FUNCTIONAL PROBLEMS OF THE SYSTEM OF GUARANTEE OF DEPOSITS IN UKRAINE AND WAYS TO THEIR SOLUTION

Abstract

The following main problems of Ukraine’s system of guarantee of deposits are separated: 1) gaps in the guarantee system architecture, which realize a wrong action onto depositors, due to the erroneous definition of purposes and the role of the system of guarantee of deposits in the national financial system; 2) system gaps in the national system of guarantee of a financial stability, which are complicated by a weak inefficient bank supervision.
It is substantiated that the fundamental necessity of the deposit insurance consists in a decrease in the risk of a system banking crisis related to the panic drawing of assets from the deposits and to the payment system fracture. The necessity to change the paradigm of the Fund of guarantee of the deposits of natural persons (FGDNP) from the cash function of payments onto the support of the prevention of insolvency of banks in the framework of the integral system of guarantee of a stability of the banking sector are emphasized.
The special necessity of a supervision over the system institutions and the significant threats of the uncontrolled moral risk, which is generated in Ukraine’s banking system by depositors and bankers, are indicated. This is the key problem concerning the inefficiency of the current system of insurance of bank deposits in Ukraine and affects essentially the methods of competitive struggle between banks for the deposit base.
The main changes in the system of insurance of deposits in the world during the world financial crisis, which were most actively realized in the form of the introduction of state’s additional guarantees (first of all, in countries that suffered from bank crises and implicit systems of insurance of deposits) and the cancellations of common insurance are described. It is indicated that, despite the efficiency in a short-term period, such actions underlay the basis of the essential problem of renewal of a financial discipline in the future. In addition, the basic directions, in which Ukraine’s system of guarantee of deposits requires the improvement, are determined.
By the example of the currency-banking crisis in 2014, it is confirmed that, under conditions of a financial stress and a fast devaluation of the national currency, the size of a guaranteed sum has no defining meaning for the containment of a panic of depositors. As a result, the necessity to integrate FGDNP into the complex system of supporting of the financial stability of Ukraine is emphasized.