It should be noted that foreign loans and domestic investment
 economy will be effective subject to certain requirements of Ukraine.
 It is the presence of an appropriate legislative framework for foreign loans
 and investment, effective programs targeted use of funds
 appropriate level of government regulation, taking into account the specific relationship
 between-subjects.

 At present, statistical and economic research scientists worldwide
 to combat the economic crisis, and because of its progress in
 different countries have national specificity, Ukrainian scientists work and
 on this problem.

 In order to develop effective measures to combat economic and financial
 crisis, special attention should be paid to the role of credit and
 investment, and the main problem of Ukraine concerning the formation
 anti-crisis measures.  It should be emphasized that in order to overcome the economic
 crisis in Ukraine should first encourage national
 production by enhancing cooperation between our state and international
 organizations.  By the way, today is the issue actively studied
 domestic scholars and practitioners.

 The difficult situation in the world economy in general and in particular is Ukrainian
 consequence of imposing a single one just two crises: the international
 monetary relations and the financial sector.  In Ukraine the situation
 complicated due to the political instability that led to the crisis
 confidence, particularly in the banking sector.  Therefore, the need to intensify
 international cooperation of Ukraine in international lending and
 investment to stabilize the economic crisis is
 obvious.

 Modern development of international economy is characterized by its subsequent
 globalization, mainly due to the uneven development of
 world: the most advanced ones and global financial institutions investing
 funds in less developed economies to maintain stability
 national economic systems.  The main forms of such aid is
 international lending and investment.

 - Providing loans from banks open market operations are not
 should be limited to administrative measures and accompanied
 control their use;

 - Should develop clear internal guidelines to ensure an acceptable
 and the value of discount in calculating the value of the collateral.

 Thus, in our view, it should be emphasized that the management
 liquidity as a mechanism of monetary policy
 National Bank of Ukraine should not be confused with the mechanisms
 issues of troubled banks.  The main function of refinancing
 is to ensure that the goals and methods of
 monetary policy of the NBU and balancing supply and demand
 money in the economy.

In addition, we believe that the basic requirements for ensuring referred to in
 Provisions necessary to add additional conditions on the adequacy
 collateral, the determination of the discount in the calculation of the cost of
 taking into account the risks specific to the software, and
 clearly define the terms and conditions of the conclusion of the pledge.
 The need to simplify procedures and liquidity management for simultaneous
 maintaining full control over the amount of liquidity to banks.
 Simple, stable and transparent practice of instruments
 refinancing will boost confidence in the National Bank and
 strengthen the transmission mechanism of the discount rate to the prices of other
 financial assets.

 The study of mechanisms to ensure the liquidity of banking
 institutions in crisis through the use of tools
 Refinancing gives rise to the following conclusions:

 - Support for liquidity should be primarily based on
 short-term refinancing under heavy security;

 - NBU policy for choosing collateral for
 refinancing can essentially be put on the structure and development of
 banking sector;

 - Improve bank liquidity support mechanisms based on
 refinancing needs qualitative improvement of domestic
 financial markets, including government securities market [Concept
 development of domestic government securities market of Ukraine for 2009 -
 2013: Cabinet of Ministers of Ukraine of 25.03.2009 №
 316 p.  -rada.gov.ua.];

 - Recapitalization of insolvent, and troubled nedocapitalizovanim
 Banks should not be at the cost of refinancing;

Despite the fact that in the world in transactions
 Refinancing is not recommended to impose restrictions on the issuance of
 such loans to banks in connection with the financial crisis set to
 Today NBU restrictions on lending refinancing would
 appropriate to supplement the requirements regarding the use of funds received for
 funding for insider banks and related
 people.  So, along with a ban on the purchase of foreign currency funds
 Refinancing may be limited to the issuance of new loans, the purchase of
 securities and direct investments, suspended transactions with insiders
 bank loans during use to maintain liquidity
 prohibited redemption of shares of its own issue, early redemption of
 securities of its own issue, and transfers in any form
 financial assets (property, real bills, cancellation rights
 requirements for debt factoring, guarantees, bank guarantee by creditors, etc.)
 owners or shareholders of the Bank, directly or indirectly own 5
 % Or more of the share capital.

 In the world to expand the list of assets that can be used in
 refinancing operations as collateral to offer
 use of loans granted by banks to their borrowers.  This
 practice in the provision of liquidity to banks, albeit in limited quantities,
 exists in the Fed and the ECB.  Thus, even taking into account a simple and
 attractiveness of the asset, its use as collateral due to
 central bank with a number of problems that can create essential
 obstacles in the process of refinancing and reduce the effectiveness of
 monetary policy as a whole.  In particular, due to the heterogeneity
 Loans are difficult to compare with each other, the central bank had
 conduct credit rating, to determine their quality, self-
 assess and assume the significant credit risks, which eventually
 may complicate operating procedures and increase
 administrative costs.  Therefore, for the present conditions of
 monetary policy in Ukraine use by banks

 In our opinion, to characterize the state of the money market should be clearly
 understand that regardless of the financial crisis of the National Bank
 liquidity to banks does not automatically fill all cash
 channels, the restoration of the interbank market and ensure
 intensive lending.  The main objective of refinancing is
 to regulate the money supply and ensure the stability of the banking
 system and restore lending to the economy depends on the state of the
 economy, the nature and intensity of market relations.  In some
 cases in order to intensify the credit economy governments can
 provide guarantees on interbank loans.  But such assurances
 granted only in exceptional cases and for a period greater than three months
 [The liquidity of the banking system of Ukraine: Scientific analyzes.
 Issue.  12 / VI  Mishchenko, AV  Catfish and others.  - Kyiv: Center for Scientific
 Research Bank, 2008.  - 180 p.].