The coordinating committee for resolution of the financial markets problems has been established with the assistance of NBU, Committee for Regulation of Financial Services and UIF.2009-02-11
On February 7, the meeting of the management team of the National Bank of Ukraine, Secretariat of the President of Ukraine, and Committee for Regulation of Financial Services with the insurers represented by the Ukrainian Insurance Federation (UIF) has been held by order of the President of Ukraine in the National Bank of Ukraine.
Among the meeting members were: executive director Oleksandr Kireev, director of Direction for Banking regulation and oversight, Valeriy Alyeshin, Chairman of the Committee for Regulation of Financial Services, Committee member Igor Priyanchuk, Roman Zhukovskiy, Director of the Department for state regulation and development of financial services markets, Head of the Principal service for social and economic development of Secretariat of the President of Ukraine, Volodymyr Mischenko, director of the Center for scientific research under the National Bank of Ukraine, Oleksandr Zavada, President of UIF and Igor Gordienko, presidium member of UIF.
The actual problems of cooperation between banking and insurance markets in terms of credit crunch have been discussed during the meeting, notably: return of deposits (including problem banks), the peculiarities of banks refinancing aimed at their liquidity maintenance, compliance with the depositors interests while concluding the deposit contracts by the insurers, as well as the principles of cooperation between the banks and insurance companies.
It was recorded that the insurers deposits, placed with banks, are the means of insurance reserves and are intended for insurance claims payments, including banks and their clients as well, that is why the insurers protection must be equally assured along with the other creditors.
The meeting has reached the agreement. Considering the interaction between the banking, insurance and other financial markets, the panelists agreed that the problems of these markets must be solved on equal terms and by looking for the possible compromises.
It has been decided to establish the coordinating committee with the assistance of NBU, Committee for Regulation of Financial Services and UIF, which will prepare proposals for cooperation between banking and insurance markets. These proposals will be considered