Oleh Lavryk: “Current legislation on Credit Unions doesn’t meet modern requirements”

The Lviv University graduate, the Deputy Chairman of the Verkhovna Rada Committee on Financial Policy and Banking Oleh Lavryk asserted it during the visiting session of the Committee which took place in the Mirror Hall of Ivan Franko National University of Lviv on January 29, 2016.

Presenting a draft law of Ukraine “On amendments to some legislative acts of Ukraine on attorney’s certificate for the right to participate and vote at the general meetings of credit unions” (reg.№2923, 21.02.2015), the Deputy Chairman of the Committee noted that law drafting was conditioned by the necessity of introducing the changes aimed at reducing the list of services which were subject to licensing taking into account features of credit unions activity supporting the process of deregulating licensing procedures.

According to Oleh Lavryk, a draft law will determine the mechanism of self-regulation and self-control promoting to protect rights and interests of credit unions, reduce the load on public authorities and increase efficiency of state regulation and surveillance.

“Therefore, the implementation of the changes provided by a draft law will promote eliminating the collisions between rules of law and create more transparent conditions for providing financial services by credit unions”, – the Deputy Chairman of the Committee was convinced.

He also called the meeting participants for an active dialogue in order to amend the draft law and create a final version of the document.

After the long discussion of the issue of legislative changes connected with the reformation and development of the national system of credit cooperation, the meeting participants focused on the problems of credit cooperation namely its role in the economy and society as well as they told about the positive examples of credit unions activity of Lviv region.

The members of the National Commission implementing state regulation in the sphere of financial service markets Olha Maksymchuk made the market survey of credit cooperation emphasizing the need for strengthening credit unions solvency.

The Chairman of the Supervisory Board of the Ukrainian United Credit Union Petro Makovskyi told about the state of the credit cooperation in Ukraine and the prospects of its development in the context of a new draft law “About Credit Unions”.

Based on the international experience and extrapolating it on the Ukrainian reality, the Vice-President of the National Association of Credit Unions of Ukraine, the Chairman of the Board of the United Credit Union Liudmyla Kravchenko outlined the fundamental principles and financial mechanism of credit unions activity.

Doctor of economic sciences, docent of the department of finance, monetary circulation and credit of the faculty of economics of Ivan Franko National University of Lviv Oleh Pakhomnyi made proposals for the ways of improving the mechanism of supervising credit unions activity.

Candidate of juridical sciences, docent of the department of intellectual property, information and corporative law of the faculty of law of Ivan Franko National University of Lviv Leonid Tarasenko told about the legal status of the credit union.

The Chairman of the Supervisory Board of the Credit Union “Anisiya” (Lviv) Volodymyr Sydorovskyi shared his experience of the credit unions participation of Lviv region in implementing energy efficiency programs.

Presenting the program “1000000 family farms for Ukraine”, the Chairman of the Supervisory Board of the Ukrainian United Credit Union Petro Makovskyi submitted a project proposal for the system development of credit cooperation in the collaboration with the village.