Refinancing of the banking sector should be organized under the demand for
 money from the real economy.  If you put out to
 control cost-effectiveness, it is necessary to refinance
 commercial banks under a money back guarantee, as, for example,
 secured promissory notes promising enterprises.  In this case,
 commercial banks compete with each other for access to credit and
 will offer their businesses, rather than vice versa.  If you send money
 flows refinansuyuchy commercial banks under the demand for money by
 solvent promising companies, instead of the credit market
 Seller can create a buyer's market.  Banks will be given as
 money as they will learn, as they will be profitable to invest in
 the real sector.  Knowing that money is going in the right direction, you can
 move to regulate interest rates on loans as well as for
 deposits.  These measures will give positive results and will release
 the crisis.  In such a situation it is necessary to strengthen exchange controls and
 think about the devaluation of the hryvnia, for some time fixing her course.

 Chenko L. tick.  Work.] is more than ever relevant, so it is not a
 ill-calculated to take decisions on tax reform.  However, the deficit
 felt not only in the real economy, but also in banking
 field on the formation of bank resources, which in turn affects the
 of loan portfolios of commercial banks.

 It should be noted that the system of refinancing in Ukraine is constantly
 improved, including the National Bank began to conduct foreign exchange
 Auctions.  Exchange rate is kept at the same level for a long time,
 Returns credibility.  Some experts consider it necessary to conduct
 Target credit auctions with allocation money exclusively for financing
 the real sector.  Moreover, the proposed refuse unsecured
 auctions under the condition that banks National Bank credited under their real assets
 risk-based and regulatory constraints, and this requires
 credibility of the assets for which it is possible to refinance commercial banks.

Note that mortgage lending in Ukraine played a prominent
 role in deepening economic crisis: its level relative to GDP
 2008 was 3% 9.  For comparison, in Switzerland the figure
 equal to 102% in the UK - 83%, Germany - 51%, in
 Hungary - 11% in Bulgaria - 7%, in Russia - 2%.  In turn, the
 ratio of assets to GDP in Ukraine in 2008 was 22%, while
 in Luxembourg - 3017%, France - 337%, Germany - 267%, USA - 83%
 Russia - 48% [MV Savostyanenko  Tick.  Work.].  To prevent the
 deepening crisis, you want to see economic development tools
 and thorough approach to their use.

 The expression "the best way to infuse the economy with money - do not take them
 there

 During the economic crisis, developed countries are by reducing
 refinancing rates to near zero in order to maintain market
 lending.  The level of inflation in these countries is quite
 low, particularly in Japan in 2008 it was 1.75% in the U.S. - 4.22
 % In the UK - 3.78% in the EU - 2.4% even in times of crisis
 loan rates in Europe do not exceed 6-9%
 pa [MV Savostyanenko  Tick.  Work.].  This approach helps
 expand production, increase competition and reduce inflation.

 Unavailability of refinancing in Ukraine led to the outflow of
 banking system and currency appreciation.  Artificially created mistrust
 up rate and, as a result, uncertain prospects have prompted people
 invest in different currencies, even questionable, but not in
 Ukrainian.

 Development of the loan - it is the only way to economic recovery and
 stimulate production.  A powerful tool to promote development
 lending institution is government guarantees.  They are
 most effective way to overcome the crisis of confidence.

umber of country and insufficient loan portfolios required
 for securitization and increasing NPLs, domestic
 banks can not make full use of control mechanism
 liquidity risk.

 In 2009, a major problem is the debt for banks
 budgetary loans.  Loans population in the total loan portfolio
 account for 34%, or 249 billion USD (from 728 billion USD for December 1, 2008
 year) [bank.gov.ua.].  Half of them - the consumer, the rest - a loan to
 buy cars, real estate and land.  Failure to return on bank
 loans this year may reach 20-30% of the total loan
 portfolio, ie banks can nedorahuvatysya 145-218 billion.  USA.  Already
 obvious that a default of the banking system as a whole will not come, but for
 no refinancing National Bank of Ukraine is likely
 default of individual banks.  So refinancing rates are important
 to the domestic banking system

The main risks that threaten the stability of the banking system in Ukraine
 2009 is the return of funds for loans, debentures
 to foreign creditors, fluctuations in exchange rate to the dollar.
 The economic crisis has revealed the presence in the banking sector structural
 imbalance that hinders its development and exacerbates the risks associated with
 implementation of the banking strategy.  These imbalances are gap
 funding of banking operations, liquidity imbalances, currency,
 excess of bank branches.

 In Ukraine, as in most post-Soviet countries, the level of costs
 the level of savings.  This leads to a significant spread
 practice of financing bank assets as liabilities
 deposits with banks.  I must say that the business model of Ukrainian banks
 provided funding for corporate loans by retail
 deposits.  Developing retail banking, banks focus on the
 credit products, which led to a dangerous gap in
 financing: loans covered by deposit only two-thirds.  In
 period of low interest rates in international markets and availability
 funding for this strategy of domestic banks did not create significant
 risks.  But in times of crisis and limited liquidity in global markets
 capital dependence on external financing limits

The reason is clear imbalance in the banking system.  Ebb
 capital of the banking sector in six months is 90 billion
 [MV Savostyanenko  Investment projects of international financial
 organizations in Ukraine / / Proceedings NDFI.  - 2008.  - № 1.  - S.
 128-137.].  If the initial value of the resources laid at 12-15%
 refinancing rate by 12%, it is impossible to expect that the rate of
 commercial bank loan will be lower by 21-25%.  In our opinion,
 refinancing crisis can only solve current problems with
 liquidity through its Timeframes but it does not help banks
 lending to the real economy.

 Experts believe that the need to find a point of sectoral economic
 recovery, where banks could effectively direct its resources, ie
 apply selective policies or elements.  But important for banks
 availability of borrowed and borrowed funds, although the capitalization
 commercial banks in the state budget for 2009 foresees an amount of
 44 billion UAH