Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations
Eight years of strong economic growth in Ukraine in 2000-2008, at an average of seven percent per year, ended with a sharp 15 percent decline in 2009. The national currency plummeted and the banking sector nearly collapsed, with non-performing loan...
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World Bank, Washington, DC
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| Online Access: | http://documents.worldbank.org/curated/en/665851489602852983/main-findings-and-recommendations http://hdl.handle.net/10986/26445 |
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okr-10986-264452021-04-23T14:04:36Z Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations World Bank FINANCIAL LITERACY FINANCIAL INCLUSION CONSUMER PROTECTION INSTITUTIONAL CAPACITY LEGISLATIVE FRAMEWORK DISPUTE RESOLUTION TRANSPARENCY DISCLOSURE GUARANTEE SCHEME INSURANCE Eight years of strong economic growth in Ukraine in 2000-2008, at an average of seven percent per year, ended with a sharp 15 percent decline in 2009. The national currency plummeted and the banking sector nearly collapsed, with non-performing loans increasing from 2.3 percent to 11.2 percent of total loans in 2008-2010. According to the 2010 USAID/FINREP financial literacy survey, 39 percent of adult Ukrainians are still unbanked and nearly half prefer holding savings in cash. Only 15 percent of consumers trust banks and just 6 percent trust investment funds or private pension funds. Only 17 percent believe in a fair resolution in a dispute with a financial institution. The Ukrainian authorities recognize that the financial system needs to be made more resilient to future crises and thus requires a substantial redesign of the legal and regulatory framework of consumer protection and market conduct in financial services. This World Bank's diagnostic review aims to help Ukraine design a 5-year strategy to strengthen financial consumer protection and financial education as the fundamentals for sustainable growth and deepening of the financial sector. The review is presented in two volumes. Volume I contains the main findings and recommendations of the review, and Volume II provides a detailed assessment of Ukraine's compliance with the international best practices summarized in the World Bank's Good Practices for Financial Consumer Protection. 2017-04-24T21:43:56Z 2017-04-24T21:43:56Z 2012-04 Report http://documents.worldbank.org/curated/en/665851489602852983/main-findings-and-recommendations http://hdl.handle.net/10986/26445 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Europe and Central Asia Ukraine |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
FINANCIAL LITERACY FINANCIAL INCLUSION CONSUMER PROTECTION INSTITUTIONAL CAPACITY LEGISLATIVE FRAMEWORK DISPUTE RESOLUTION TRANSPARENCY DISCLOSURE GUARANTEE SCHEME INSURANCE |
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FINANCIAL LITERACY FINANCIAL INCLUSION CONSUMER PROTECTION INSTITUTIONAL CAPACITY LEGISLATIVE FRAMEWORK DISPUTE RESOLUTION TRANSPARENCY DISCLOSURE GUARANTEE SCHEME INSURANCE World Bank Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| geographic_facet |
Europe and Central Asia Ukraine |
| description |
Eight years of strong economic growth in
Ukraine in 2000-2008, at an average of seven percent per
year, ended with a sharp 15 percent decline in 2009. The
national currency plummeted and the banking sector nearly
collapsed, with non-performing loans increasing from 2.3
percent to 11.2 percent of total loans in 2008-2010.
According to the 2010 USAID/FINREP financial literacy
survey, 39 percent of adult Ukrainians are still unbanked
and nearly half prefer holding savings in cash. Only 15
percent of consumers trust banks and just 6 percent trust
investment funds or private pension funds. Only 17 percent
believe in a fair resolution in a dispute with a financial
institution. The Ukrainian authorities recognize that the
financial system needs to be made more resilient to future
crises and thus requires a substantial redesign of the legal
and regulatory framework of consumer protection and market
conduct in financial services. This World Bank's
diagnostic review aims to help Ukraine design a 5-year
strategy to strengthen financial consumer protection and
financial education as the fundamentals for sustainable
growth and deepening of the financial sector. The review is
presented in two volumes. Volume I contains the main
findings and recommendations of the review, and Volume II
provides a detailed assessment of Ukraine's compliance
with the international best practices summarized in the
World Bank's Good Practices for Financial Consumer Protection. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| title_short |
Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| title_full |
Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| title_fullStr |
Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| title_full_unstemmed |
Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 1. Main Findings and Recommendations |
| title_sort |
ukraine strategy for financial services consumer protection and financial literacy (2012-17) : diagnostic review and action plan, volume 1. main findings and recommendations |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/665851489602852983/main-findings-and-recommendations http://hdl.handle.net/10986/26445 |
| _version_ |
1764461930134634496 |