The financial stability board chaired by Governor of the National Bank of Ukraine (NBU) Valeriya Gontareva on October 30 called on all sides responsible for the implementation of the International Monetary Fund (IMF) cooperation program to do their utmost to ensure that Ukraine is able to receive the third tranche of the Extended Fund Facility (EFF) Arrangement.

"Cooperation with the IMF and ensuring compliance with the memorandum of understanding with the IMF are crucial for financial stability in Ukraine and all parties in charge of implementing the program of cooperation with the IMF must do their utmost to secure the disbursement of the third tranche under the EFF. Getting back on track with the IMF program would also contribute to the build-up of international reserves of the National Bank of Ukraine," the NBU said.

According to the report, the financial stability board also discussed the development of state-owned banks. The board members highlighted the need for fundamental changes to the standards of corporate governance of state-owned banks, as well as a review of existing business models and strategic objectives.

"Further support for state-owned banks at the expense of budget funds must go hand in hand with changes in their business philosophy. The Ministry of Finance is planning to finalize the development strategy for state-owned banks and present it to the public within a month," the NBU said.

The National Commission for Securities and the Stock Market outlined the steps which have been taken to suspend the circulation of the bogus securities in the banking and insurance sectors. The board members expressed their support for the first steps taken by the commission and agreed to pool the efforts of the regulators to withdraw bogus securities from circulation.