World Council Member Association in Ukraine Describes Situation on the Ground2022-03-04
The following update is provided by Lyudmila Kravchenko, Vice President of the Ukrainian National Association of Savings and Credit Unions (UNASCU).
Even in these conditions, the credit unions of Ukraine continue to work and the United Credit Union (UCU) of UNASCU continues lending. In particular, on Monday and Tuesday we issued another two loans under the Worldwide Foundation for Credit Unions' Liquidity Fund.
We coordinate not only the activities of our members, but also solve the logistical problems associated with the evacuation of the families of the CUs' employees from dangerous locations. But even there, leadership and key personnel remain in place, although the activities of such unions are in most cases suspended.
Significant work is being done with the National Bank of Ukraine (NBU). We initiated the creation of special regulations regarding the order of repayment of deposits, deadlines for reporting, termination of inspections, a moratorium on the sanctions, including sanctions for non-compliance with financial ratios, as well as the need to revise the financial ratios as such. Some of our initiatives have already been embodied in the decisions of the NBU, which is certainly necessary in the conditions of the war unleashed by Russia.
Thank you (World Council of Credit Unions) for your offer to inform you about our needs and further needed assistance from your side. This proposal is extremely relevant and we are considering a plan of our actions for the near and future. In the conditions of enormous migration, the most significant challenge for credit unions is, of course, the liquidity crisis, which a significant part of them will face in the near future. Therefore, the availability of sources of additional liquidity is paramount, which will allow credit unions, first of all, to fulfill their obligations to depositors and maintain confidence.