Functions of the National Bank of Ukraine

FUNCTIONS OF THE NATIONAL BANK OF UKRAINE

Functions of the National Bank and its agencies is an integral function of government.

The main function of the National Bank of Ukraine is to ensure currency stability. It is stipulated in Art. 99 of the Constitution of Ukraine, stating: "The monetary unit of Ukraine is hryvnia. Ensuring the stability of the monetary unit is the main function of the state central bank - National Bank of Ukraine. "

We emphasize that since the introduction of the national currency in accordance with constitutional norms, it becomes not only financial and economic but also political factors. The national currency - a sign of economic and political potential of the state, its independence.

Current legislation on the state central bank imposes on him and a number of other functions. They mainly belong definition and conduct of monetary policy in accordance with Verkhovna Rada of Ukraine approved the State Program of Economic Development.

National Bank of Ukraine has the monopoly right to issue the national currency of Ukraine and organize its circulation. This means that no other entity of the banking system can not perform this function.

Central Bank of State acts as lender of last resort for banks and credit institutions, organizes refinancing system determines for banks and other lending institutions the rules for banking operations, accounting and reporting of information security. To this end, the National Bank develops and adopts the relevant regulations in the form of regulations, statutes governing bodies and others.

Bank determines the system order and payment methods, including between banks and other lending institutions, areas of modern electronic banking technologies, coordinates and controls the creation of electronic means of payment, settlement systems, banking automation and protection of banking information to exercise banking regulation and supervision, keeps the Register of banks, their branches and representative offices, currency exchanges and credit institutions, licensing of banking and other operations in accordance with the law.

At the Bank assigned such an important function as the balance of payments and international investment balance of Ukraine, the implementation of their analysis and forecasting. The value of this function special. Our country in late 1991 as a new independent state did not have access to foreign loans. At that time the country's financial situation worsened even application Vnesheconombank of the USSR, which served foreign trade, that over 7 billion dollars. U.S. "disappeared" and their use has no supporting documents. Over 1 billion. Dollars of this amount belonged to Ukrainian enterprises and individuals. Vnesheconombank also stated that he no longer serve the payments related to foreign trade in the former Soviet republics.

For the international authority of the National Bank of Ukraine is of great importance laying on him the function representing the interests of Ukraine in the other central banks, international banks and other credit institutions where cooperation is carried out at central banks. The Central Bank shall also state in accordance with prescribed statutory powers currency regulation, determine the order of payment in foreign currency, organizes and carries out foreign exchange control.

Only National Bank has the right to transact with the reserves and ensure its accumulation and storage.

National Bank of Ukraine to implement the national policy on protection of state secrets in the banking system, participates in training for the banking system.

Apart from the above, the list of features also includes Bank supervisory, regulatory and control. their implementation is ensured through:

1) all types of bank checks in place, other credit institutions and businesses in Ukraine (except for inspections and audits of financial and economic activity), and validation of information provided yurydychnymyta individuals during the registration of banks, credit institutions licensing and banking operations;

2) formulating the requirements for the general meeting of shareholders (participants) with banks and other credit institutions and determine the issues on which decisions must be taken.

National Bank of Ukraine may send their representatives to attend meetings of shareholders (members) meeting of the supervisory board, board and audit committee of another bank or credit institution in an advisory capacity. It may also require the implementation of the statutory audits of banks and other lending institutions, to receive the conclusions of independent auditing organizations on the results of these inspections.

Bank is entitled to take enforcement actions for violators of the law. Thus, in case of violation of the bank or other lending institution of the banking legislation of Ukraine, the NBU regulations, carrying out risk transactions that threaten the interests of depositors and creditors, Bank may require banks and credit institutions to address the identified violations. If these requirements are not met within the prescribed period, the NBU has the right to apply such measures of influence:

1) increase the rate of required reserves;

2) to collect from banks or other lending institutions fine wrongly earned income;

3) eliminate the leadership (board chairman and chief accountant) from management of the bank or other lending institution and appoint temporary administration;

4) to revoke a license for some or all banking transactions;

5) decide to reorganize or liquidate the bank.

Of course, enforcement actions should be adequate for the violations.

In the event of poor financial condition of a commercial bank or other lending institutions Bank may take measures to financial recovery.

However, the legislation provides for certain restrictions on the requirements of the National Bank of Ukraine. Yes, he has no right to demand from banks and other credit institutions operations and other actions, not the laws of Ukraine and the NBU regulations.

The National Bank carries out the analysis of commercial banks and other lending institutions in order to identify situations that threaten the interests of depositors and creditors, the stability of the banking system as a whole. But he is not liable for the obligations of commercial banks and credit institutions, except in cases where the Bank assumes such obligations, and banks and other lending institutions are not liable for the obligations of the National Bank, except when they assume such obligations.

The decision of the NBU on banking regulation and supervision may be appealed in the manner provided by law.

National Bank of Ukraine sets for commercial banks and credit institutions reporting forms and procedures for their preparation, are necessary for the conduct of monetary and banking statistics, the implementation of exchange controls.

Bank controls the activity of its structural units and divisions through the internal audit, carried out his revision control, directly subordinate to the head of the NBU. Comprehensive review of economic and financial activity of the structural units of the National Bank held at least once a year.

NBU Board not later than November 1 of the year decides to audit the National Bank of Ukraine determines the accounting firm that has the appropriate experience to review the annual report and submission of audit report.

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Дата добавления: 2015-11-04