February 17, 2025
PRESS RELEASE
On February 10-14, 2025, Managing Director of the Deposit Guarantee Fund (hereinafter – the DGF) Olga Bilai took part in the bilateral meetings of Ukrainian representatives with the European Commission, which is the official screening for compliance of Ukrainian legislation with EU acquis regarding Financial Services and Consumer Rights and Health Care Protection clusters. The official delegation of Ukraine has been formed by the order of the Deputy Prime Minister on European and Euro-Atlantic Integration - Minister of Justice of Ukraine.
During the meetings, Olga Bilai, informed EU colleagues about the current level of compliance of Ukrainian legislation with the requirements of EU legislation, in particular, Directives 2014/59/EU, 2014/49/EU, 2001/24/EC, 2002/65/EC and 2023/2673.
“As of today we can admit a high level of compliance of national legislation in the terms of the rights of bank depositors, deposit guarantee scheme, as well as the bank liquidation process. We also have progress in approaching the EU standards of bank resolution. We have been successfully implementing resolution tools, which comply with the mechanisms provided for by EU BRRD Directive. Specifically, in January the DGF successfully alienated the part of the assets and liabilities of a failed bank in favor of assuming bank, implementing a resolution tool defined in this EU Directive,” emphasized Managing Director of the DGF Olga Bilai.
In addition, during the meetings Olga Bilai informed the EU colleagues about plans to implement a guarantee system for credit unions in Ukraine as one of the steps towards EU legislation alignment. Creating a deposit protection system for credit unions, similar to the bank deposit protection, is our final aim. Also, in terms of further harmonization of the deposit guarantee system to EU requirements Olga Bilai announced about her intention to extend deposit coverage to legal entities and shorten the payout start period.
The results of the screening sessions will be reflected in the relevant report of the European Commission.
As a note, the Ukrainian delegation was headed by Deputy Prime Minister on European and Euro-Atlantic Integration – Minister of Justice of Ukraine. The delegation included, in particular, representatives and heads of the Governmental Office for the Coordination of European and Euro-Atlantic Integration, Ministry of Justice of Ukraine, the Office of the President of Ukraine, the National Bank of Ukraine, the DGF, the National Securities and Stock Market Commission.