PROBLEMS OF LEGAL REGULATION OF BANKING OPERATIONS IN UKRAINE
Journal Title: Юридичний науковий електронний журнал - Year 2018, Vol 1, Issue
Abstract
Today, in the conditions of deteriorating conditions for conducting banking activity due to objective and subjective factors, it is very important to determine the guidelines and to model further ways of updating the banking legislation of Ukraine. Such a benchmark should become the norms of European law in the banking industry.The purpose of this article is to identify the main trends of the banking legislation of Ukraine at the present stage.Ukraine proclaimed a course on European integration by concluding a Partnership and Cooperation Agreement with the EU in 1994. And now it is obliged to bring legislation in the priority spheres of social and economic development, including in the banking sphere.Banking legislation of Ukraine as a whole is consistent with the relevant EU law. However, the banking system of Ukraine is still insufficiently developed.The main factors that should be taken into account when reforming the banking system of Ukraine are:1. In 2014, Ukraine experienced political, financial, economic and banking crises. 2. There was a decline in aggregate demand and the flow of savings from banking to the outside of the banking sector. Low confidence in the banking system, which causes the outflow of deposits, as well as a decrease in the level of use of banking services in general.3. Significant devaluation of the hryvnia, decline in the economy, deterioration in the quality of the loan portfolio of banks 4. Currency risks are high, which is a potential threat to the stability of the banking system as a whole. 5. A significant obstacle to the normal functioning of the banking sector is the distortion of statistical reporting by individual banks, which does not allow realistically assessing the extent of lending by related parties banks.We believe that in the long run, the reform of the banking sector should be aimed at reducing the cost of capital for domestic actors and ensuring sustainable economic development.
Authors and Affiliations
Н. В. Барахтян
Keywords
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