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News

27 December 2016, 09:45

Committee on Financial Policy and Banking recommends Ukrainian Parliament adopt bill On Provision Of Transparency Of National Bank Of Ukraine as a basis

( Information Department of the Verkhovna Rada of Ukraine Secretariat )

The members of the Committee considered the bill No. 5257 On Consolidation Of Transparency Of National Bank's Activity And Expansion Of Its Responsibility Before Society.

The initiator of the bill / Chair of the Parliamentary Committee on Financial Policy and Banking, Serhii Rybalka, said that the bill is based on the experience of European central banks. The authors of the bill is a group of Ukrainian MPs representing the majority of the parliamentary factions and groups.

The bill offers to set mechanisms to implement constitutional authorities of the NBU Council and intensify its capacity building.

According to Rybalka, responsibility of the central bank's heads and accountability to the President and the Parliament are merely declarative within the current wording of the bill. The Committee Chair is confident that the NBU leadership must be responsible for results of central bank's work. He also added that the bill offers to introduce clear mechanism of dismissal of NBU heads for unsuccessful work.

The head of the Committee also noted that following the experience of European countries, the bill offers to oblige the central bank of Ukraine to publish all decisions and information regarding declaration of a bank insolvent with detailed explanation of respective decisions.

The bill is elaborated within the framework of the implementation of the Banking System Development Strategy Until 2020 approved by the relevant Parliamentary Committee in late May 2016.