On July 18, 2025, the second meeting of the Steering Committee of the Twinning project «Implementing effective supervision over non-bank financial institutions» took place. This is one of the key initiatives in reforming Ukraine’s financial sector, implemented with the participation of the National Bank of Ukraine and partners from three EU countries – Poland, Lithuania, and Spain.
The project is aimed at adapting Ukrainian financial regulation to the standards of the European Union. Its implementation is not only technical support but also a significant step towards deeper structural changes in the non-banking financial services market.
During the meeting, the Polish side, which coordinates the consortium, presented the results achieved in the previous quarter and outlined plans for the next three months. In particular, the next component of the project will begin in July, and the first study missions and trainings for Ukrainian specialists are planned. Praising the professionalism of the NBU team, the partners emphasised the effectiveness of the joint work and the adherence to the schedule despite the military situation.
The Ukrainian team thanked the European partners for their support and understanding. The participants noted that significant progress had been made in a short period of time, and the project was moving forward as planned, despite the daily challenges of the war.
The Twinning project officially started on January 01, 2025 and will last for 21 months. Its implementation will facilitate the introduction of European approaches to the supervision of non-bank financial institutions in Ukraine, such as insurance companies, credit unions, leasing organisations and other participants.
The event was attended by Marta Mohilevska, Head of the Twinning Coordination Sector of the Twinning Support Unit of the Twinning Administrative Office.
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.