The Financial Stability Board approved the Mortgage Lending Development Strategy, which aims to create a full-fledged mortgage market in Ukraine taking into account European approaches. The document was developed within the framework of Ukraine’s obligations to the International Monetary Fund. About this reported press service of the National Bank of Ukraine.
The participants of the meeting supported the document, which provides for the development of market instruments to support economic and demographic growth in the conditions of war, as well as in the period of post-war recovery. The strategy defines the main directions of reforms: adaptation of Ukrainian legislation to the provisions of Directive 2014/17/EU on mortgage lending; ensuring the possibility of mortgage insurance against military risks; introduction of property valuation standards based on European models and creation of an open real estate price database.
Among other goals are updating legislation in the field of construction to reduce the risk of incomplete construction and increase the transparency of real estate transactions, improving the conditions of state mortgage support through the “eOselya” program, which is implemented by PRJSC “Ukrfinzhitlo”, as well as determining the mechanisms for issuing covered bonds and securitization.
In addition, the Council adopted an updated Financial Sector Development Strategy, which includes an updated analysis of the current situation, clarified key indicators and new measures to reform the state social insurance system. Both documents will be made public after final approval.
The meeting also discussed the updated Review of Systemic Risks. Despite the threats posed by full-scale war and geopolitical instability, the situation in the financial sector is assessed as moderately stable. The economy is showing a gradual recovery, but it needs constant international support, in particular through the use of frozen Russian assets.
