Perspective EDITED BY AGNIESZKA PIKULICKA-WILCZEWSKA & GRETA UEHLING ii E-International Relations www.E-IR.info Bristol, England 2017 ISBN 978-1-910814-27-7 (paperback) ISBN 978-1-910814-28-4 (e-book) This book is published under a Creative Commons CC BY-NC 4.0 license. You are free to: • Share – copy and redistribute the material in any medium or format • Adapt – remix, transform, and build upon the material Under the following terms: • Attribution – You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. • Non-Commercial – You may not use the material for commercial purposes. Any of the above conditions can be waived if you get permission. Please contact [email protected] for any such enquiries, including for licensing and translation requests. Other than the terms noted above, there are no restrictions placed on the use and dissemination of this book for student learning materials / scholarly use. -
National Bank of Ukraine Strategy Action Plan 2020 Content
National Bank of Ukraine Strategy Action Plan 2020 Content Introduction 3 Ι Strategic Goals of the National Bank of Ukraine: the Main Accomplishments in 2019 4 1. Low and Stable Inflation 4 2. A Stable, Transparent, and Effective Banking System 4 3. Resumption of Lending 6 4. An Effective Model for Regulating the Financial Sector 7 5. Free Flow of Capital 7 6. Financial Inclusion 9 7. Modern, Open, Independent, and Effective Central Bank 10 Ι NBU Action Plan for 2020 12 Risks to Achieving the Goals 12 NBU actions in 2020 13 Ι NBU’s Plans for 2020 14 1. Low and Stable Inflation 14 2. A stable, Transparent, and Effective Banking System 15 3. Resumption of Lending 16 4. Effective Model for Regulating the Financial Sector 17 5. Free Flow of Capital 18 6. Financial Inclusion 19 7. Modern, Open, Independent, and Effective Central Bank 20 Conclusions 21 Introduction The year of 2019 proved it possible to ensure the Ukraine entered 2020 with good news from the long-lasting macroeconomic stability in Ukraine IMF: a three-year extended fund facility program under a consistent and independend central had been agreed upon at the technical level. The bank policy. projected program is aimed at supporting reforms in Ukraine. This is a clear signal for investors and The NBU’s main achievement of last year was our partners about the actual implementation of getting the inflation into the target range. the much needed structural reforms in Ukraine. Consumer price inflation slowed to 4.1% in 2019 from 9.8% in 2018. -
Ukrainian Dialogue Issue 05
Sept 2014 UKRAINIAN DIALOGUE 05 ISSUE Maidan: The Aftermath A story in images Kurkov’s Diaries An exclusive extract Snap Elections A Who’s Who of the candidates A PUBLICATION OF THE BRITISH UKRAINIAN SOCIETY UKRAINIAN BUSINESS CENTRE IN LONDON SERVICES: ã© 3)©AMKN?LW©DMPK?RGML© ã© +CCRGLE©PMMKQ©GL©*MLBML© ã© !MKN?LW©QCAPCR?PG?J© ã© .PMNCPRW© ã© AAMSLR?LAW© ã© #BSA?RGML©GL©RFC©3)© ã© 4GPRS?J©MLjAC© ã© 'KKGEP?RGML©RM©RFC©3)© 50 Broadway T: +44 (0) 20 7152 4650 St. James’s Park ǔƏ ƏƏƏƏƏ London [email protected] SW1H 0RG www.ubcl.co.uk 1/ CHAIRMAN From the Chairman Ukraine has been thrust into the forefront of international news since the release of our last issue in October 2013. I recently visited Ukraine where under a cloudless blue sky, Kyiv’s golden domes illuminated the peaceful splendour of the city. By total contrast, all the TV channels were continuously carrying the death, destruction and mayhem in Eastern Ukraine as their top story. Almost all the shops in Kyiv had sales signs, and the hot water supply was erratic. As the economy slides into deep recession, and the currency has been hard hit. Next month there will be parliamentary elections, and after that the implementation programme of the EU Association Agreement will begin, based on a comprehensive domestic Action Plan. A well- educated younger generation of Ukrainians is emerging into public life. They will begin to replace those who so spectacularly failed to build on the spirit of the Orange Revolution. -
Annual Report 2019
РІЧНИЙANNUAL REPORTЗВІТ 2019 2019 1 CONTENT Bank in Facts 4 1. Business Card 5 1.1. Composition of the Supervisory Board 5 1.2. Composition of the Management Board 6 1.3. Bank Executives That Are Not Members of the Management Board 8 1.4. Strategy for 2020 9 1.5. Green Banking Implementation in 2019 11 1.6. Licences and Permits 14 1.7. Affi liated Persons 22 1.8. Organisational Structure (as of 1 January 2020) 23 1.9. Personnel 24 1.10. History 25 1.11. Ratings 34 1.12. Financial Indicators Overview at 2019 Year-End 36 1.13. Membership in International Payment Systems 39 1.14. Membership in Interbank Associations, Exchanges, Alliances 40 1.15. Stand-Alone Structural Units (as of 1 January 2020) 41 1.16. International Activity 58 2. Corporate Governance 63 2.1. Major Shareholders (as of 1 January 2020) 68 2.2. Share Capital Dynamics 68 2.3. Dividend Policy 69 3. Risk Management 70 4. Internal Control System 74 5. Information Technology Development 78 6. Business Development 80 6.1. Corporate Banking 80 6.1.1. Asset Transactions 81 6.1.2. Liability Transactions 84 6.1.3. Individual Banking 85 6.1.4. Green Projects Implementation 85 6.2. SMEs 86 6.2.1. SME Asset Transactions. Top-Priority SME Support Programmes. 87 6.2.2. Resource Transactions. Clearing and Settlement 90 6.2.3. Green Projects Implementation 92 6.3. Retail Banking 93 6.3.1. Lending Transactions 93 6.3.2. Clearing and Settlement Services 96 6.3.3. -
Ownership Structure and Risk Profile of Banks in Emerging Economies
Risk Governance & Control: Financial Markets & Institutions / Volume 9, Issue 3, 2019 OWNERSHIP STRUCTURE AND RISK PROFILE OF BANKS IN EMERGING ECONOMIES Dmitriy Riabichenko *, Martin Oehmichen**, Yaroslay Mozghovyi ***, Andreas Horsch **** * Deloitte, Ukraine ** Freiberg University of Mining and Technology, Germany *** Virtus Global Center for Corporate Governance, Ukraine **** Corresponding author, Freiberg University of Mining and Technology, Germany Contact details: Freiberg University of Mining and Technology, Akademiestraße 6, 09599 Freiberg, Germany Abstract How to cite this paper: This article analyzes the relationship between ownership structure Riabichenko, D., Oehmichen, M., Mozghovyi, Y., & Horsch, A. (2019). and risk profile based on the data from the emerging banking Ownership structure and risk profile of market. Using Kohonen self-organizing maps, we divide banks into banks in emerging economies. Risk clusters according to the type of risk profile. This mapping Governance and Control: Financial technique is based on panel data dimensionality reduction, as risk Markets & Institutions, 9(3), 46-65. http://doi.org/10.22495/rgcv9i3p4 profile is changeable over time. We adopted the Basel Committee on Banking Supervision recommendations regarding the types of Copyright © 2019 The Authors concentration of funding serving also as a basis for determining the This work is licensed under a Creative risk exposure of banks and used them as an input for Kohonen Commons Attribution 4.0 International maps. We conclude that business models and, consequently, risk License (CC BY 4.0). exposures of banks significantly depend on sources of capital https://creativecommons.org/licenses/ (domestic private, foreign, state). Our empirical results show that by/4.0/ ownership type is a major, but not the only factor influencing bank ISSN Online: 2077-4303 risk profiles. -
Perestroika in History : the First Stage
NATIONAL COUNCIL FOR SOVIET AND EASTEUROPEANRESEARC H TITLE : PERESTROIKA IN HISTORY : THE FIRST STAGE AUTHOR : Aleksandr M. Nekrich CONTRACTOR : Harvard University PRINCIPAL INVESTIGATOR : Adam Ulam/ Aleksandr Nekrich COUNCIL CONTRACT NUMBER : 803-0 6 DATE : February 199 0 The work leading to this report was supported by funds provided b y the National Council for Soviet and East European Research . Th e analysis and interpretations contained in the report are those o f the author . PERESTROIKA IN HISTORY : THE FIRST STAG E Perestroika in History Those historians who did not shame the Marxist view were removed fro m : The First teaching, or accused of anti-state activity . Asa result they were forced to Stage emigrate, or were exiled, or arrested, or shot, and their works went out o f circulation. The advent of Stalinism destroyed "Pokrovsky ' s school" a s well, and this took place through the efforts of its own pupils, not for th e Aleksandr M . Nekrich* first time in history . Later many Soviet social scientists of the new generatio n were liquidated as well . As long as anger and argument rage , The need under Stalinism for a new, politically useful, interpretation o f and wonder lives, then history lives . history led in 1934—6 to a series of Party decisions about the teaching o f S . S. Averintsev history, and inspired the "comments" by Stalin, Kirov and Zhdanov on a . The result was the Short Course in th e Wizen talking of history, we do no t new textbook history of the USSR History of the Communist Party, 1918, which formed the new basis of Sovie t wish to exalt or debase individuals , . -
Perestroika the Demise of the Communist World?
Introduction Perestroika The Demise of the Communist World? Francesco Di Palma With the rise to power of Mikhail Gorbachev as general secretary of the Communist Party of the Soviet Union in March 1985, a range of exten- sive reforms were initiated under the headings of glasnost (openness) and perestroika (restructuring). Among other objectives, they sought to make the regime less bureaucratic, to tackle increasing financial woes and to reduce foreign trade imbalances. Given the leading role that Soviet Russia played in bi- and multilateral relations between communist par- ties on both sides of the Iron Curtain, however, these reforms had impor- tant effects not only in the USSR. This book examines both the encounter with Gorbachev’s policies by select European communist parties and the historical actors who helped to guide those policies’ reception and implementation—topics that the historical literature has hitherto failed to analyze systematically.1 It is concerned with the parties’ responses in two respects: firstly, with regard to their mutual political, cultural, and not least financial connections; and secondly, within the context of their bilateral relationships to the hegemonic CPSU. While the “export”2 of Perestroika has been widely acknowledged and extensively described, historians have rarely broached the topic of the independent reformist policies among communist parties that emerged in the 1970s, nor whether and to what extent Gorbachev and his aides may have drawn upon already existing doctrines to buttress their restruc- turing.3 Moving beyond the impact of Perestroika on the Soviet Union and its foreign policy (e.g., the abandonment of the Brezhnev Doctrine), Notes for this chapter begin on page 17. -
Introduction
Introduction Janusz Szyrmer HARVARD/CASE UKRAINE PROJECT This monograph is part of a series of books covering various aspects of the decade of Eastern European transition, with a focus on Ukraine. The book’s chapters, as presented by their authors, are in fact the result of a collective effort – research, brainstorming sessions, and open seminars – on the part of Ukrainian and foreign economists associated with the Harvard/CASE Ukraine Project (HCUP). Several of the ideas in this volume have been presented before in the form of various analyses and recommendations to Ukrainian policymakers, and thus have already contributed, directly or indirectly, to Ukrainian policies and reforms. 1. Market of ideas Due to financial constraints, Ukraine’s capacity for actively supporting both basic and applied research and publications remains low. Professional books in economics and economic policy, including those on post-Soviet transition, remain in short supply. The importance of this research deserves attention and support from Ukrainian authorities and international donors.1 Reforms 1 In contrast to some other CEE countries, the number of books providing solid research on the Ukrainian transition is modest. These are important publications. However, international donors, willing to finance costly reforms, are not providing sufficient support for the acquisition and diffusion of the knowledge required for implementing the reforms. 2 Janusz Szyrmer undertaken in Ukraine are complex and expensive and, to be successful, require much conceptual and analytical effort.2 Comprehensive research publications, in addition to – but not instead of – detailed policy analysis papers and ad hoc policy notes, are needed to formulate and implement well designed reforms.