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The Law of Ukraine on the National Bank of Ukraine




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The Law of Ukraine on the National Bank of Ukraine

SECTION I. GENERAL PROVISIONS


Article 1. Terms and Notions


The terms and notions used herein shall have the following meaning:


"bank" shall denote a legal entity, which conducts the business on the acceptance of deposits from natural persons and legal

entities, keeping of accounts and provision of credits subject to the own conditions on the basis of a license issued by the

National Bank of Ukraine;


"banking metals" shall denote gold, silver, platinum, platinum-group metals affinated to the highest mark of assay according to

the national standards, both in ingots and as powder, provided with quality certificates, as well as coins made of the precious

metals;


"banking regulation" shall denote one of the functions of the National Bank of Ukraine consisting in the establishment of a

system of norms regulating the banking business, determine the general principles of the banking business, the procedures of

the implementation of the banking supervision, the responsibility for the violation of the banking legislation;


"banking supervision" shall denote a system of the control and active orderly actions of the National Bank of Ukraine aimed at

ensuring of the banks' and other financial and credit institutions' compliance with the laws of Ukraine and the established norms

in the course of their activities, in order to ensure the stability of the banking system and protect the depositors' interests;


"currency values" shall denote the material objects defined by Ukraine's currency regulation legislation as the means of the

currency and financial relations;


"open market" shall denote the market, where the securities purchase and sale transactions are effected between the persons,

who are not the primary lenders and borrowers, provided that the proceeds from the sale of securities at such market are

received by securities' holders, but not the issuers thereof. As a rule, it should be used by central banks for the purposes of the

sale and purchase of the short-term state securities in order to regulate the monetary mass. The investment of funds into the

national economy increases as the result of the purchase and reduces as a result of the sale;


"currency position" shall denote the ratio between bank's claims and liabilities in the foreign currency. If they are equal, the

position shall be deemed closed, otherwise it shall be deemed open. An open position shall be deemed short, if the amount of

liabilities in the sold currency exceeds the amount "of claims, and open, if the amount of claims in the purchased currency

exceeds the amount of liabilities;


"monetary and crediting policy" shall denote a set of actions in the sphere of the money turnover and crediting aimed at the

regulation of the economic growth, suppression of the inflation and ensuring of the stability of the monetary unit of Ukraine,

employment of the population and the equalization of the balance of payments;


"monetary substitute" shall denote any instruments in the form of bank notes different from the monetary unit of Ukraine, issued

by a body other than the National Bank of Ukraine and manufactured in order to effect payments in the process of the

economic turnover;


"currency exchange policy" shall denote the policy of regulating the currency exchange rate by means of the sale and purchase

of the foreign currency;


"discount monetary policy" shall denote the increase or reduction of the rate of interest on credit by the National Bank of

Ukraine, in order to regulate the demand for and the supply of the lending capital;


"gold and currency reserve" shall denote Ukraine's reserves indicated in the balance sheet of the National Bank of Ukraine,

including the assets recognized as international assets by the international community and designed for the international

settlements;


"insider" shall denote a legal entity or a natural person, which has an access to the confidential information on the bank's

business due to the official position, the share in the bank's capital, family connections and has an opportunity to use its status

to study its own interests;


"last-instance creditor" shall, as a rule, denote the National Bank of Ukraine, to whom a bank or another financial and credit

institution may apply for refinancing in case of the exhaustion of other refinancing opportunities. The National Bank of Ukraine

shall be entitled, but not obliged, to grant refinancing credits to the bank, unless this is associated with risks to the banking

system;


"treasury notes" shall denote debt securities issued by the state in the person of its authorized bodies, placed solely on a

voluntary basis among the natural persons and legal entities and confirming the payment of monies by its owners to the budget

and entitling them to obtain financial revenues or other interests according to the terms and conditions of their issue;


"metal accounts" shall denote the accounts opened by authorized banks of Ukraine to register transactions with the banking

metals;


"general principles of the monetary policy" shall denote a set of the variable financial indicators enabling the National Bank of

Ukraine to regulate the money turnover and crediting of the national economy by means of the monetary management

instruments (means and methods), in order to ensure the stability of the monetary unit of Ukraine as a monetary pre-requisite

to the economic growth and maintaining the high level of employment of the population;


"discount rate of the National Bank of Ukraine" shall denote the percentage commission taken by the National Bank of

Ukraine for the refinancing of commercial banks by purchasing bills of exchange prior to their term of payment to be deducted

from the nominal amount of the bill of exchange. The discount rate shall be the lowest among the refinancing rates and serve as

a reference point for the price for money;


"official publication of the National Bank of Ukraine" shall denote a special printed bulletin designated as official by the

National Bank of Ukraine and registered according to the established procedure, where the regulations of the National Bank

of Ukraine are published together with the information, analytical, statistical and other materials, reviews of the status of

Ukraine's banking system, monetary and financial markets, etc.;


"official exchange rate" shall denote the currency exchange rate officially set by the National Bank of Ukraine as an authorized

body of the state;


"balance of payments" shall denote the ratio between the amount of pecuniary revenues obtained by the country from abroad

and the amount of payments effected by it abroad during certain period. The balance of payments shall include the settlements

related to the foreign trade, services, non-commercial transactions, revenues from the capital investment abroad, trade in

licenses, affreigtment and service of vessels, tourism, upkeep of the diplomatic and trade missions abroad, monetary transfers

of individuals, payments to other countries under loans, etc. The balance of payments shall include the capital flow: investments

and credits;


"reserve position with the International Monetary Fund (hereinafter referred to as IMF)" shall denote the claims of a member

country to the IMF, which are defined as a difference between the quota and IMF's assets in the currency of the member

country less the monetary assets of the IMF received by a member country in the form of the credits from IMF and the

balance on account No. 2 of the IMF, which shall not exceed 0.1 % of the member country's quota;


"refinancing rates of the National Bank of Ukraine" shall denote the percentage commission for credits granted to commercial

banks, which is established by the National Bank of Ukraine in order to influence the money turnover and crediting. The

National Bank of Ukraine shall establish the discount and pawn rates;


"special drawing rights (SDR)" shall denote the international reserve asset created by the IMF in addition to the existing

international reserve assets, which is a basket of five currencies, whose make-up is revised every five years. The value of the

special drawing rights is determined on a daily basis;


"financial and credit institution" shall denote a legal entity, which exercises one or several transactions, which are capable of

being conducted by the banks, except for the acceptance of deposits from the population;


"price stability" shall denote maintaining the pricing system at a certain level by means of keeping a stable exchange rate of the

monetary unit of Ukraine;


"insolvency" shall denote:

- the inability to meet the legitimate claims of creditors within one month;

- the reduction of the amount of own funds to a level, which is less than one third of the amount designated as the minimum

required amount by the NBU.


Article 2. Legal Basis of Activities of the National Bank of Ukraine


The National Bank of Ukraine (hereinafter referred to as the National Bank) is the central bank of Ukraine, a specific central

body of the state administration, whose legal status, objectives, functions, authority and organization principles are determined

by the Constitution of Ukraine, this Law and other laws of Ukraine.


The management bodies and the headquarters of the National Bank shall be located in the City of Kyiv.


Article 3. Authorized Capital


The National Bank shall have the authorized capital, which is the state-owned property.


The authorized capital shall amount to UAH 10 million. It may be altered by a decision of the Council of the National Bank.


The sources of the authorized capital of the National Bank shall be the revenues of its estimate and the State Budget of

Ukraine, if necessary.


Article 4. Economic Independence


The National Bank shall be an economically independent body, which shall pay the expenses for the account of own revenues

within the limits of the approved estimate and, in cases provided for hereby, at the expense of the State Budget of Ukraine.


The National Bank shall be a legal entity with separated property, which is the object of the state property and is in the full

economic competence of the National Bank.


The National Bank shall not be liable under the liabilities of the government bodies; the government bodies shall not be liable

under the liabilities of the National Bank, except for their voluntary assumption of such an obligation.


The National Bank shall not be liable under the liabilities of other banks: other banks shall not be liable under the liabilities of

the National Bank, except for their voluntary assumption of such an obligation.


The National Bank may open its institutions, branch and representative offices in Ukraine, as well as representative offices

abroad.


The National Bank, its institutions, branch and representative offices shall have a seal with the National Emblem of Ukraine and

their respective names.


Article 5.Revenues and Expenses


The obtainment of the profit shall not be the objective of the National Bank's activity.


The planned revenues and expenses of the National Bank shall be indicated in the estimate of its revenues and expenses. The

revenue and expense estimate shall ensure the possibility of National Bank's performance of its functions as established by the

Constitution of Ukraine and hereby.


In case of the excess of the estimate revenues over the estimate expenses approved for the current budget year, the National

Bank shall include the positive difference covering the budget deficit in the State Budget of Ukraine for the year following the

reporting year the excess of expenses over the revenues shall be reimbursed at the expense of the State Budget of Ukraine of

the year following the reporting year.


The planning and accounting of revenues and expenses, as well as the formation of funds and reserves of the National Bank

shall be carried out according to the Regulations to be approved by the Council of the National Bank of Ukraine.


Article 6. Main Function


According to the Constitution of Ukraine (254k/96-VR), the main function of the National Bank is to ensure the stability of

Ukraine's monetary unit.


To carry out its major function, the National Bank shall foster the stability of the banking system and within its competence, the

price stability.


Article 7. Other Functions


The National Bank shall carry out the following functions:


1.to determine and pursue the monetary policy in accordance with the General Principles of the Monetary Policy

developed by the Council of the National Bank of Ukraine;

2.to issue the national currency of Ukraine on a monopoly basis and to organize its circulation;

3.to issue the national currency of Ukraine on a monopoly basis and to organize its circulation;

4.to establish the rules of conducting banking transactions, accounting and reporting, protection of the information, funds

and property for the banks and other financial and credit institutions;

5.to organize and to provide the methodological support to the system of the monetary, crediting and banking statistical

information and the statistics of the balance of payments;

6.to organize and to provide the methodological support to the system of the monetary, crediting and banking statistical

information and the statistics of the balance of payments;

7.to determine the areas of the development of modern electronic banking technologies, to establish, co-ordinate and

control the creation of electronic means of payment, payment system, banking automation and the banking information

protection facilities;

8.to exercise the banking regulation and supervision;

9.to keep a Register of banks, their branch and representative offices, currency exchanges and financial and credit

institutions, to license banking business and transactions, if provided for by the laws;.

10.to compile, analyze and forecast the balance of payments;

11.to represent Ukraine's interests in central banks of other states, international banks and other crediting institutions, where

the cooperation takes place at the level of central banks;

12.to exercise the currency regulation with the competence to be defined by a special law, to determine the procedure of

effecting payments in the foreign currency, to organise and exercise the currency control over the commercial banks and

other credit institutions which are in possession of a National Bank's license for the transactions with currency values;

13.to ensure the accumulation and custody of the gold and currency reserves and the conduction of transactions with them

and the banking metals;

14.to analyze the status of the monetary, crediting, financial, pricing and currency relations;

15.to organize the collection and transportation of bank notes, coins and other values

16.to implement the national policy of the protection of state secrets within the system of the National Bank;

17.to take part in the training of personnel for Ukraine s banking system;

18.to exercise other functions in the monetary and crediting sphere within its competence defined by the law.


^ SECTION II. MANAGEMENT BODIES OF THE NATIONAL BANK


Article 8. Management Bodies


The highest management body of the National Bank shall be the Council of the National Bank of Ukraine (hereinafter referred

to as the Council of the National Bank). The governing body of the National Bank shall be the Board of the National Bank of

Ukraine (hereinafter referred to as the Board of the National Bank).


Article 9. Powers of the Council of the National Bank


The Council of the National Bank:


1.shall develop and submit to the consideration by the Supreme Council (Parliament) of Ukraine the General Principles of

the Monetary Policy for the information purposes till September 15, according to the National Economic Development

Programme and Basic Parameters of the Economic and Social Development of Ukraine, and monitor the compliance

with these General Principles;

2.shall analyze the impact of Ukraine's monetary policy on the condition of the social-economic development of Ukraine

and develop proposals as to the introduction of the required changes thereto;

3.to make recommendations to the Board of the National Bank within the framework of the developed General Principles

of the Monetary Policy:

as regards the methods and forms of forecasting the macro-indicators of the economic and social development of

Ukraine, as well as the monetary policy;

individual monetary and regulatory actions and their impact on Ukraine's economic and social development;

the exchange rate formation and currency regulation policy;

the development of the banking system and individual regulations on the issues of the banking business;

improvement of the payment system;

other issues referred to the competence of the National Bank by law.

4.shall approve the estimate of revenues and expenses of the National Bank and submit to the Supreme Council of

Ukraine and the Cabinet of Ministers of Ukraine till September 1 of the current year the projections of the estimate

balance to be included in the draft State Budget of Ukraine for the next year;

5.shall establish the forms of the remuneration of the labour of employees of the National Bank in accordance with the

laws of Ukraine;

6.shall take decisions on changes in the authorized capital amount of the National Bank;

7.shall appoint the auditing company to audit the National Bank, deliberate on the auditors' opinion and approve the

accounting balance sheet of the National Bank publish the annual balance sheet of the National Bank in the official

printed media;

8.shall agree upon the Report over the National Bank's Estimate Performance and the Profit Allocation for the reporting

budget year on an annual basis till July 1;

9.shall agree upon the Report over the National Bank's Estimate Performance and the Profit Allocation for the reporting

budget year on an annual basis till July 1;

10.shall be entitled to use the suspensive veto with regard to individual decisions of the Board of the National Bank on the

issues falling within its competence;

11.shall approve the decisions of the Board of the National Bank on the participation in international financing

organizations, capital of the banks, financial and credit institutions;

12.shall approve the foreign economic agreements and other contracts, if the liability thereunder exceeds the authorized

capital of the National Bank;

13.shall determine for the National Bank on an annual:

basis the following requirements to the diversification and liquidity of the assets;

quotas of the off-balance liabilities;

regulation with regard to the reserve formation, losses covering and the procedure of deducting revenues to the

State Budget of Ukraine;

requirements to the minimum amount of the gold and currency reserves;

other performance indicators characterizing the National Bank's ability to meet its liabilities;

14.shall give the consent to the appointment and dismissal of members of the Board of the National Bank, subject to the

submission by the Governor of the National Bank;

15.shall make recommendations to the Cabinet of Ministers of Ukraine as regards the: influence of the state borrowing and

taxation policy on the status of the monetary and crediting sphere of Ukraine.


The Council of the National Bank may not give recommendations with regard to the expedience of appointing or dismissing the

Governor of the National Bank, members of the Board of the National Bank or give the personal appraisal of the activities of
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