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Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy (2012-17) : Diagnostic Review and Action Plan, Volume 2. Assessment Against Good Practices.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- World Bank.
- Series:
- Other Financial Accountability Study
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Consumer Protection.
- Finance and Financial Sector Development.
- Financial and Private Sector Development.
- Financial Law.
- Financial Literacy.
- Financial Regulation & Supervision.
- Insurance.
- Insurance & Risk Mitigation.
- International Financial Standards and Systems.
- Law and Development.
- Non Bank Financial Institutions.
- Securities.
- Securities Markets Policy & Regulation.
- State-Owned Enterprise Restructuring and Privatization.
- Local Subjects:
- Access to Finance.
- Consumer Protection.
- Finance and Financial Sector Development.
- Financial and Private Sector Development.
- Financial Law.
- Financial Literacy.
- Financial Regulation & Supervision.
- Insurance.
- Insurance & Risk Mitigation.
- International Financial Standards and Systems.
- Law and Development.
- Non Bank Financial Institutions.
- Securities.
- Securities Markets Policy & Regulation.
- State-Owned Enterprise Restructuring and Privatization.
- Other Title:
- Ukraine Strategy for Financial Services Consumer Protection and Financial Literacy
- Place of Publication:
- Washington, D.C. : The World Bank, 2012.
- System Details:
- data file
- Summary:
- 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.
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