In this publication the concept of development of system of the credit unions is stated approved by Cabinet council of Ukraine.
The cabinet council approved the concept of development of system of credit cooperation. Now the credit unions essential reform expects. They should master new services and, probably, to "pass" from level to level.
The document purpose – to define the future of the credit unions (KS) in Ukraine. Having revived 14 years ago, they throughout all this time developed chaotically. One "groped" the road independently, others tried on the templates delivered to Ukraine together with technical assistance of a number of the international projects.
In August, 2005. The cabinet council charged Gosfinuslug together with a number of the ministries and departments to develop optimum for Ukraine conceptual model of development of system of credit cooperation. The developed project was approved previously by the government in January of this year taking into account comments of all parties. Now the approval of the document passed without a knot and a zadorinka. Now the ministries and departments should develop in three-months term the plan of measures, directed on implementation of the concept.
In what essence of the main reforms?
First, it is planned to expand powers of KS essentially. After introduction of a number of legislative changes by members of the unions, except individuals, there can be two more categories of legal entities – small enterprises and farms. Now small farms don’t enter into the sphere of interests of commercial banks. And after all they make more than 80 % of all producers of agrarian sector. Around the world they are served by financial and credit cooperatives, clients and which owners are small and medium-sized enterprises, farms, – the head of a group of experts of project TASIS speaks to Harry Rosh.
The list of the KS financial services will be expanded also. It is planned that they can pay on the instructions of the members cost of the goods (works, services) and to perform factoring operations. Also to the unions should allow reception of deposits and delivery of the credits in foreign currency.
Secondly, the multilevel structure of KS system is approved. At the first (lowest) level – the unions which directly render the services to consumers. On the second – the cooperative banks which founders are KS, and the incorporated credit unions. Monetary institutions of the second level if necessary can create the central cooperative banks or the incorporated credit unions which will make the third level. It is supposed that the system will be multilevel. And how many they will be – two or three, it will become clear in market development, – member Gosfinuslug, the director of the department of supervision of credit institutions Andrey Olenchik reported.
The concept also provides creation of uniform national system of stabilization and financial improvement of KS, and also system of guaranteeing deposits.
(Information source:)