The Bill (Reg. No.3397) regulates relations between the Council and the Board of the National Bank and defines mechanism of cooperation between the Cabinet of Ministers and the National Bank of Ukraine concerning formation and implementation of fundamental principles of monetary management.
Thus, according to the Bill, "the Council of the National Bank of Ukraine can express no-confidence to the Board of the National Bank of Ukraine, which is a ground for resignation of the Vice-Chairman of the National Bank and submission of the motion concerning dismissal of the Chairman of the National Bank of Ukraine to The Verkhovna Rada of Ukraine by the President of Ukraine".
Furthermore, for the period of validity of the Law "On Immediate Measures to be taken to prevent Negative Consequences of the Financial Crisis, and Amendments to certain Legislative Acts of Ukraine", the National Bank of Ukraine is authorized to take the following measures:
"to impose restrictions on correlation of credits (except of long-term ones) in the loan portfolio with crediting of economy being a priority task.
to impose temporary ban on the increase of interest rates on credits issued before 1 September 2008".