The National Bank of Ukraine for the first time published the list of so-called “significant” credit unions. The list currently includes two institutions — Cherkasy credit union “Credit-Soyuz” and Stryia “Vyhoda”. reported NBU press office.
According to the fourth part of the third article of the Law of Ukraine “On Credit Unions”, classification of a credit union into the category of significant is possible subject to compliance with the criteria established by the regulations of the National Bank of Ukraine.
In particular, the union must have a valid license, not be declared insolvent and not have the status of a consolidated credit union. Its assets, according to the reporting as of January 1 of the current year, should be equal to or exceed 100 million hryvnias. In addition, the indicator of the significance of the union should not be lower than 70.
The status of a significant credit union is acquired from the moment of publication of the relevant list by the National Bank. After being included in this list, the credit union is obliged to bring its activities into compliance with the requirements of the Law on the management system by the end of the calendar year. These requirements are set out in the Resolution of the Board of the NBU dated February 2, 2024 No. 15 (as amended).
We would like to remind you that on January 1, 2024, a new Law “On Credit Unions” entered into force in Ukraine, which replaced the version that had been in effect since 2001. In the document, a credit union is defined as a financial institution based on cooperative principles, the main purpose of which is to meet the needs of its members in mutual lending, as well as providing financial and other services.
