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Credit unions' investigation as a factor of social and labor mobility in Ukrainian society


Academic year: 2022

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Romanenko 0., Yudicheva 0.


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011 . ... .

l i · li g1·aphical i·efe1·ence ... .

Rt1denko-Sudarieva L., Levcl1enko A.



I 11C l • llSlOn ... ... .

I i l i g1·apl1i cal 1·ef er·ences ... .

Rudenko-Sudarieva L., Pashynska K:




t nc 1 LLs1on . ... . I i l iog1·apl1ical references ... .

Rt1denko-Sudarieva L., Shevchenko Yu.



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)J 'LISlOn ... .

I it Ii g1·apl1ical 1·efe1·ences ... .

avchuk N., Zolotaryova 0.




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J l i I) Ii 1·ap l1i cal i·ef e1·ences ... .

, ;11 yl{O I., Storozhenko 0.


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J 11 . ... .

I ii Ii r pl1ical i·eferences ... .

1 l1l{a1~t1pa 0. Burlakova I.



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I 11 Ii r·11 l1i al i·efe1·ences ... .


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Savchuk N.

Doctor· o.f Eco110111ic Scierzce, P1 ofessor·, 111ter11atio11al Fi11a11ce Depart111ent T/adi111 Get111an Kiev 11ational econo111ic z,111ivel"Sity Kiev U/(1"ai11e

Zolotaryova 0.

Pl1.D., associate Pro,fesso1 o,f Depart111ent o,ffi11a11ces a11d accoz.tnti11g, Dnipr·o1 sk State Tec/1nical U11ive1"sity Ka111e11s/(oe, Ufa,"aiT-1e


Introduction. In today's econo1nic conditions, r·efo1-1n of tl1e financial syste1n a11d not least, tl1e system of 01·ganization and functio11ing of tl1e fina11cial se1-v1ces ina1·ket i11 acco1·dance with the leading i11te1·national standards is 011e of tl1e inain priorities in the activities of tl1e do111estic gove1·n1nent.

C1·edit unions ai·e an impor·tant subject of the latter a11d in recent years tl1ei1·

in1po1tance is consta11tly increasing which is d11e to a variety of circu1nstances.

Fi1·st the negative co11sequences of the crisis in tl1e banking secto1· of Ukraine, sucl1 as: redt1cing tl1e nt11nber of banking instih1tions and tl1eir affiliates· lowe1i11g lending due to lack of credit i·esot11·ces and inc1·easing tl1e sha1· of overdue debts of clients i11 tl1e loan po1tfolio of ba11ks, forci11g tl1e1n to raise i11te1·est rates, i·eviewing lending conditions and c1·iteria for bo1·rowers' c1· ditwo1il1iness; a drop in the level of trt1st i11 financial i11stitutions, whicl1 leads to tl1e outflow of deposit i·esources fi·om accounts of fi11ancial ii1stih1tions; devalt1ation t1·ends ir1 the dynamics of the lu-yvnia exchange 1·ate.

Secondly tl1e i1nperfectio11 of tl1e legal regt1lation of tl1e financial se1-vices ma1·ket in Ukrai11e, the high political interdependence of 1nanageme11t decisions in tl1e financial sphe1·e, the excessive level of dollarization [ 1, p. 57] and tl1e volatility of excha11ge r·ates.

Thirdly tl1e low level of inco1ne and life of the population a sl1a1·p lack of ft1nds for· long-te1·111 goods li111ited oppo1n1nities for s1nall and inedit1n1-sized bt1sine ses ii1cluding i11 the ag1·ict1ltural secto1· and in ge11eral higl1 social tensions in society due to dissatisfaction of citizens with tl1e conditio11s of existence and conducting entrep1·enet11·ial activity whicl1 fu1ihe1· dete1mines tl1e 111assive inte1·11ational inigration of Ukt·aine's labo1· i·esources.

St1ch realities exace1·bate tl1e t1eed fo1· increased attention to tl1e develop1nent of credit t1nions, wllich 11ave significant advantages co1npa1·ed witl1 banking and otl1er financial institutions. A1nong stLch adva11tages a1·e tl1e following:

1) de1noc1·atic gove1·11ance - tl1e 1ne111be1·s of the credit union a1·e its co-owne1· and at the sa1ne ti1ne consL11ne1·s of financial se1·vices; th manage1nent of tl1e credit union



takes place on a de1noc1·atic basis - at a general meeting of the union, one inembe1· 11as one vote that allows each membe1· of the unio11 to infltience its activities;

2) non-p1·ofit activities - is a no11-p1·ofit instih1tion, the1·efore, it works ii1 orde1· to ineet tl1e financial needs of n1embe1·s of the t1nion, and not for profit. Tl1e se1-vices that the association provides to its members can generate i·event1e that the t1nion t1ses for statl1to1y activities (in pa11icular, for· renting pr·emises, sala1·ies of e1nployees, pL11·chasing office eqt1ipment, paper·, etc.), that is, the cost of se1·vices is maximally consistent with the cost pr·ice;

3) th inaxi1nt1m app1·oximation of the c1·edit t1nion to the consume1·s of services and an individt1al approach to their needs -•ag1·ees favor·able schedt1les of pay1nent of the amount of tl1e loan (''body of credit") and interest, cl1ooses the term deposit deposit,

advises on 11ow to cor·rectly plan the family b11dget, make a bt1siness plan.

4) prodt1ct clar·ity - the financial p1·odt1cts offered by credit t1nions are cha1·acte1·ized by si1nplicity of conditions and quality, which significantly i·edt1ces the likelihood that the client will be confused in diffic11lt economic terms or will receive a

more expensive se1-v1ce;

5) active mic1·oc1·editing - wo1·king witl1 borrowe1·s who need small amo11nts, that is n1ic1·0-loans, and in villages - these are almost the only so111·ces of financing;

6) ti·anspa1·ency - c1·edit 11nions a1·e open fmancial institutions, 1ne1nbers have the i·ight to receive info11nation on the activities of the c1·edit union, in pa11ict1la1·, to 1·eceive copies and I 01· extracts of decisions and ini11t1tes of 1neetings of the bodies of the 11nion;

7) convenience and speed - c1·edit t1nio11s - these a1·e relatively s1nall financial institutions, which allows the1n not to isst1e an un11ecessa1·y amo11nt of docu1nents;

8) affordable price - no hidden i11te1·est, co1nn1ission, additional costs;

9) Distribt1tion of risks - when inaking money, eacl1inember1·isks the funds.

Howeve1·, fo1· today, society is not well-info1med abot1t the di1·ections and consequences of tl1e development of the activities of c1·edit unions, their dist1·ibution is n1ainly of a 1·egio11al natt11·e.

The qt1estion of enst11·ing the financial stability of credit 11nions, the ability to ft1lfill tl1ei1· own obligatio11s is acutely 1·aised [2, p. 70].

It shot1ld be noted tl1at in p1·actice there ar·e sigi1ificant deficiencies both in tl1e organization and in tl1e level of those se1-vices p1·ovided to members of c1·edit t1nions.

In pa1·ticL1la1·, lendi11g conditions can not always be better fo1· me1nbers than offer·s fi·om lending to banks, a significant level of overd11e loans to bo1·rowers, indicating a weak level of debt ove1·sigl1t. The dete11·ent inechanism fo1· avoiding the ideas of financial cooperation of 111embe1·s of a c1·edit 1111ion and btiilding on its basis illegal schemes shoL1ld be st1·ict cont1·ol over the activities of tl1e st1pe1-viso1·y board of credit unions, the p1·evention of individt1al management of the t1nion, the issuance of financially unst1pported loans, the i·ecognition of loans in hopes without an effective i·en11n



procedt1re debt The exclusio11 of credit unions fro1n the list o·f non-p1·ofit 01·ganizations ca11 not solve a pa11icular proble111. The ti·a11sition to a p1·ofitable fo1m of 01·ganizatio11 of activities will 1nake c1·edit t1nions si1nilar to banking institutions which will radically change the nah11·e of credit unions as a kind of cooperation tu111 it exclusively into a conune1·cial ente11Jrise [3 p. 86].

At the cu11·ent stage of development of tl1e Ukrainian economy the1·e is a need for qt1alitatively new approaches to the develop1nent of both theo1·etical inethodological and p1·actical reco1runendations fo1· the development of c1·edit unions. It is they who ca11 create a financial basis fo1· the effective atisfaction of the needs of the popt1latio11 and bt1sinesses in a c1·isis [ 4 p. 12] to e11strre the stabilization of the socio-economic sih1ation of tl1e cou11try [5, p. 423] a well as in ot11· opinion stimulate social and affluent mobility in society.

The study of the activities of c1·edit unions is engaged i11 a la1·ge nu1nber of fo1·eign scl1olars.

Aa1·011 K. Chatte1ji, Jiao Luo Robe1i C. Searna11s (2015) have found that credit unions gain market sha1·e fro1n banks following the financial crisis on average. Tl1ese gains pri1na1·ily accrue to credit unions tl1at etnbody t1·aditional identities tl1at are distinct f1·01n banks. Authors consider that the effects are la1·ger in i·egio11s wl1e1·e coope1·ative organizations, with 1nissions analogous to credit t1nions, ai·e al1·eady 11101·e prevalent. Tl1is effects are mitigated in i·egions where bank co-opt specific featl11·e of credit unions, in this case th1·0L1gh local philanth1·opic giving [6].

C1·edit tmio11s are survived and g1·own over· inany years and in inany cot1nt1·ies and Donal McKillop and John O.S. Wilson (2014) have demo11st1·ated what can be acl1ieved by a voluntee1·-led not-fo1·-p1·ofit move1nent. In today's tu1·bul nt global envi1·on1ne11t the need for coope1·ative organisations has neve1· been g1·eate1·. C1·edit unions ai·e sl1aped by their envu·onment and need to stay i·elevant to new times. I1·1·espective of tl1is they re1nain cooperative 111e111ber-d1·i ven fi11a11cial 01·ganisati ons. Thus 1nen1bersl1i p pa1ticipation is the critical ele1nent necessa1-y to e11su1·e on going advance of the 1nove1nent [7].

C1·istina Ba1·na and A11ct1ta Va111es~t1 (2015) have e1nphasized that c1·edit unions are social econo111y entities that have an i1npo1·ta11t co11tribution to p1·eventing financial and social exclusion in Ro111ania. These social economy entities have been a conside1·able st1ppo1t dt1ring all these times fo1· persons with low inco1ne in Ro111ania being c1·edible instih1tions. Autho1· have desc1·ibed a11d analyzed tl1e specificity of Ro1nanian c1·edit union 1nodel, tl1at could be s en in the sa1ne ti1ne as a social

i1movation, with a big int1ltiplie1· effect i11 econo111y at1d society, gen.e1·ati11g inclt1sive growtl1 and develop1nent; an ove1·view of tl1e dy11a111ics of tl1e s ctor conside1·ing the inost recent available statistical data [8].



Dapl1ne Rixo11 (2013) dt11·ing 11er 1·esea1·cl111ave inte1·viewed c1·edit t1nio11 leade1·s ac1·os No1th An1e1·ica a.nd Canada to unde1·stand which KPis they use and why. Sl1e have fo11nd that most talk abot1t a balanced scorecard approach, which pits fi11ancial c11sto1ner, learning, and proce s behavio1·s against each other·. However, Rixon find tl1at financial meas11res domina.te. Efficiency 1·atios, profitability, r·eh11·n on i11vestment and income g1·owth a1·e the corm11on deno1ninato1·s. Credit 11nions tr·ade i fi11ancial se1·vices, so shouldn't the p1·incipal ineasur·es be financia, b11t what about comm11nity engage1nent and social i·espon ibility? She considers these aspects as eq11ally in1portant and also key [9].

Tarcisio Ped1·0Da Silva, MauricioLerte ~aq11eline Carla Guse, Vande1·lei Gollo (2017) pay atte11tion that the credit 11nion's main fi1nctions are tl1e p1·ovision of individual financial loans based on collective savings, reacl1ing 11p to p1·ovide full banking se1·vices, but al o with expansio11 of its social ft1nction.Cooperatives a1·e an alternative to s11pply a c1·edit demand in the i11a1·ket beca11se a third of the municipalities have no bank b1·anches. Althot1gh the pa1ticipation of coope1·atives in cr·edit operations is still small cornpa1·ed to tl1e B1·azilia11 natio11al banking system, its contin11ed gi·owth de111onst1·ates the in1po1·tance of this secto1· [ 10].

The resea1·ch of Lean Y11, Xinxie Li, Li11g Tang Zongyi Zhang and Gang Ko11 (2015) foc11se on the econo1nic explanation of social c1·edit in conjunction witl1 creation and evol11tion inechanisn1s. Their stt1dy considers the credit of va1·io11s econon1ic agents witl1in the social c1·edit system [ 11].

Josephine Philip Chu1·k (2015) examines the contrib11tion of savings and c1·edit co-operative societies (SACCOS) on p1·omoting i·ural livelihood in Makl1ngu ward, Mt1findi dist1·ict of Tanzania. This i·es a1·ch i t1seful for understanding its contributions

in p1·on1oting i11ral livelihood [12].

It sl1ould be noted tl1at unde1· tl1e c11n·ent conditions, it becomes of sp cial int r·est to tL1dy th i11fluence of the development of c1·edit unions on the social and labo1·

tnobility of don1estic society. At tl1 sa1ne time, it is i1npo1tant to review the approaches to state reg11lation of tl1i p1·ocess, beca11se in the face of tl1e lack of effective legi lation, reg11lation and p1·udential SL1pe1-vision, tl1 threats to th eme1·gence of under· the guise of credit 11nions and pawnshops "financial pyramids'' [3, p. 87]. .

All of the fo1·egoing detern1ines t11e i·elevance of the r·esearch topic and defi11e the 1nain objective - rno11ito1·ing tl1e statt1 and prospects of tl1e development of c1·edit 11nions of Ukt·ai11e in the context of tr· ngthe11i11g their· positive impact on social and

labor mobility.

Research Findings. Historical pre1 .. equisites for the formation of credit 11nions. Tl1e idea of co-ope1·ation as a fo11n of m11tt1al assistance and eco11omic self- defense of tl1e popt1lation in tl1e ina1·ket wa fo1med in England at tl1e begi11ning of the XIX centt11y. 111 1844, 28 wo1·ke1·-weave1·s of tl1e English city of Rochdale fo11nded a



consu111e1· cooper·ative wl1ose principle of ope1·atio11 began with tl1e whole cooperative move1nent. The basis of the coope1·ative forn1 of eco11011uc ma11age1ne.nt was the idea of economic self-defense of people by 111ea11s of associatio11 in tl1e 01·ganizatio11 fo1· self- st1fficiency by cl1eaper and higl1-qL1ality goods. Tl1us the basic p1·i11ciple of a c1·edit 11nion was formed, by which 1ne111be1·s of the co1npany accum11late te1npo1·a1·ily free

fL111ds of so1ne entities and provide tl1e1n to otl1e1· e11tities [3 p. 89].

The theo1·etical fo1111dations of peasant c1·edit cooperation were laid by Raiffeisen in his book, ptLblisl1ed in 1866, ei1titled ''C1·edit unions as a 1neans of eliminating poverty," ai1d i11 1869, he was able to 01·ganize in p1·actice the first credit t1nion.

Mode111 world practice shows that c1·edit u11ions are playing a 1najor 1·ole nowadays i11 the US, Weste1·n ELrrope Polar1d tl1e Czecl1 Rept1blic, Hungary, wher·e sn1all b11sinesses play a leadiI1g i·ole i11 ens11ri11g econonuc gi·owtl1. The formation of a s1nall bt1siness is almost always associated with difficulties in obtaining initial capital since banks are interested iI1 le11di11g to a stable busi11ess with constant cash flows.

Therefor·e the main investor of small projects and 1nade by cr·edit 1111ions.

The l1isto1-y of the e1nerge11c of the c1·edit unions of 0L11· state is associated with a specific event that took place in Gadyacl1 town of Poltava province ii1 1869. The inhabitants of the city had public 11aye1·s who rented ot1t, and wl1en they received 1492 r·t1bles f1·01n this lease, the co1111111111ity wa11ted to 11se these n1oney or divide the1n but on so111eo11e's advice, decided to establish a p11blic cash desk. The narne of this per·son has r1ot saved a stor·y but it is know11 that one of the founde1·s was the mayor· of Khokhlovsky. This society has not yet had a distinct cooperative cha1·acte1· and ideological leaders. Its cha1te1· had a provision acco1·ding to which tl1e me1nbe1·s of the b111·gl1ers 11ad mo1·e rights to bor1·ow than tl1e other· me1nbers. The loans we1·e issued on the basis of surety but each rne1nb 1· co11ld only ins111·e 10 1-i1bles. The average loan a1not1nt in tl1e fi1·st years was 27 1·t1bles. In tl1e fi1·st year of its existence Hadiach Savings and Loan Society accounted fo1· 28 1ne111bers of tl1e landowner· -a1tisan and merchants. Tht1s tl1e first credit 1111ion was fo11ned i11 Ukraine. In the Galician 1· gior1al establish111ents the mixing of stock-based ambt1shes witl1 the p1·i11ciples of 1·ecip1·ocity wa tr·aced. Du1·ing 1871 as a rest1lt of tl1e active suppo1·t of ze111stvos of tl1e 01·ganization of credit cooper·atives thr·ee 1no1·e rur·al savings and loan companies began tl1ei1· activities. Atnong them - V1·e111ivske i11 Ekate1·i11oslav Oboz11ivske and Petrovske in the Kherson region.

I11 1929 credit t1nions we1·e dest1·oyed i11 Easte111 Ukraine, and in 1939 - in tl1e West tl1eir p1·ope1iy ar1d ft1nds we1·e nationalized, a11d tl1ey ceased to exist.

The fi1·st credit unions in i11dependent Ukr·ai ne appea1·ed it1 1992. Ever-y year tl1e 11L11nber of cr·edit unions g1·adually i11c1·eased. The nti1nbe1· of credit i11stih1tions co11tinued to incr·ease indicating an inc1·ease in co11sL11ne1·s' interest in this financial



inarket seg1nent and tl1 att1Aactiveness of the cr·edit and micr·ocredit syste1n fo1· tl1e nuddle-inco1ne population dt1e to their pa1iict1lar advantage over· bank lending.

Recall that the Law of Ukraine "On C1·edit Unions'' sec11red c1·edit t1nions status of a 11on-pr·ofit or·ga11ization established by individt1als on a coope1·ative basis in 01·de1·

to ineet the i1eeds of it membe1·s i11 mt1tl1al crediting a11d providing financial ser·vices at tl1e expense of the co1nbined inonetary contr·ibutions of member·s of a credit union

[ 13 ].

That is, tl1e activities of credit t1nions a1·e aimed not at the profit, b11t in the p1·ovision of cr·edit and savings services only to tl1eir own pa1ticipants [5, p. 423], tl1ey

have a non-p1·ofit cooperative natt1r·e that d)&tingt1isl1es the1n f1·om otl1er subjects of the financial ma1·ket [ 14, p. 121]. ·

V. Tkachuk str·esses that the pu1pose of functioning of credit 11nions is not the fi11ancial 1·es11lt of activities, bt1t tl1e p1·ovision of tl1ei1· member·s with the necessa1y c1·edit resot11·ces and obtaining a social effect for the whole society, that is we believe, to sti1nulate the ascending social rnobility in ociety. Tl1e social natl1re and non-p1·ofit status of c1·edit unions also gave tl1e autl1or th oppor1l1nity to distingt1ish an impor·tant featt1re of financial ser·vices of c1·edit trnions, wl1ich i tl1e 111t1tl1al trust of 1ne1nbe1·s of a cr·edit t1nion. In other wo1·ds, the provi ion of fina11cial services takes plac on a fidt1ciar·y basis [15, p. 12].

It sl1ot1ld be noted that today in Ula·aine tl1e classic scl1emes of 01·ganization of the activity of c1·edit 11r1ions prevail: tl1e participation of mostly individuals, the li1nit d entry of 11ew pariicipants, the conser·vatisn1 of d velopment st1·ategies, the nan·ow- cr·iterionality of the association of me1nbers of c1· dit unions (in terms of ter1·itory, professional 01·ientation, etc.). But modem i·ealities of the functioning of tl1e econo1ny 1·eqt1i1·e, i11 partict1la1·, i11c1·eased foct1s on the developm nt of small and medium-sized businesses and the expansion of the i·ange of financial ei-vices, the goals and activities

of tl1e unions need to be i·eviewed a11d ti·ansformed accordingly.

Tht1s, i11 our opinio11, tl1e focus on activization, fi1·st of all, activity mobility, is consistent witl1 the p1·oposal by G. Stoyanov to conside1· the open r·esou1·ce center 11nde1·

the c1·edit 11nion, whicl1 is cr·eated mainly by ent1·eprene11rs - individuals and private secto1· i·epr·esentati ves of 1·etail and s1nall businesses on a volunta1y basis i11 01·de1· to receiving a wide i·ange of per·sonalized financial services at the expense of combined monetary contributions, ope1·ates on tl1e principles of long-te1m, cooperative manage1nent, br·eak-even and hodzhennya economic interests of bt1siness with

st1fficient mar·gins [16, p. 41 ].

The c1·edit movement of Uk1:air1e has t1nderAgone a ignificant evolutionary patl1 and r·evived credit t1nions have taken place a a significant social and market phenomenon. Every yea1·, hund1·eds of tl1ot1sands of Ukt·ainians t1se tlie oppo11l1nity to

obtain a loan for tl1eir· t1r·g nt needs ai·ising in the co11 111ner· or· bt1siness sphe1·es



2. The role of credit unions in the market of non-bank financial services and monitoring their performance indicators. Table 1 p1·ovides data that cha1·acte1·izes the dyna1nic of the number of participants in the non-bank financial inarket ofUki·ai11e in 2011-2017 and the place ai11ong tl1e111 c1·edit t1nions.

Table 1 Dyna1nics of the nu1nber of financial institutions in the State Register of Financial Instih1tions of Ukraine 11nits .

Fi11a11cial ii1stitutio11s 2011 2012 2013 2014 2015 2016 2017 Deviatio11

l. I11sura11ce co1npa11ies 442 414 407 382 361 310 294 -148

- t11ei r l1a re i11 tl1e total 11111nber of

i11stitutio11 s, % 22 20 19 18 16 15 15 -8

1.1 In 11ra11ce co111pa11ies fron1 ri k)

types 37 352 345 325 312 271 261 -117

- t11eir share 111 t11e total 1111n1bcr of

institutions, % 19 17 16 16 14 13 13 -6

1.2. Life i11sura11ce con1pa11ies 64 62 62 57 49 39 33 -31 - their hare i11 tl1e total nun1ber of

i11stitutio11s, % 3 3 3 3 2 2 2 -2

2. Credit i11stitutions 691 708 739 711 728 621 378 -313

- tl1eir sl1ar i11 t11e total 11u1nber of

i11stitutio11 , % 35 35 35 34 33 29 19 -16

2.1. Credit lt11io11s 613 617 624 5 9 588 462 378 -235

- tJ1eir share i 11 tl1e total 11l11nber of

i11 titutio11s, % 31 30 30 2 26 22 19 -12

2.2. Ot11er le11di11g i11stitutio11 48 61 85 92 110 130 - - - tl1eir sl1are i11 t11e total 11u111ber of

i11stitutio11 , % 2 3 4 4 5 6 - -

2.3. Legal per 011s of p11blic law 30 30 30 30 30 29 - -

- t11eir l1are i11 t11e total t1L1n1ber of

i11 titutio11s, % 2 I 1 1 1 1 - -

3. Fi11a11cial co111pa11ies 251 312 377 415 571 650 818* 567 - tl1eir sl1are i11 t11e total 11u111ber of

i11stitutio11s, % 13 15 18 20 26 31 41 28

4. Paw11br kers 456 473 479 477 482 456 415 -41

- t11eir sl1arc i 11 tl1e total t1t1111ber of

i11stitutio11s, o/o 23 23 23 23 22 21 2l -2

5. Trusted Societie 2 2 2 2 2 2 2 0

- t11eir share i11 t11e total 11u1nber of

i11sti tt1tio11s, % 0.1 0.1 0.1 0.1 0.1 O. l O. l 0

6. N 011-state pe11sio11 fu11ds 96 94 81 76 72 64 64 -32 - their sl1are i11 t11e total 11umber of

i11stitt1tions, % 4.9 4.7 4.1 3.8 3.6 3.2 3.2 -2

7. Administrat rs NPF 40 37 28 24 23 22 22 -18

- tl1eir shar i11 tl1e total 11u111ber of

i11 titutio11s, % 2.0 1.9 1.4 1.2 1.2 I . 1 1. I -1

8. Otl1er fi11a11cial institutio11 I I 0 0 0 0 0 -1

- t11eir share i11 tl1e total 11l1111ber of

i11sti tt1ti011s, 0/o 0.1 . l 0.0 0.0 0.0 0.0 0.0 0

Together 1979 2041 2113 2087 2239 2125 1993 14



Data fi 1· 2017 on financial co1npanies ar given taking into accot1nt: c1·edit institL1tions and legal entities of pt1blic law, whicl1 i11 connection with tl1e enact1nent of the Law ofUkt·aine ''On Amendments to ce1·tain Laws of Ukt·aine on the Compensation of Individtials tm·ough tl1e System of Gua1·anteeing Individual Deposits, cat1sed by abuse in the field of banki11g a11d othe1· fi11ancial services '', tl1e type of fi11ancial institl1tion changed to" financial company''; financial inanagement co111panies, as well as ad111i11ist1·ators of financial assets fo1· purcl1asing goods in grot1ps.

The wor·k of tl1e Natio11al Financial Se1-vices Cormnission for tl1e clea1·ance from t1nr·eliable players allowed 201 con1panies to withd1·aw f1·01n the market 117 financial companies (in 2016 - 106), 84 cr·edit unio11~1:_ 13 l ), 55 pawn shops (56), 52 lessors (85),

45 audito1·s (1), 20 inst1rance companies (57) and 5 insurance b1·oker·s (1). At the same time, despite the decline in the number of financial institutions, the capitalization of the non-bank financial se1vices inarket has significantly ii1creased. In particular, assets and eqt1ity of financial institutions as of the end of 2017 amot1nted to ove1· UAR 173 .1 billion (12.9% relative to the assets of the banki11g system of the count1y) and UAH

56.2 billion (34.3o/o of tl1e bank's eqt1ity), which i·espectively 8% and 4% more than at tl1e end of2016. A conspicuous tendency to 1naintai11 a positive trend in the availability of non-bank financial services in tl1e i·egions ofUki·aine: in 2017 financial companies 1·egiste1·ed 1,430 thot1sand b1·anches a11d i·epresentative offices (in 2016 - 1,244 tl1ot1sa11d), pawn shops - 520 (731 ), inst11·a11ce compa11ies - 78 ( 62 ), cr·edit t1nions - 62 (11 ). Al1nost 5 thot1sand jobs we1·e c1·eated with tax dedt1ctions to local bt1dgets [17].

A cl1a1·acte1·istic t1·end in recent years is also an incr·ease in tl1e volt11ne of non-bank financial se1-vices pr·ovided. Tht1s, acco1·di11g to the rest1lts of last yea1·, financial compa11ies, pawnshops and credit 11nions provided ho11seholds a11d i·epresentatives of s1nall a11d mediu1n-sized businesses with loans of U AH 45 .2 billion (an incr·ease of 24% compa1·ed with 2016), ins111·ance companies made insu1·ance payments of 10.3 billio11 UAH (g1·owth - 19.8o/o), factoring tr·a11sactions amot1nted to 31.3 billio11 UAH

(g1·owth - by 85.1 %), tl1e val11e of financial leasing contracts inc1·eased by 32o/o - to UAH 12.9 billion. [17].

In general, tl1e previotts 2017 year for· the non-banking financial service ina1·ket proved to be quite p1·odt1ctive. The latter, t111like the ba11king market, did not fall under the total "pt11·ge'' and even ii1c1·eased its pe1·fo1mance [18]. A numbe1· of legislative changes allowed for g1·owtl1, but not all changes pr·oposed by the at1thorities a1·e positive. The inost significant we1·e:

1 ). 011 Decen1be1· 7, 2016, tl1e Licensi11g Co11ditions for· condt1cting eco1101nic activities fo1· p1·oviding fina11cial services, app1·oved by the Resolutio11 of tl1e Cabinet of Ministe1·s of Ukt·aine, no. 913, which established requirements for· the i111ple1nentation of financial activities, taking into accot1nt the cl1aracteristic of each of its types, ente1·ed into fo1·ce. The i·e-licensing, fi1·stly, led the system in the field of



licensing clea1·ly outlining th activities p1·ovided by the fi11a11cial company. S condly licenses a1·e now ope11-ended and issued on an application basis - within 10 days f1·01n the date of 1·eceipt of the application.

2). Tl1e iules of repo1·ting of fi11ancial institutio11s have cha11ged - 011 Nove111b 1·

21, 2017, tl1e Reg11latio11 on obligato1·y criteria and fina11cial i·egulation as well a 1·equi1·e1nents li1niting risks in the activity of financial co1npa11ies in tl1e provision of financial seivices for the ad1ninistration of financial assets fo1· the p111·chase of goods in gi·oups, app1·oved by the or·der of tl1e National Financial Ser-vices Co1mnission no.

3884. Now the financial 1·epo1·ting of financial co111panie has beco1ne 1nore ttnde1·standable, t1·anspa1·er1t and 011e tl1at allows botl1 p1't1de11tial supervisio11 and statistics to be ca1·1·ied out. The 01·de1· of st1 b1nission of fi11ancial state111e11ts has also changed.

3). On June 10 the Law ofUki·aine no. 1734-19 ''On Const11ne1· Le11ding'' came i11to for·ce whicl1 ai1ns to p1·otect the r·igl1ts a11d legiti1nate interests of Ukrainia11 lenders [ 19]. One of the key i·L11es of the new law is tl1e r·eqt1i1·e1ne11t to pr·ovide the client with all infor·mation abo11t the loan befor·e signing tl1e contract. No additional and hidden pay1nents in the contr·act shot1ld be. All tl1is information n1ust be 1·egiste1·ed witl1 the Const11ner· Credit Passpo1t which the bo1·rowe1· r11ust obtain obligatory befor·e the loan is issued [20].

Next it is advisable to sh1dy in inor·e detail th t1·ends of dornestic cr·edit t1nions.

Data on tl1e dynamics of key indicator·s of tl1e activity of Uk1·ainian cr·edit tinions fo1·

2011-2017 are pr·esented in Table 2.

The n111nbe1· of credit tinions in the State Register of Financial Institutions of Ukraine a of December· 31 2017 decreased by 18.2% or by 84 institutions co1npa1·ed to the si1nilar· date in 2016 - to 378 and in the lasts ven years - by 235 [14]. As of March 31 2018 - at the end of the 1 st qua1te1· - tl1eir ntt1nbe1· decreased by 3 and ainounted to 375, which is 238 less tl1an as ofDece1nber 31 2011 [21].

Acco1·ding to tl1e regt1lato1· the la1·gest numbe1· of credit unions at the end of 2017 was located in Kyiv a11d Kyiv (39 or 10.3% of the total) Lul1ansk 33 or 9%) Donetsk (29 01· 7.7%) and Kha1·kiv (24 or· 6.3%) oblasts. At the end of tl1e lst qt1a1ier of 2018:

in Kyiv and Kyiv region - 40 (10.7%)· Lttgansk - 33 (8.8o/o)· Do11etsk - 29 (7.7%);

I<harkiv region - 23 (6.1 %).

By Dece1nber 31, 2017 tl1e nt11nbe1· of 1nembe1· of credit t1nions decr·eased by 12.3% - to 564. l thousand co1npa1·ed to 2016 the nu111ber of participants with active credit agree1nents - by 9 .6% to 134.3 thousand wl1ile tl1e nu1nbe1· 1ne1nbe1·s with de1Josits on deposit accot1nts - by 47.2% - to 21.7 thousa11d as of 31.03.2018 tl1e nu1nber of ine1nbe1·s of credit t1nion sligl1tly incr·eased to 566.2 tl1ousand people but for· th whole per·iod since 2011 tl1ei1· nt11nbe1· dec1·eased by 496 2 tho11 and people.



Tabl 2 Dyna1nics of indicato1·s of credit 11nion ' of Ukt·aine activity

Indicator 2011 2012 2013 2014 2015 2016 2017 1 qt1art r Devi-

2018 at1011 rr11e 11llmber of

r gi tered credit

Lll11011S 613 617 24 589 5 462 378 375 -238

Nt1n1ber of n1en1b rs

thou and per 011s 1062.4 l 095.9 9 0.9 82 l .6 764.6 642.9 564.1 566.2 -496.2 Tl1e nt1mber of

i11embers 11avi11g contribution to

deposit accou11t ·~ ..

tl1ousand per 011 48.0 44.9 40.3 31.5. 26.5 41.1 21.7 21.6 -26.4 Nt1mber of n1 n1b rs

with active credit agi·ee1ne11ts,

thousand oerso11s 249.3 254.0 233.6 J 86.6 162.2 148.6 134.3 131.8 -1 1 7 .5 Total assets, 1nl11. 2386.5 2656.9 2598.8 2338.7 2064.3 2032.5 2169.8 2233.2 -153.3 Caoital, ml11. UAH 942.9 1088.7 1055.6 1 048.7 ] 040.9 1044.4 1062.5 1079.2 136.3 Loa11s granted to

n1 111bers of credit t111io11 (bala11ce at

t11e e11d of tl1e .

Qeriod' .. 1nl11. UAH 2237.4 2531.0 2349.1 1994.4 1792.7 1799.5 1902.3 1966.4 -271

Co11tributio11s of .

1nen1bers of credit t1nio11s to deposit

accot1nts (bala11ce at the e11d of t11e

p riod), 111111. UAI I 1 5.5

1287 .5 1330. l 989. 55.2 831.8 937.0 9 4.7 -200.8

Also, at th end of the 1 st qt1a1te1· of 2018, cl1anges took place in the st1uch1re of in mbe1·s of c1·edit 11nions: the ha1·e of membe1·s of c1·edit unions with existing credit agi·een1ents d crea ed to 131.8 t11011 and people, and in gene1·al since 2011 by 117 .5

thousand people, and membe1· of c1· dit union witl1 active d posit agreement to 21.6 thousand peopl , and f1·01n 2011 - to 26.4 tho11sand peopl [21].

According to statistics, the total as ets of c1·edit 11nions of the cot1ntry by tl1e end of 2017 increased by 6.8o/o co1npared to the same dat in 2016 - up to 2 170 million U AH, by the e11d of the l st q11a1te1· of 2018 - to 23 3 3 .2 million U AH, the1·e was a positive t1·end of thei1· g1·owth, b11t since 2011, th total dec1·ease in as et a1no11nted to

153.3 million UAR. Tl1e leade1·s in te1·m of assets are c1·edit t1nions in Kyiv and Kyiv i·egion (UAR 405.5 millio11), Khe1·son (UAR 256.1 million), Ivano-Frankivsk (UAH 219.6 million), Kha1·kiv (208, 4 million UAR) and Lviv 1·egions (202.3 111illion UAR)

[21 ].



The total volt11ne of capital inc1·eased by 1. 7% on Dece1nbe1· 31 2017 up to 1.062 billion UAH tl1is positive t1·e11d co11tint1ed at the end of March 31 2018 as it grew t

1079.2 nullion UAH, and in gene1·al since 2011 - by 136.3 inillion UAH. [21].

At tl1e sa1ne time as before, the inajority of c1·edit t111ions (by the end of 2017 - 155 01· 55.8% by the end of the lst qt1a1·ter of 2018 - 150 01· 54.9%) t1nites a small number of pa1ticipants - up to 1 tl1ot1sand and more than one third of credit t1nions (by tl1e end of 2017 111 or 39.9% by the end of tl1e lst qt1a1·te1· of 2018 - 111 or 40.6%) co111p1·ises f1·01n 1 thousand to 10 thou and participants (Table 3).

Table 3 Distribution of c1·edit u11ions of Ukt·aine by the i1t11nbe1· of 1ne1nbers

I11dicator 2011 2012 2013 2014 2015 20 16 2017 l Devi-

quarter at1011 up to l thot1sa11d people 324 305 305 244 236 204 155 150 ' -174

fro1n I t11ou a11d up to l 0 187 186 180 160 145 125 111 1 J l -76

from l 0 thousa11d to 20 18 19 12 9 9 9 I l l 1 -7

more tl1a11 20 t11ousa11d people 0 3 7 6 5 3 1 1 l

[otal (11u1nber of 1·eported

reporti11g) 529 513 504 419 395 341 278 273 -256

In Figt1re 1, the dyna1nics of lending and att1·acti11g cont1·ibt1tio11s of 1nembers of c1·edit t1nions of Ukraine fro1n the end of 2011 to 1 st qua1ter of 2018 2008 a1·e detailed.

Tht1s, the total volt11ne of loans gi·anted to ine1nbe1·s of c1·edit t111ions t1ntil Dece111be1·

31 2017 a1nounted to 1902.3 inillion UAH (+ 5.7°/o compa1·ed to 2016), cont1·ibutions to deposit accounts - 937 million UAH (+ 12.6°/o 1·elative to 2016). As of March 31 2018 loans to 1ne1nbe1·s of c1·edit unio11s amot1nted to 1966.4 inillion UAH, compared to Decen1be1· 31, 2011, they dec1·eased by 271 inillion UAH. The aver·age loan a1nount per one 1ne1nber of a credit t1nion 11aving a loan amot1nted to 14.1 thousand UAH at the end of2017 and 14.9 thousand UAH at tl1e end ofQl 2018 that is 5.9 tl1ot1sand UAH.

1no1·e tl1a11 at the end of 2011. Deposit accot1nts of 1nembe1·s of c1·edit t111ions accot1nted fo1· deposits at the end of2017 fo1· a total of 937 million UAR and at the end of the lst qt1arte1· of2018 - 984.7 million UAH wl1ich is less by 200.8 million UAH tl1an at tl1e end of 2011 . The average a1not1nt of d posits on deposit accounts a111ot1nted to 43.2 tl1ousand UAH. at the end of2017 and 45.6 tl1ousa11d UAH. at tl1e end oftl1e lst qt1a1ter of 2018 and by 20.9 thot1sand UAH. 1nore tha11 at the end of 2011 [14].

Acco1·ding to the data p1·ese11ted in Figt11·e 2 tl1e total a111ot111t of a11·ea1·s on loans alnou11ted to UAH 345.8 millio11 as at 31 Dece1nbe1· 2017 (-6.2% co1npa1·ed to the p1·ior pe1·iod), and as oftl1e e11d of the fi1·st qt1a1·ter of2018 it gl·ew to 369.2 million UAH but

as a wl1ole decreased from tl1e end of 2011 by 41.4 111illion UAH.

Consumer loans (54.6°/o of loans 01· 1040.91nillio11 UAH as ofDece1nber 31 2017 and 54% or 1065.2 1nillio11 UAH as of 31.03.2018) contint1e to be t1sed as the 111ost de1nand as shown in Figt1re 3). 111 the second place - 1·eal estate loans (21.5°/o 01· 410.4 million UAH as at 31.12.2017 a11d 398111illio11 UAH or 20.2% as at 31.03.2018). The



s1nallest sl1a1·e in the total volt11ne of is ued loans (2.5% or 48.4 i11illio11 UAR as of Decembe1· 31 2017 and 3 .4%, 01· 66.3 1nillion UAH as at 31.03.2018) accot1nt d for I 11ding far1ns. Tl1e National Fi11ancial Ser-vices Commission notes that tl1e 1nost i·isky we1·e co1rune1·cial loan (aver·age c1·edit - 38.6 tl1ou a11d UAR) wl1ile ove1·due 1no1·e tl1an three 1nonths 11ave 25 .8o/o 3 7 111illion U AH) [21].

3000 50

2500 2237 4 2000




2 49 l

7 1330

43 2 45 6 1902 3 1966 4 1994 4

I 4


~~3 1799 5

~ 2 93 I, _ _

100 12 l _...,. _1"':"'!14 1 ~...,.. 14 9 500


201 1 20 12 2013 2014 2015 2016 2017

...__.. Co11tributio11 of 1ne111bers f credit u11io11 t d p it accou11t min. U/\H - Loa11 gra11ted to n1e1nber f credit t111io11s min. UAI-1

1 quarter


40 30 20 10


The average a111ou11t of tl1 dep it per 1 i11e111b r f tl1e redit u11i 11 witl1 tl1e d IJO it i11 tl1e111 ths. UAH.







Figure 1. Dy11a111ics of lending and attraction of co11t1·ibt1tio11s of c1·edit unions of Ukraine 1nen1bers

2237 4



25 1

2349 1

407 412


22 8 1994 4


25 2

1792 7


20 5

1799 5


2012 2013 2014 20 15 2016

Debt 011 ov rdt1e a11d u11draw11 loans 111111. UAH

1902 3



"'---"-" L a11s gra11ted to 1ne111ber of credit u11io11s n1l11. UAH


J qt1arter

20 18

Figt11·e 2. Dyna1nics of ove1·dt1e loans in tl1e loan po1tfolio of c1·edit unions


30 25 20


10 5



Co11 t1m r loan ; 1040.9 nll11. UAI-I

( 105 663 loa11 );



' \




0111n1 rcial

loa11 ; 143.8 ml11. ___ - UAI-1 (3725

credits); 7,5%

Co11sumer loan ; 1065 .2 1nl11. UA I-I

( 105134 credit ); -\

54 0% \

' \

01n111e1·c1a / I

I oa11s; 156, 1 n1 l11. j

UAH (4233 credits); 7,9%

Loa11 fl r t11e acq11isitio11,

_ con tn1ctio11, repair and reco11 truction // I of rea 1 e tate· 410.4 nll11. U AH

(20,768 credits); 2 J ,5%

Loan granted to private peasant

,, ... farm ; 263 ,5 1nl11.

·· ·" ,. UAI-I (11380

credit ; 13,8% Loans granted to fa1-1ner ; 48.4 ml11.

UA 1(1773 credit ); 2,5%

L a11 for the acquisition, co11 tti.1 tio11, r pair a11d

rec 11 tn1crion of real tat · 398.4 1nln. UAI ( 19710 er dit ); 20 2o/o

- - -

Loa11 gra11ted to private p a ant

farm · 285.0 ml11.

UAH (I 0,554 credit ); 14,5%

Loa11 gra11t d to far111er · 66.3 n1l11.

UAH 1623 credits ; 3,4%

Figt11·e 3. The structu1·e of loan by type a at 31.12.2017 and as at 31.03.2018 As of Decembe1· 31, 2017, the la1·gest sha1·e i11 tl1e Joan po1·tfoli - 51.2% - is loans with a matL11·ity of 1no1·e than 12 1nonths (Figt1re 4), a significant share (46.8%) .l1as loan witl1 a rnatt11·ity of 3 to 12 montl1s . The 11a1·e of loans with a n1atl11·ity of tlp to 3 months i11 tl1e total loan portfolio is 2.0%. As of Ma1·ch 31, 2018, the la1·g st l1a1· i11 the loan po1ifolio - 52.9o/o - consists of loa11s with a 111atu1·ity of n1ore than 12 1nontl1 , 45 .1 % have loans witl1 a matL11·ity of 3 to 12 montl1s, a sl1arc of loa11s with a 1naturity

of t1p to 3 n1onths - 2.0% [21].



111ecliL1n1-ter111 ., ,,, /

fr 111 to 12 n1 11tl1 · 890.4

111111. AII. ·


111e 1it1111-tern1 ,,'

(fr m t 12

111 11tl1s~ 885 . ( 111 I11. A I I.:

46 1 ~lo


. .

J1 rt-ter111 u1 to

ITI 11 tl1 ) . 3 7. 4 111ln. J\H: 2,0'}~

11g-ter111 o er


12 111 i1tl1s)· 974

4 111I11 . 1\H ·


S11 rt-t r111 tip to 3 111 11tl1s)· 4 .1

1nl11. U Il· 2 %

.. Lo11 .... g-terrn ' 'er 12 111onth. )·

l 040.3 111111.

62 9%

Figu1·e 4. St1ucture of t11e loa11 po1·tfolio of c1·edit t1nions as at 31.12.2017 a11d as at31.03.2018

The 1·ange of average weighted interest rates on loan to 1ne1nbe1· of credit tL11ions is quite wide (Tabl 4).

Table 4 Distribt1tion of credit ttnions by weigl1ted ave1·age i11te1·est 1·ate on loa11s

Nutnber of loa11s Sha.re of total H nu1nber of er dit Sl1are of t11e total I11terval of U11io11 t11at t11e 11umber of u11io11s t11at sub111itted the 11umb r f credit i11tere t rate ubn1itted reporti11g credit u11io11 for reporting data for the first u11 io11 fi r t11e first

data for 2017 2017,o/o quart r of 2018 q11arter of 2018, %

Up to 10% 16 5.8 11 4.0

10% - 20% 7 2.5 8 2.9

20%-30% 14 5.0 13 4.

30% -40°/o 59 21 .2 63 23 . l

40°/o -50% 90 32.4 85 3 1.2

50%-60% 53 19. l 53 l 9.4

60%-70% 26 9.4 26 9.5

70% -80% 4 1.4 5 1.8

More tl1a11 9 3.2 9 3.3

Total 278 100.0 273 100.0



Tl1e la1·gest n11mbe1· of credit 11nions as at 31.12.2017 - 90 (32.4%) - provided loan at a11 average weighted rate 1·angi11g f1·om 40% to 50% per ann111n; al111ost 11alf of c1·edit 11nions (53%) p1·ovided loans to their pa1ticipa11ts at a rate of 30 % to 50% pe1· ann11111

[21]. As ofMa1·ch 31, 2018, only one thi1·d ofc1·edit 11nions - 85 (31.2o/o)- p1·ovided loans at an ave1·age weigl1ted i·ate i·angi11g fi·om 40% to 50% pe1· ann111n, mo1·e than l1alf of c1·edit 11nions (54.3%) - at tl1e interest i·ate within fr·om 30% to 50% pe1· ann11111.

The eval11ation of tl1e per·fo11nance of c1·edit t1nions n1akes it possible to fo1·1n11lat the vectors of its development.

Ways to ensure the development of credit 11nions in the context of· stimulating social and tabor mobility in Ukrainian society. Alnong the inain a1·eas for wl1ich th ta ks for solving systemic p1·oble1ns i11 tl1e no11-bank financial services market and th conditions fo1· effective fi1nctioning, inclt1ding cr·edit 11nions, have already been add1·essed: sin1plificatio11 of tl1e 1·egulato1-y environment by approxin1ation to Eur·opean ar1d inte111ational standa1·ds of i·egulation and s11pe1"Vision; p1·otecting tl1e i11terests of co11s11mers of fi11ancial se1vices and restor·ing confidence in the ina1·ket of non-bank financial s i·vices.

A nurnber of iss11es tl1at need to be addressed in 2018 remain 11n1· solved: the i11trod11ctio11 of effective mecl1anisms for the withd1·a.wal of t1·011bled institutions fr·om the ma1·ket that do not and I 01· a1·e i1ot ii1tended to fulfill obligatio11s unde1· financial s i·vices contracts and c1·eate significant systemic i·isks for· tl1 1na1·ket; cr·eation of compensatory mecl1a11is1ns of pr·otection of cons11mers of non-bank fi11ancial se1"Vices;

strengthening req11i1·ements for the liability of owne1·s and n1anager·s of non-bank fi11ancial institt1tions for· cr·imes comnutted in fina11cial market.

The Resol11tion of the Natio11al Financial Services Com1nission dated Aug11 t 10, 2017, 110. 3421 app1·oved the Plan of Phase T1·ansfo1·matio11 of the Credit Co-operation Ma1·ket [17]. The plan p1·ovides for: st1i_1ctl1r·al rest1uctt11·ing of the c1·edit co-operation 1narket; expansion of fi.1nctions and tasks of credit 11nions; i1nprovement of the credit t1nion management syste1n; introd11ction of a system of financial r·ehabilitation of credit 11nions and a system of g11aranteeing co11tr·ibt1tions (deposits) of n1e1nbe1·s of c1·edit u11ions; the introd11ction of effective n1echanisn1s for· the withdr·awal of insolvent cr·edit 11nions f1·0111 the financial se1"Vices ma1·ket.

In pt1rs11ance of this Plan, the Resolt1tion of tl1e National Financial Se1vices Co1ru11ission dated 23.11.2017, no. 4331 appr·oved the draft of the NatskomfinService's Orde1· ''On App1·oval of the Regulations on Ma11datory Financial Standards and Req11i1·eme11ts Rest1·icting the Risks of Transactio11s with Financial Assets of C1·edit Unions, and the Recognition of the Loss of t11e Powe1· of tl1e State Conlillission on Regulation of Financial Ser·vices Markets ofUkr·aine of January 16, 2004, no. 7'', which was adopted with the aim of red11cing the cr·edit 11nions' insolve11cy risks by establisl1ing an adeqt1ate cur1·ent the developrnent of the ma1·ket of c1·edit co-operation r·eq11i1·ements





These researchers investigate the notions of international student mobility, mobility uptake, conventional and unconventional participation of Italian students in

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The analysis of data presented in Credit Suisse Global Wealth Databook (2000–2015) an obvious increase in the percentage of well-off people in many countries as well as

Ukrainian society is constantly discussing examples of political and economic practices, law and social behaviour in democratic societies that are broadcast by

In particular, the congresses discussed – workers, higher and secondary specialized education, mining credit, insurance, the ratio of the mining industry to

Referring to results of the conducted research and composition of the trendlines of the social media reach of Ukrainian people, the authors of the work make forecast about the

The goal of this paper is to research the role of adult education in the integration processes of foreign citizens in Ukrainian society as well as to examine

Thus, an integrated corporate structure (ICS) is considered as a combination of business entities of production, financial, credit, trade, scientific, technical and

The purpose of the study is to investigate the role and place of knowledge as an element of intellectual capital of organisations to ensure their competitiveness in light of trends

Hypothesis 1. The state of external and internal factors influences the uneven de- velopment of economic entities in agricultural sector of economy and determines their strengths

Study of the current state of development and the level of competitiveness of engineering enterprises of Ukraine will be carried out by analyzing the dynamics of changes