The banking system of Ukraine

The banking system of Ukraine dates to March 1991, when the Ukrainian Parliament passed the law ‘On Banks and Banking Activities’, determining this system as two-level, composed of the National Bank and commercial banks.

The National Bank of Ukraine is the central financial body of the state conducting a uniform national monetary, credit and currency policy, aiming to strengthen the national currency; organizing inter-bank settlements; and coordinating and supervising the whole banking system.

Commercial banks varying in type and ownership are set up by legal entities and private persons as joint-stock companies. The Savings Bank is state-owned, other banks are limited liability partnerships, closed joint-stock companies, and open joint-stock companies. Their main functions include granting loans to businesses and individuals (backed by something valuable, like assets of enterprises, institutions, and organizations), cash transfers and payment services, currency exchange, and other banking transactions. The banking sector of Ukraine has a ramified system of correspondent accounts in foreign banks. Simultaneously, non-resident banks operate correspondent accounts in Ukraine’s banks. This supports the settlement of import-export operations.

Transition to international accounting and reporting standards beginning January 1,1998 was an important event for the Ukrainian banking system. It has adapted Ukrainian banking system to the international standards and reporting formats; the development and implementation of software has also been completed.

Privatbank and Bank Aval are the leading commercial banks in Ukraine. Of the overall number of commercial banks, some are banks with foreign participation, including wholly foreign-owned banks. There was founded the Ukrainian Inter-bank Currency Exchange which trades efficiently Ukrainian and foreign currencies and prevents significant fluctuations in the international value of the hryvnia.

To secure the banks’ stability the National Bank of Ukraine resolved to increase the minimum amount of a commercial bank’s own funds, and an authorized stock was set for the registration of newly established banks.

Ukraine’s banking strategy is to promote and stimulate commercial banks in solving economic and social problems in the country.

Vocabulary:

to strengthen – зміцнювати

settlement – здійснення розрахунків, оплата

to vary – варіюватися, змінюватися

legal entity – юридична особа

joint-stock company – акціонерне товариство

cash transfer – переказ готівки

currency exchange – обмін валют

ramified system – розгалужена система

event – подія

software – програмне забезпечення

fluctuation – коливання

authorized stock – номінальний капітал, дозволені для випуску акції

to solve problem – вирішувати проблему

1. Дайте письмові відповіді на наступні запитання:

1. What is the National Bank of Ukraine?

2. What are the main functions of the National Bank of Ukraine?

3. What functions do commercial banks perform?

4. Who owns Ukrainian banks? What kinds of ownership of banks are there?

5. What important event took place in 1998?

6. What does Ukrainian Inter-bank Currency Exchange do?

7. How does the National Bank of Ukraine secure the banks’ stability?

2. Перекладіть українською мовою:

To date, two-level, uniform, to aim, inter-bank settlements, the whole banking system, legal entity, open joint-stock company, to grant a loan, to back, correspondent account, simultaneously, accounting and reporting standards, to adapt, implementation, the overall number, wholly, to prevent, to promote.

3. Перекладіть англійською мовою:

Прийняти закон, грошова політика, зміцнити, змінюватися, закрите акціонерне товариство, щось цінне, переказ готівки, банківська операція, розгалужений, підтримувати, ефективно торгувати, значне коливання, забезпечувати стабільність, збільшити, номінальний капітал, реєстрація.

4. Підберіть синоніми:

1.determine a. to form, to organize

2. compose b. primary, chief

3. conduct c. to finish, to accomplish

4. main d. to control, to handle

5. sector e. to settle, to establish

6. complete f. measure, criterion

7. standard g. settlement, installment

8. back h. to protect, to guarantee

9. secure i. area, field

10. payment j. to support, to confirm

5. Напишіть логічні завершення поданих речень:

1. Being the central financial body of the country, the central bank must ________

2. The aim of the central bank is ______

3. There are several types of ownership of the banks, namely _________

4. Cash transfers, payment services, currency exchange, and other banking transactions are _______

5. Correspondent accounts support ________

6. The Ukrainian Inter-bank Currency Exchange functions include ________

6. Відновіть правильний порядок слів, використовуючи всі подані слова:

1. by the law, Ukrainian, The levels of, are determined, banking system, ‘On Banks and Banking Activities’.

2. types of ownership, Legal entities, can set up, and, commercial banks, private persons, of different.

3. must, by valuables, enterprises, Loans, be backed, like, of, or, organizations, assets.

4. operated, Ukrainian and foreign, Ramified system, both, accounts, of, correspondent, is, by, banks.

5. reporting, Ukrainian, uses, banking, standards, system, international, formats, and.

6. Ukraine, operate, with, Commercial banks, wholly, foreign participation, foreign-owned, and, banks, on the territory of.

7. The, own funds, Ukraine, amount, increased, of, of, the minimum, a commercial bank's, National Bank.

8. Ukraine’s, commercial, To promote, solving, banks, in, is, of, the, strategy, different, banking, problems system.

7. Підберіть визначення до термінів:

1. joint-stock company	a. the sets of programs or instructions that you put into a computer when you want it to do particular jobs
2. software	b. to encourage an activity to begin or further develop
3. currency	c. sudden changes in something such as the price, amount, or level of something
4. fluctuation	d. a business activity begun, shared, or owned by two or more parties working together
5. law	e. concerning human society and its organization, or the quality of people’s lives
6. social	f. a rule that people in a particular country, city or local area must obey
7. stimulate	g. the system or type of money that a particular country uses

8. Повторіть правила утворення питальних речень. Поставте питання до виділених слів, починайте питання зі слів, поданих в дужках:

1) The banking system of Ukraine dates to March 1991. (When?)

2) Commercial banks varying in type and ownership are set up by legal entities and private persons. (By whom?)

3) Non-resident banks operate correspondent accounts in Ukraine’s banks. (Who?)

4) Ukrainian Inter-bank Currency Exchange trades efficiently Ukrainian and foreign currencies. (What?)

5) The banking sector of Ukraine has a ramified system of correspondent accounts in foreign banks. (Where?)

9. Перекладіть речення:

1) Цей закон визначив, що банківська система повинна бути дворівневою, чи не так?

2) Кредитно-валютна політика національного банку сприяє зміцненню нашої валюти.

3) Уряд надав право засновувати банки як юридичним, так і фізичним особам.

4) Ми ніяк не дійдемо згоди. Як на твою думку, відкрите акціонерне товариство має переваги перед закритим?

5) Нашому акціонерному товариству буде складно застосовувати ці нові обліково-звітні стандарти, нам доведеться найняти ще одного кваліфікованого бухгалтера.

6) Хто допоміг вам створити таку розгалужену систему управління? – Наші зарубіжні партнери.

7) Щоб запобігти значним коливанням на валютному ринку, національний банк запровадив правила, обов’язкові для всіх фінансових установ.

8) Ця серйозна соціальна проблема буде розв’язана до кінця поточного року.

9) Зараз наш системний адміністратор проводить встановлення нового програмного забезпечення.

10) Згідно нового закону, зріс номінальний капітал, але цей банк вже адаптувався до нових умов.

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