The NBU spoke about the resilience of Ukrainian banks during the war: key points

During the meeting of the European Regional Consultative Group of the Financial Stability Board, global and regional vulnerabilities, cyber threats to financial institutions, the regulation of stablecoins and digital assets were discussed. The meeting took place on November 5-6 in Basel, where the First Deputy Head of the National Bank of Ukraine, Serhiy Nikolaychuk, shared his insights.

Key points from Serhiy Nikolaychuk’s speech:

• Ukrainian banks remain resilient and reliable partners, despite the geopolitical storm and the rise in terrorist attacks.
• The banking system has become a source of stability due to quality restructuring, regulatory reforms, and stress testing.
• Lending has been growing for two years, but this does not lead to an increase in macro-financial risks due to the low level of credit penetration.

Significant bank investment in government securities allows for financing defense and recovery during wartime. The NBU's anti-crisis measures are being gradually lifted, and the system continues to approach EU requirements for banking regulation. Cyber threats highlighted the need for joint efforts among regulators in Europe to prevent problems due to banks’ reliance on external service providers.

Security risks and Europe's response

Serhiy Nikolaychuk emphasized the consistently high security risks at the regional level and the importance of a decisive and coordinated response from Europe, including the implementation of international sanctions. Geopolitical and operational risks have become structural features of the global environment, and the ability of the financial system to support the economy amid geopolitical turbulence is a task for regulators and partners.

Ukrainian banks continue to remain stable and reliable, confirming their high reliability even in difficult conditions of geopolitical conflicts and cyber threats.