Ukraine needs improving debt collection mechanisms and finding long-term resources for lending, the head of the State Commission for Regulation of Financial Services Markets Andriy Stasevsky told an online conference, which runs on ForUm.

"This is seen in rate of growth of services provided by other financial institutions than banks. The minor short-term loans are the most common. In addition, the segment of the market, monitored by the State Commission for Regulation of Financial Services Markets, within supervising non-bank lending institutions increased by almost half - 47% in 2011," Stasevsky said.

In addition, the official highlighted the problematic issues of lending to individuals. According to him, these are the lack of protection of the rights of creditors and potential pressures on the consumer funds, individuals receive in form of loan.

"We must improve debt collection mechanisms and find long-term resources for lending. The first problem is to be solved through the joint legislative initiative of the Government and the National Bank," Stasevsky said.

"As for accumulation of long-term resource of financial institutions, the efforts of the Government in general and of our regulator in particular are focused on reforming the insurance market and pension coverage market to accumulate long-term resource," the head of the State Commission for Regulation of Financial Services Markets summed up.
ForUm

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