On January 26, 2022 in the online mode the fifth Steering Committee Meeting of the Twinning project “Strengthening of Institutional and Regulatory capacity of the National Bank of Ukraine to implement the EU–Ukraine Association Agreement” took place, in which the National Bank of Ukraine (hereinafter – NBU) comes forward as a beneficiary.
The project is implemented by the NBU together with the National Bank of Republic of Poland and Central Bank of Lithuanian Republic.
The aim of Twinning project is an assistance to macroeconomic stability through the increase of institutional capacity of the NBU, and also by the construction of reliable banking and payment infrastructure.
In an introductory speech BC PL Volodymyr Kuchin congratulated the participants of meeting and expounded gratitude to the European side for an effective collaboration within the framework of realization of the project.
In turn, the Resident Twinning Adviser of the project Dariusz Lewandowski in his speech presented practical results of project realization that were achieved during a reporting period. In particular, the Regulation about organization of process of estimation of sufficientness of internal capital in banks and bank groups was developed and adopted by resolution of the NBU Board as of December 30, 2021 No. 161. In addition, the implementation of instant payments is underway, which should be one of the indicators of achieving the development of open financial market architecture, as provided by the strategic direction “Innovative Development”, defined by the Strategy for Financial Sector Development of Ukraine until 2025.
During meeting experts and partners approved the quarterly report of project, discussed the realized events by all components and plans on the next reporting period.
The meeting was attended by representatives of the NBU, project experts for the NBU of the Member States of the European Union and the Delegation of the European Union to Ukraine. On behalf of the Center for Adaptation of the Civil Service to the Standards of the European Union Anatolii Sopilka, Head of the Project Management Department, took part in the event.
For reference: according to the Resolution of the Cabinet of Ukraine “On Approval of the Procedure for Initiation, Preparation and Implementation of the Twinning Projects” as of 11 October, 2016 No 700 the National Agency of Ukraine on Civil Service coordinates the implementation of the institution building instrument of the European Union Twinning in Ukraine. Furthermore, in accordance with relevant legal acts the National Agency of Ukraine on Civil Service is the coordinator of institution building instrument TAIEX implementation in Ukraine. In order to provide effective coordination of Twinning and TAIEX the Twinning Program Administration Office in Ukraine was established, its functions are performed by the Center for Adaptation of the Civil Service to the Standards of the European Union.
The Twinning project is implemented to promote macroeconomic stability by increasing the institutional capacity of the National Bank of Ukraine, as well as by building a reliable banking and payment infrastructure and covers the following components:
Component I: “Further transposition of Basel Core Principles for Effective Banking Supervision”.
Component II: “Instant Payment Settlement System”.
Component III: “Institutional strengthening through the establishment of an integrated system of strategic planning, execution and monitoring, process-based model of planning and management”.
Component IV: “Strengthening of the NBU international cooperation function and capacity in the area of European integration of Ukraine”.
