Ukraine’s Ministry of Justice has approved a new set of financial standards developed with significant support from senior experts at the World Council of Credit Unions/USAID Credit for Agriculture Producers (CAP) Project.
The move sets the stage for improved strengthening, safety and soundness in the country’s credit union market—and building a foundation for long-term growth.
Since 2017, WOCCU’s CAP Project team has facilitated a constructive dialogue between stakeholders—including world-class credit union experts, and professionals from the Ukrainian credit union market, industry associations and regulator.
The thorough process was necessary to ensure the new financial norms provide a sound framework for the market and adhere to international and European Union (EU) standards. Specifically, the new standards will:
- bring internal controls and accounting standards in line with international cooperative principles.
- strengthen capital and liquidity standards—in line with Basel III reforms, but proportionately tailored for credit unions.
- enhance regulatory reporting and oversight by the prudential regulator.
“The approval of the new regulations marks the specific commitment to international credit union standards and the general commitment around core European values toward a democratic, accountable and transparent government. With this empowering approach to regulation, credit unions will drive inclusive and sustainable development of a prosperous Ukraine,” said Andrew Price, WOCCU Vice President of Advocacy.
This document was produced for review by the United States Agency for International Development. It was prepared by WOCCU for the USAID/Credit for Agriculture Producers (CAP) Project in Ukraine, agreement number AID-121-LA-16-00002.
A representative of Ukraine's National Commission for the Regulation of Financial Services Markets presents World Council President and CEO Brian Branch with a plaque for WOCCU's assistance in helping them draft new financial norms.