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The present and the future of the Ukrainian financial system. Hrant Bagratyan Budapest 2013. Contents. General over v iew S tructure of the Ukrainian financial system Ukrainian commercial banks Insurance market and non state pension funds . - PowerPoint PPT Presentation
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The present and the future of the Ukrainian financial system
Hrant BagratyanBudapest 2013
Contents
1. General overview2. Structure of the Ukrainian financial system3. Ukrainian commercial banks 4. Insurance market and non state pension
funds
1.1. General overviewTop 20 economies by GDP 2010 and Ukraine, bln of current USD
02000400060008000
10000120001400016000
USA
China
JapanG
ermany
FranceU
KB
razilItalyIndiaC
anadaR
ussiaSpainM
exicoSouthA
ustraliaN
etherlandsTurkeyIndonesiaSw
issPolandU
kraine
3http://data.worldbank.org/indicator/NY.GDP.MKTP.CD
1.2. Disproportional developments among the subjects of the worlds economy.Top 20 economies by per capita GDP, Poland, Russia, Ukraine
0
20000
40000
60000
80000
100000
120000
140000
160000
LichtensteinLuxem
bourgN
orway
Swiss
San Marino
Denm
arkSw
edenU
SAN
etherlands C
anadaIrelandA
ndorraA
ustriaFinlandSingaporeJapanA
ustraliaG
ermany
IcelandFrancePolandR
ussiaU
kraine
4http://data.worldbank.org/indicator/NY.GDP.PCAP.CD
5
1.3 The essence of economic growth: cumulative economic growth
• In 1990-1999 Ukraine’s GDP decreased 8.8% a year. As a result by 1999 the country’s GDP was only 40.8% of 1990’s level. In 2000-2007 GDP increased 7.1% per year. As a result GDP increased up to 72.5% of 1990’s level.
• In 2008-2012 the country’s GDP decreased up to 69.1% of 1990’s level.
• http://data.worldbank.org/topic/economic-pol
• icy-and-external-debt; www.ukrstat.gov.ua
66
1.4 But …
• The country shows very good performance in high-tech (by example, one of the best figures on cellular phones; Ukraine’s cultivated arable land in 2009 was 270.000 he, while Russia only 3000)
• It’s educated better than world average• High number of internet users• The best figure in the world in mobile subscribers
2.1. The structure of the Ukrainian financial system (2011), assets, in % to GDP
(http://www.bank.gov.ua/doccatalog/document?id=121942; http://www.dfp. gov.ua/7 3 4. html)
Financial organizations USA Ukraine
1 2 3
Commercial banksNon state Pension funds
Insurance companiesMutual and investment funds, credit unions and
other financial companies
26,328
12,7
33
92,20,016,5
1,3
2.2. Synopsis
• The banking system practically absorbing all savings• Labor productivity in banking sector less than in
Europe but equal to Russia • NPF aren’t developed and state pension fund (193 bln
UAH = 50% of the consolidated budget expenses) is a permanent threat for the country’s public finances
• There is a shortage of instruments to create long-term investment money, mutual funds and other investment institutions – unable to provide them
9
2.3. Assets and liabilities of Ukrainian banks, bln UAH, www.bank.gov.ua; http://www.ukrstat.gov.ua/
Assets Liabilities
Total % of GDP Total % of GDP
01.01.200901.01.201001.01.201101.01.2012
889917
10901212
9410010192
771784942
1054
81868780
2.4. Inflation and Spread between deposits and loans, http://www.bank.gov.ua/doccatalog/document?id=260214; «Бюлетень Національного Банку України»
Figures Years
2008 2009 2010 2011 2012
1 2 3 4 5 6
CPI 122,3 112,3 109,1 108,0 100,6
Average % on deposits, UAH, households
10,7 15,3 12,7 13,8 19,6
Average % on loans, UAH, households
25 26 26,6 22,8 29
11
2.5. Reserve to cover possible losses on credit operations,% of all
reserves under active operations of banks
01.01.2007
01.01.2008
01.01.2009
01.01.2010
01.01.2011
01.10.2011
3.6% 3.08% 4.81% 11.27% 11.99% 12.06%
2.6. Geographical controversies of liabilities and assets of banking system, 2010
Regions Per capita GRP, UAH thousand
Per capita deposits, UAH thousand
Per capita loans, UAH thousand
1 2 3 4
Kiev obl and city…
Chernovetz…
Zakarpatya…
Jitomir
45848…
9382…
10055…
11518
35617…
3080…
2299…
2850
78568…
5550…
5511…
3651
The average for Ukraine
19551 8448 15835
2.7. Distribution of deposits and loans between households and NFC’s in 2005-2011, UAH million,
http://www.bank.gov.ua/Publication/econom/Buleten/2010/bull_12-10.pdf.
Years Resident’s deposits Resident’s loans
Total Deposits, NFC
Deposits, Househol
ds
Total Loans,NFC
Loans,Househol
ds1 2 3 4 5 6 7
2005 134754 50976 74778 143423 106078 35659
2006 185917 65614 108860 245230 160503 82010
2007 283875 95583 167239 426867 260476 160386
2008 359740 118188 217860 734022 443665 280490
2009 334953 94796 214098 723295 462215 241311
2010 404214 115175 264488 733181 494146 217361
2011 466042 131716 301128 773692 543500 208444
CountryPast due (Overdue) /
total loansProvisions (reserves)
for risks / total overdue loans
Capital adequacy
2006 2008 2006 2008 2006 2008
Austria 2,1 1,7 75,3 76,4 11,8 11,7Belgium 1,7 1,5 50,8 64,0 11,9 12,9France 3,0 2,7 62,9 61,4 10,9 10,1Germany 3,4 2,7 71,4 77,3 12,5 12,9Greece 5,4 4,7 60,9 - 12,2 10,4Italy 4,9 4,6 46,0 49,5 10,7 10,4Norway 0,6 0,8 74,2 50,8 11,2 11,4Portugal 1,2 1,3 83,9 75,7 11,0 10,2Spain 0,7 3,2 272,2 71,3 11,9 11,3Sweden 0,6 0,5 78,5 79,9 10,0 10,2Average 2,4 2,4 87,6 67,4 11,4 11,2
2.8. Figures of financial stability of European banking systems, %
2.9. Dynamics of credit risks of Ukrainian banks in 2002-2010, bad loans in the portfolios of banks in Ukraine
2002 2003 2004 2005 2006 2007 2008 2009 20100123456789
10
5.8
4.52
3.4 3.32
2.11.6 1.3
2.2
9.36000000000001
Частка проблемних кредитів у кредитному портфелі банків України, %
16
2.10. Synopsis
• Ukraine's loan portfolio of banks only 60.3% is formed from its own resources (deposits, interbank loans within the country). The external debt of the banks and NFC in 2012 was 56,3% of GDP.
• The inflation decreases but the Interest paid to the deposits increases and the interest paid for loans getting up to 29%.
• The spread between deposits and loans in 2012 reduced showing certain positive dynamics
• Further increase on reserves and capital requirements essentially decrease the capacity of the economy to finance the growth
• Poor regions are financing relatively rich (central) regions, the concentration grade of the economy permanently increases
• Big companies permanently increase their specific weight in the Ukrainian financial market
17
3.1. Insurance market development, http://www.iii.org/; http://www.dfp.gov.ua
Country Assets of IC, bln USD
IC’s assets to GDP, %
Insurance premiums, bln USD
Specific weight to the world’s data,
%USA 5310 45.2 1097.8 33.84
Japan 3533 66.9 492.4 15.18
UK 1885 96.5 246.7 9.09
France 1413 63.0 194.6 6.00
Germany 1372 45.5 190.8 5.88
Ukraine 7.2 6.5 2.8 <0.1
18
3.2. The insurance penetration level of the GDP of
Ukraine. Isurance premiums to GDP, %, 2009
012345678 Canada
GermanyCzechPolandHungarySloveniaBulgariaRussiaGreeceRomaniaTurkeyUkraineKazakhstanNigeria
19
3.3 Consolidated structure of investment portfolio world’s top 5
pensions funds, 2006, http://www.watsonwyatt.com/europe/research/pdf/PI_300_Analysis_2007.pdf
0%10%20%30%40%50%60%70%80%90%
100%
Japan (GPIF),936bln,$
Norway (GPF),285
Netherlands(ABP), 273
USA(CALPERS),
218
Korea (NP),203
Deposits
Real estate
Short term assets
Stocks
Bonds
20
3.4. Consolidated structure of investment portfolio of Ukrainian pension
funds, end of 2010, %, http://www.kmu.gov.ua/control/en/publish/article?art_id=22835607&cat_id=73035
0 20 40 60
Securities
Deposits
Preciousmetals
Real estate
Others
Series1
21
3.5. The structure of the investments of pension funds in the world and Ukraine: reverse influence making
long money to short
0
10
20
30
40
50
60
World
Ukraine
3.6. Insurance – synopsis
• Very low level of development• Unreasonably high specific weight of deposits
in assets• Limited capacity to accumulate means• Dominations of state pension system• Limits on cash generation
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