PROBLEMS OF CREDIT AND COOPERATIVE SECTOR DEVELOPMENT IN UKRAINE
DOI:
https://doi.org/10.31498/2225-6407.12.2015.76057Keywords:
credit co-operation, credit co-operative union, National Commission for State Regulation of Financial Services Markets, pseudo credit union, self-regulatory organization of credit unions.Abstract
In the article the current state and characteristics of the cooperative credit sector of Ukraine is researched. It was revealed that inadequate state regulation of not only the financial sector of the economy in general, but also credit cooperative sector in particular had caused a number of problems that hinder their effective activities. The main of these problems are constantly changing legal framework and institutional inability to regulate credit unions. The main consequence of this situation is the emergence of pseudo unions (and loss of public confidence in the credit cooperative as a form of mutual and self help), reducing the effectiveness of their activities’ regulation. Taking into account the experience of foreign countries in the regulation of credit cooperative sector (namely in terms of creating the proper regulatory framework and institutional environment for credit unions functioning), the introduction of credit unions’ sector Self- Regulating Organization was proposed. It must unite the representatives of the state regulator and the market as well as fulfill a highly important in modern conditions of Ukrainian economy development indirect supervision function, which will significantly reduce the risks, contribute to strengthening and maintaining liquidity. Over the long term this will ensure the stability of the system of credit cooperatives in Ukraine. The study aims to identify current problems of cooperative credit unions in Ukraine and develop proposals for their solution. The subject of work: the causes of emergence and the role of government in providing legal environment to solve them. In research process the following methods of research were used: analysis and synthesis, comparison, historical and logical method. The main result is the development of approaches to optimize the measures of state regulation of national economy credit cooperative sector. The results obtained might be used in development of legislative reforms aimed at the regulation of financial institutions in Ukraine, as well as implementing credit unions' sector Self- Regulating Organization.References
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