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The Law of Ukraine on the National Bank of Ukraine




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individual officials of the National Bank, except for cases provided for in paragraphs 2 and 3 of this Article.


In case of the multiple non-performance or improper performance of decisions of the Council of the National Bank by the

National Bank, which are mandatory hereunder, the Council of the National Bank shall be entitled to inform the Supreme

Council of Ukraine and the President of Ukraine of its state and obtain a substantiated reply.


Article 10. Complement and Formation of the Council of the National Bank


The Council of the National Bank shall consist of fourteen persons.


A citizen of Ukraine with the highest economic or financial education or a scientific degree in the field of economics and finance

and the experience of the continuous work in the legislative bodies or on the management positions in the central executive

bodies of Ukraine or in a banking institution, or the scientific work experience in the field of the economics or finance may be a

member of the Council of the National Bank.


The President of Ukraine shall appoint by a relevant Decree seven members of the Council of the National Bank, including the

Governor of the National Bank due to his/her official capacity.


The members of the Council of the National Bank shall be appointed by the Supreme Council of Ukraine by means of the

adoption of a relevant Resolution.


The candidates to be approved by the Supreme Council of Ukraine shall be discussed at a special open session of the relevant

committee of the Supreme Council of Ukraine, which shall provide the Supreme Council of Ukraine with its recommendations.


The subsequent appointment of the members of the Council of the National Bank shall take place not later than three months

before the expiry of the powers of the previous complement of members of the Council of the National Bank.


The term in office of the members of the Council of the National Bank shall be seven years, except for the Governor of the

National Bank, who shall be appointed for the term of his powers in his office.


The powers of members of the Council of the National Bank shall be terminated due to the expiry thereof or shall be subject to

the early termination by the appointing body in case:

- of member's own initiative, subject to an application in writing;

- of the termination of the citizenship or departure from Ukraine to a permanent place of residence;

- of coming into effect of an accusatory court sentence resulting from the commitment of a crime;

- of the death or a court's decision to declare a person dead or missing.


The President of Ukraine shall dismiss the members of the Council of the National Bank appointed by him by a relevant

Decree but not earlier than in one year after the date of appointment.


The Supreme Council of Ukraine shall dismiss the members of the Council of the National Bank appointed by it by a relevant

Resolution upon the submission of the relevant Committee of the Supreme Council of Ukraine but not earlier than in one year

after the date of appointment.


The powers of the Governor of the National Bank as a member of the Council of the National Bank shall be terminated early

in case of his/her resignation or dismissal for other reasons hereby.


Members of the Council of the National Bank shall carry out their functions on a voluntary basis. The members of the Council

of the National Bank shall be reimbursed for their actual expenses incurred in connection with their duties according to the

Regulations of the Council of the National Bank.


The internal issues of the organization of activities of the Council of the National Bank, the records management and other

issues shall be determined by the Regulations to be approved at a session of the Council.


The Council of the National Bank shall be accommodated and the organizational/material support thereto shall be ensured by

the National Bank of Ukraine for the account of its estimate expenses.


Article 11. Working Procedures of the Council of the National Bank


The sessions of the Council of the National Bank shall be held at least once per quarter.


The extraordinary sessions of the Council of the National Bank shall be convened by the Chairman of the Council of the

National Bank upon his/her initiative or by the Council of the National Bank upon the urgent request of at least one third of its

total complement. The members of the Council of the National Bank shall be notified of the session at least five days in

advance. The Procedure of the preparation to the extraordinary session of the Council of the National Bank shall be

determined by the Regulations of the Council.


The sessions of the Council of the National Bank shall be competent in case of the presence of at least eight members of the

Council.


The sessions of the Council of the National Bank shall be chaired by the Chairman of the Council of the National Bank or, in

case of his absence, by the Deputy Chairman according to the Regulations.


The decisions shall be taken by the simple vote of the majority of the total number of attending members of the Council of the

National Bank. Each member of the Council of the National Bank shall have one vote.


Chief administrators of the central government bodies, representatives of the businesses, scientists and other specialists may be

invited to attend sessions of the Council of the National Bank.


The members of the Council of the National Bank may take part in the activities of the Board of the National Bank with the

right of the deliberative vote.


Article 12. Chairman and Deputy Chairman of the Council of the National Bank


The Chairman and the Deputy Chairman of the Council of the National Bank shall be elected by the Council of the National

Bank for a period of three years.


The Chairman of the Council of the National Bank:

- shall organize sessions of the Council of the National Bank and chair the sessions of the Council of the National Bank;

- shall convene extraordinary sessions upon his initiative or upon urgent request of at least one third of the total number of the

members of the Council of the National Bank;

- shall carry out other powers and functions according to decisions of the Council of the National Bank.


The Deputy Chairman shall replace the Chairman of the Council of the National Bank in case of his absence or inability to

implement his powers, and shall carry out his powers and functions according to decisions of the Council of the National Bank.


The Chairman or the Deputy Chairman of the Council of the National Bank may be dismissed during the term of their powers

for the following reasons:

- due to the expiry of the term of powers;

- upon his own initiative, subject to an application in writing;

- in case of the systematic failure to meet his obligations due to the health condition during four months.


In case of the termination of the powers of the Chairman or Deputy Chairman of the Council of the National Bank, the

elections to this position shall be held according to the procedure provided for hereby.


Article 13. Decisions of the Council of the National Bank and the Suspensive Veto


The materials of sessions of the Council of the National Bank shall be issued in the form of Minutes of Meeting and Decisions

and signed by the chairman of the session.


The decisions of the Council of the National Bank on the issues covered by paragraphs 1, 4-12 of Article 9 hereof shall be

mandatory for the Board of the National Bank.


The recommendations of the Council of the National Bank shall be considered by the Board of the National Bank within five

working days On the basis of such consideration, the Board of the National Bank shall be obliged to send a substantiated reply

to the Council of the National Bank


The Council of the National Bank shall not be entitled to interfere in the operations of the Board of the National Bank


Should the Council of the National Bank apply the suspensive veto to an individual decision of the Board, such a decision shall

become effective only if confirmed by two thirds of the total number of members of the Board of the National Bank not later

than within five days after the date of the veto Should such a decision not be confirmed by two thirds of the total number of the

member of the Board of the National Bank within the specified term, it shall be considered as failed to become effective If a

decision of the Board of the National Bank has become effective prior to the application of the suspensive veto with regard

thereto, such a decision shall be suspended from the moment of the veto until the confirmation by two thirds of the total number

of the members of the Board of the National Bank within the specified term.


The decisions of the Council of the National Bank shall be subject to publication, unless these decisions contain national,

banking or service secrets under the law


Members of the Council of the National Bank shall be prohibited from disclosing the national, banking and service secrets, of

which they have become aware in connection with the exercise of their powers under the Regulations.


Article 14. Functions of the Board of the National Bank


According to the General Principles of the Monetary Policy, the Board of the National Bank shall ensure the implementation of

the monetary policy by means of relevant monetary instruments and other means of the banking regulation, organize the

performance of other functions in accordance with articles 6 and 7 hereof and manage the activities of the National Bank.


Article 15. Powers of the Board of the National Bank


The Board of the National Bank:


1.shall take decisions:


on economic means and monetary methods required to implement the General Principles of the Monetary Policy

according to the decisions of the Council of the National Bank taken with regard to these issues and the necessity

to ensure the stability and the purchasing power of the national currency;

on the emission of Ukraine's currency and the withdrawal of bank notes and coins from the circulation;

on changing the interest rates of the National Bank;

on establishing economic performance indicators for the banks, financial and credit institutions;

on the amount and procedure of the formation of mandatory reserves for the banks, financial and credit

institutions;

on the application of sanctions to the commercial banks, financial and credit;

on setting the limits to transactions on the open market effected by the National Bank;

on the list of securities and other values qualifying as guarantee under the credits of the National Bank;

on the conditions of the acceptance of the foreign capital in Ukraine s banking system;

on the establishment and liquidation of enterprises and institutions of the National Bank;

on the participation in the international financing organizations, in the capital of banks, in financial and credit

institutions, subject to co-ordination with the Council of the National Bank;

on the submission of international agreements and other contracts to the Council of the National Bank for

approval, if the liability thereunder exceeds the authorized capital of the National Bank;

on the purchase and sale of the property to support the activities of the National Bank.

2.shall submit the annual report of the National Bank, the draft estimate of revenues and expenses for the next year, other

accounting and statistical information about the activities of the National Bank and Ukraine's banking system to the

Council of the National Bank for consideration, if requested by the Council of the National Bank;

3.shall determine the organizational principles and structure of the National Bank, approve the regulations on structural

subdivisions and institutions of the National Bank, Charters of its enterprises, the procedure of the appointment of

managers of subdivisions, enterprises and institutions;

4.shall approve the staffing schedule of the National Bank;

5.shall specify the procedure of granting licenses for banking transactions, as well as of other licenses in cases and

according to the procedure provided for by the law;

6.shall issue the regulatory documents of the National Bank;

7.shall approve the Regulations of the Board of the National Bank;

8.shall carry out functions provided for by Articles 3, 23, 28, 60 and 64 hereof, as well as other functions ensuing from

the main objective of the National Bank.


Article 16. Complement of the Board of the National Bank


The Board of the National Bank shall be chaired by the Governor of the National Bank.


The complement of the Board of the National Bank shall be approved by the Council of the National Bank subject to the

submission by the Governor of the National Bank.


Deputy Governors of the National Bank shall be members of the Board of the National Bank due to their official capacity.


Article 17. Working Procedures of the Board of the National Bank


The procedure of organizing and holding sessions of the Board of the National Bank shall be determined by its Regulations


Article 18. Appointment and Dismissal of the Governor of the National Bank


The Governor of the National Bank shall be appointed by the Supreme Council of Ukraine subject to the submission by the

President of Ukraine by the majority of the constitutional complement of the Supreme Council of Ukraine for the period of five

years.


Should the Supreme Council of Ukraine fail to appoint the candidate proposed by the President of Ukraine, the issues of

managing the National Bank and the procedure of introducing a new candidate shall be regulated by the Law of Ukraine "On

Temporary Discharge of Obligations of Officials Appointed by the President of Ukraine upon Consent of the Supreme Council

of Ukraine or by the Supreme Council of Ukraine subject to the Submission by the President of Ukraine" (709/97-VR). The

same candidate may not be proposed more than twice.


The Governor of the National Bank shall be dismissed by the relevant Resolution of the Supreme Council of Ukraine in the

following cases:


1.expiry of the term in office;

2.coming into effect of an accusatory court sentence resulting from the commitment of a crime;

3.resignation for political or personal reasons submitted in writing to and accepted by the President of Ukraine;

4.death or a court's decision to declare a person dead or missing;

5.termination of the citizenship or departure from Ukraine to a permanent place of residence;

6.upon request of the President of Ukraine within his constitutional competence.


Article 19. Duties and Powers of the Governor of the National Bank


The Governor of the National Bank:


1.shall manage the operations of the National Bank;

2.shall act on behalf of the National Bank and represent its interests without the power of attorney in relations with the

governmental bodies, banks, financial and credit institutions, international organizations, other institutions and

organizations;

3.shall chair the sessions of the Board of the National Bank;

4.shall sign Minutes of Meetings of the Board of the National Bank, executive orders and instructions, as well as

agreements concluded by the National Bank;

5.shall distribute duties among Deputy Governors of the National Bank;

6.shall issue administrative acts mandatory for all officials, enterprises and institutions of the National Bank;

7.shall take decisions on other issues related to the operations of the National Bank, other than those falling within the

exclusive competence of the Council of the National Bank and the Board of the National Bank hereunder;

8.shall bear the personal responsibility toward the Supreme Council of Ukraine and the President of Ukraine for the

operations of the National Bank.


Article 20. Deputy Governors of the National Bank


The Governor of the National Bank shall have one first deputy and two deputies to be appointed and dismissed by the former

subject to the consent of the Council of the National Bank.


Article 21. Appointment and Dismissal of the Department Directors


The Directors of departments of the National Bank shall be appointed and dismissed by the Governor of the National Bank

according to the laws of Ukraine on labour.


^ SECTION III. ORGANISATIONAL BASIS AND STRUCTURE OF THE NATIONAL BANK


Article 22. Structure of the National Ban


The structure of the National Bank shall be built upon the principle of centralization with the vertical subordination.


The system of the National Bank shall comprize the central headquarters, branch offices (regional departments), settlement

chambers, the Mint, the Bank Note Paper Factory, the State Treasury of Ukraine, the Central Storage, specialized

enterprises, banking educational establishments and other structural units and subdivisions required to guarantee the operation

of the National Bank.


Within the limits imposed by law, the National Bank shall independently solve the issues of the organization, establishment,

liquidation and re-organization of structural subdivisions and institutions of the National Bank, its enterprises, and approve their

respective charters and regulations.


For the purposes of the collection and protection of values and facilities, the National Bank shall have the intra-agency security

service armed with combat guns.


Article 23. Status of Branch Offices


The branch offices (regional departments) of the National Bank shall not enjoy the legal entity status and may not issue

regulatory documents, they shall act on behalf of the National Bank within the framework of the powers granted by the latter

The tasks and functions of the branch offices of the National Bank shall be determined by the Regulations to be approved by

the Board of the National Bank.


^ SECTION IV. MONETARY POLICY


Article 24. General Principles of the Monetary Policy


The general principles of the monetary policy shall be based upon the basic criteria and macroeconomic indicators of the

national economic development programme and the Major Parameters of the Economic and Social Development of Ukraine

for a period in question, including the projected indicators of the gross domestic product, the inflation level, the state budget

deficit and sources of its compensation, the balance of payment and trade, all as approved by the Cabinet of Ministers of

Ukraine.


Annually, the National Bank shall inform the Supreme Council of Ukraine about the major lines of the monetary and currency

policy developed by the National Bank for the next year and a longer term.


Article 25. Means and Methods of the Monetary Policy


The major economic means and methods of the monetary policy shall be the regulation of the monetary mass through:


1.the specification and regulation of the mandatory reserve norms for the commercial banks, financial and credit

institutions;

2.interest policy;

3.commercial bank refinancing;

4.management of the gold and currency reserves;

5.transactions with securities in the open market;

6.regulation of the capital import and export.


Article 26. Mandatory Reserve Norms


The National Bank shall establish the mandatory reserve norms for the banks and other financial and credit institutions. At that:


1.the amount of mandatory reserves shall be established at a uniform rate for the banks and other financial and credit

institutions as the percentage of the total amount of deposits accepted by a bank in the national and foreign currency;

2.for various types of liabilities, different mandatory reserve norms may be established;
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