The National Bank of Ukraine has identified the specifics of the submission of business recovery plans by Ukraine’s banks and banking groups in 2020, allowing them:
- to extend the deadline for business recovery plan submission from 1 October to 1 December 2020, provided they are systemically important
- not to include into business recovery plans a list of critical functions (the termination/suspension of which can threaten the financial stability of Ukraine or have an adverse impact on its economy)
- to submit business recovery plans in electronic form only, signed with a respective digital signature.
The relevant amendments are stipulated in NBU Board Resolution No. 128 On Amendments to NBU Board Resolution No. 46 dated 3 April 2020 dated 2 September 2020. The Resolution enters into force on the day following the day of its official publication. In July 2019, the NBU introduced requirements for drawing up business recovery plans for Ukraine’s banks and banking groups. By drafting plans containing realistic options for restoring financial resilience in case of a considerable deterioration in financial standing or a stressful situation, banks and banking groups will be better equipped to stabilize their activities in times of crisis.