Data for 2017 on financial companies are given taking into account: credit
institutions and legal entities of public law, which in connection with the enactment of
the Law of Ukraine "On Amendments to certain Laws of Ukraine on the Compensation
of Individuals through the System of Guaranteeing Individual Deposits, caused by
abuse in the field of banking and other financial services ", the type of financial
institution changed to" financial company "; financial management companies, as well
as administrators of financial assets for purchasing goods in groups.
The work of the National Financial Services Commission for the clearance from
unreliable players allowed 201 companies to withdraw from the market 117 financial
companies (in 2016 - 106), 84 credit unions (131), 55 pawn shops (56), 52 lessors (85),
45 auditors (1), 20 insurance companies (57) and 5 insurance brokers (1). At the same
time, despite the decline in the number of financial institutions, the capitalization of
the non-bank financial services market has significantly increased. In particular, assets
and equity of financial institutions as of the end of 2017 amounted to over UAH 173.1
billion (12.9% relative to the assets of the banking system of the country) and UAH
56.2 billion (34.3% of the bank's equity), which respectively 8% and 4% more than at
the end of 2016. A conspicuous tendency to maintain a positive trend in the availability
of non-bank financial services in the regions of Ukraine: in 2017 financial companies
registered 1,430 thousand branches and representative offices (in 2016 - 1,244
thousand), pawn shops - 520 (731), insurance companies - 78 (62 ), credit unions - 62
(11). Almost 5 thousand jobs were created with tax deductions to local budgets [17].
A characteristic trend in recent years is also an increase in the volume of non-bank
financial services provided. Thus, according to the results of last year, financial
companies, pawnshops and credit unions provided households and representatives of
small and medium-sized businesses with loans of UAH 45.2 billion (an increase of
24% compared with 2016), insurance companies made insurance payments of 10.3
billion UAH (growth - 19.8%), factoring transactions amounted to 31.3 billion UAH
(growth - by 85.1%), the value of financial leasing contracts increased by 32% - to
UAH 12.9 billion. [17].
In general, the previous 2017 year for the non-banking financial services market
proved to be quite productive. The latter, unlike the banking market, did not fall under
the total "purge" and even increased its performance [18]. A number of legislative
changes allowed for growth, but not all changes proposed by the authorities are
positive. The most significant were:
1). On December 7, 2016, the Licensing Conditions for conducting economic
activities for providing financial services, approved by the Resolution of the Cabinet
of Ministers of Ukraine, no. 913, which established requirements for the
implementation of financial activities, taking into account the characteristics of each
of its types, entered into force. The re-licensing, firstly, led the system in the field of
- 752 -