The Macroprudential Policy Strategy approved by the National Bank of Ukraine (NBU) in November is a Position Paper, which would not have quick effect on banks.

"Macroprudential tools are introduced not by this document, but by separate decisions of the NBU board. However, we declare the readiness to apply macroprudential tools, and this allows bank to prepare for it," Director of the financial stability department at the NBU Vitaliy Vavryschuk said in an interview with Interfax-Ukraine.

In addition he said that according to the document, macroprudential policy appears as a systemic action at the NBU. The central bank will conduct systemic preventive work to timely identify and effectively remove risks, and not simply to respond to challenges post factum.

Deputy NBU Governor Dmytro Solohub said in the interview that the central bank is applying some of the tools outlined in the strategy, including the liquidity coverage ratio (LCR).

"The approval of the strategy is a statement that we do this systemically. The strategy itself is a tool of communication, presenting our plans and our actions," he said.

Vavryschuk said that in the future, if the Verkhovna Rada passes a bill on the split of the functions for regulation of the nonbank financial market (No. 2413-a), the strategy could be changed in respect to the focus of the macroprudential policy. The concept and the frameworks of the macroprudential policy would not be changed, he said.