The National Bank of Ukraine has got a new source of external support. This is a Twinning project Strengthening the institutional and regulatory capacity of the National Bank of Ukraine to implement EU-Ukraine Association Agreement, fully funded by the European Union.
The overall objective of the Twinning Project is to contribute to the macroeconomic stability of Ukraine through institutional strengthening of the National Bank of Ukraine, and building a reliable banking and payments infrastructure. The Twinning Project will indirectly aim to support NBU’s capacity to actively participate in the EU-Ukraine association process.
The project is implemented by the partners from Narodowy Bank Polski and Lietuvos bankas.
The implementation period of the Project is from 1 October 2020 to 30 June 2022. It will involve dozens of experts from Narodowy Bank Polski and Lietuvos bankas, accompanied by professionals from European Central Bank, and central banks of Greece, Hungary, the Netherlands, Portugal and Sweden. More than 100 experts, from both EU Member States and the NBU will participate in different project activities.
For the time being, due to the Covid-19 pandemic, all activities are carried out remotely.
The EU Twinning instrument was established in 1998 to support candidate and potential candidate countries in their accession efforts and was made available to the countries of the European Neighbourhood in 2004. The EU Twinning brings together experts from both the administration of EU Member States as well as the beneficiary countries.
Component 1 (A):
Further transposition of Basel Core Principles for Effective Banking Supervision
Transposition of Basel Core Principles for Effective Banking Supervision and the EU capital requirements legislation in the area of internal capital adequacy assessment process (ICAAP), internal liquidity adequacy assessment process (ILAAP) and assessment of the banks’ risk profiles through the Supervisory Review and Evaluation Process (SREP).
Component 2 (B):
Instant Payment Settlement System
A model is developed for the instant payments architecture in Ukraine and a road map to implement the model.
Component 3 (C):
Institutional strengthening through the establishment of integrated system of strategic planning, execution and monitoring, processbased model of planning and management
Process-based planning and management model, including a performance management system is introduced in the NBU.
Component 4 (D):
Strengthening of the NBU international cooperation function and capacity in the area of European integration of Ukraine
The NBU international cooperation function is strengthened, in particularly regarding the implementation of the Association Agreement.
Project Leader, Adviser to the NBP President, Narodowy Bank Polski
Enormous experience in the field of economy and banking (among others in the areas of payments architecture, banking supervision, change management and strategic planning) gained during many years of work in NBP as the Member of the Board.
Junior Project Leader, Director of International Relations Department, Lietuvos bankas
Excellent knowledge of EU central banking regulations and policies, extensive international and leadership expertise as head of International Relations Department. Key responsibility for the Bank’s participation in the Eurosystem, ESCB and the decision-making process within the EU, as well as cooperation with international financial institutions and other CBs.
Beneficiary Country Project Leader, Head of Office for European Integration and International Programs, National Bank of Ukraine
Long-term experience in International Relations while working for the Government and the National Bank of Ukraine. Position of a Deputy Head of Trade and Economic Mission at the Embassy of Ukraine to the USA.
Resident Twinning Adviser (RTA), Expert in the International Department, Narodowy Bank Polski
Unique experience in developing and implementing international regulations in different areas of central banking, especially banking supervision and financial stability. Actively involved in the process of transformation of the banking system in Poland, particularly modernization and adaptation of banking supervision to the best international standards.
RTA Counterpart, Head of the EU and Bilateral Relations Division, Office for European Integration and International Programs, National Bank of Ukraine
Vast experience in the field of International Relations and European Integration gained during the work for the National Bank of Ukraine and the public authorities of Ukraine.
Leader for Component 1 (A), Head of Banking Supervision Division, Lietuvos bankas
Vast expertise in banking supervision. Specialist for on-site as well as off-site inspection, organisation and performance of SREP in accordance with EU/EBA/SSM regulations, and preparation of SREP reports.
Leader for Component 2 (B), Deputy Director of the Payment System Department, Narodowy Bank Polski
Extensive expertise in supervising the policy and development of payment. Co-author of regulations on accounting rules, interbank clearing and settlement systems, and participated in the payment systems reform as well as in creation of the Clearing House (SYBIR and ELIXIR systems).
Leader for Component 3 (C), Head of Performance Management Division, Lietuvos bankas
Excellent knowledge of process management establishment and implementation of performance measurement. Vast experience in coordination of annual planning of activities and budgeting.
Leader for Component 4 (D), Deputy Director of the International Department, Narodowy Bank Polski
Extensive knowledge in the area of international relations and European integration issues. Co-responsible for cooperation within the ESCB and other EU institutions and bodies.
The The NBU works with international financial institutions with the purpose of enhancing the stability of Ukraine’s financial system. While integrating into the global financial community and moving towards the European Union, the NBU coordinates its actions with international institutions and other central banks. To find out more go to the link