OREANDA-NEWS.  National Bank announces the completion of Oleksandr Pysaruk’s duties as the First Deputy Governor of the National Bank of Ukraine on 31 December, 2015.

The Governor of the National Bank of Ukraine Valeria Gontareva has informed on the planned changes in the Board management that would take place soon.

"Oleksandr Pysaruk has become a true example of commitment and public service on the way of recovery and development of the Ukrainian banking system – starting from taking unpopular but extremely necessary decisions on removing insolvent banks and banks engaged in illegal activities from the market, up to the fighting against one of the main the problems of the banking system - related party lending. Due to high professionalism of Oleksandr Pysaruk stress tests followed by the recapitalization of the largest banks have been conducted. Significant progress in ensuring transparent ownership structure and disclosure of final beneficiaries of Ukrainian banks has been made. Legislation strengthening the responsibility of owners and management of banks for making banks to bankrupt has been introduced,"- the Governor of the National Bank commented on the completion of Oleksandr Pysaruk’s duties.

Valeria Gontareva stressed that Oleksandr Pysaruk has performed a reform of banking supervision in an unprecedented short period of time by creating a stable framework and foundation for its successful operation in the future. In particular, the on-site and off-site banking supervision along with implementation of methodological approaches based on Basel principles of banking supervision have been reformed under his leadership. The efficiency of prudential block has been improved; the updated function of risk management at the National Bank has been organized; the upgraded regulatory framework for granting licenses to non-banking financial institutions to conduct foreign exchange activities has been developed.

"I’m very grateful for being given the opportunity to contribute to the Ukrainian banking system development and properly perform my civil duty. My strength and professional experience were enough to perform the designated tasks and achieve actual results. I return to international activities, since my mission in this field is fulfilled", - said Oleksandr Pysaruk.

Commenting on the upcoming changes in the management of the Board of the National Bank of Ukraine, Valeria Gontareva has reported that Yakiv Smolii (currently holding the position of Deputy Governor and responsible for settlement operations block) is to be appointed the First Deputy Governor; Kateryna Rozhkova –  Deputy Governor responsible for prudential supervision block - (currently Banking supervision department director).

Oleksandr Pysaruk holds the position of First Deputy Governor since July 2014. From October 2010 to July 2014 - Regional Head of ING Wholesale Banking in Central and Eastern Europe (the Netherlands).