The First Sitting of the Expert Economic Council
14 October 2008, 19:00
The Verkhovna Rada of Ukraine
Press Secretary of the Chairman of The Verkhovna Rada of Ukraine
Information for mass media
14 October 2008
On the initiative of Arseniy Yatseniuk, Chairman of The Verkhovna Rada of Ukraine, the first sitting of the Expert Economic Council was held on Tuesday, 14 October 2008. The Council included such prominent Ukrainian economic experts as Ihor Burakovsky, Director of the Institute of Economic Research and Political Consultations, Borys Tymonkin, Chairman of the Management Board of Joint Stock Bank "Ukrsotsbank", Iryna Zaria, President of the Association "PFTS" and representatives of the insurance services market. Experts of international economic organizations, the International Monetary Fund and the World Bank also participated in the sitting.
The participants of the sitting discussed the world economic crisis and its influence on the financial system of Ukraine. On the initiative of Arseniy Yatseniuk, Chairman of The Verkhovna Rada of Ukraine, the participants of the sitting elaborated guidelines for the National Bank of Ukraine and draft resolutions that can be adopted at the next plenary meeting of the National Security and Defense Council of Ukraine within the scope of discussion of the issue "Urgent Measures to be taken to strengthen Financial and Budgetary Discipline, and Reduction of Negative Influence of Global Financial Crisis on the Economy of Ukraine".
The participants of the sitting resolved to hold the meeting of the Expert Economic Council at least once a month. Moreover, the economic situation in Ukraine is to be discussed in on-line regime weekly.
"We founded the Economic Council, so that it would be possible not only to analyze present events, but also to predict future developments. The Economic Council should elaborate decisions to be implemented by the resolutions of the National Security and Defence Council of Ukraine, the Cabinet of Ministers, the National Bank or other public authority bodies with relevant authorities defined by the Constitution", - stated the Chairman of The Verkhovna Rada of Ukraine.
Arseniy Yatseniuk dwelled upon the measures to be taken in order to improve financial situation in the country.
The Chairman of The Verkhovna Rada of Ukraine defined three urgent measures to be taken in order to stabilize financial situation.
Thus, A.Yatseniuk calls for nationalization of those commercial banks that are presently in distressing financial situation and fail to settle the situation without assistance, such as "Prominvestbank".
A.Yatseniuk deems reasonable to employ the said method with all the banks that will reach the state of financial instability. He also stressed that it failed to require adoption of any legislative acts.
A.Yatseniuk also declared his intention to insist on immediate increase of individual deposits guarantee at the meeting of the National Security and Defence Council of Ukraine on Friday. At present, the said amount totals 50 thousand UAH, therefore, "it is possible to raise this amount to 150 thousand UAH". A.Yatseniuk reminded of the regulation of the Law "On Individual Deposits Guarantee", pursuant to which, the National Bank of Ukraine can raise relevant amounts of guarantee due to refinancing.