STATE AND POST-WAR PROSPECTS OF THE DEVELOPMENT OF THE FINANCIAL SERVICES MARKET
Abstract
The article contains a theoretical substantiation of the peculiarities of the development of the financial services market in the conditions of martial law and post-war reconstruction of the country. It was emphasized that with the beginning of active military operations, the market of financial services of Ukraine underwent a certain transformation, however, despite the introduction of martial law, the financial and banking system of Ukraine continued its work. It was concluded that banks, financial companies and insurers managed to build up assets and maintain liquidity. It was determined that the liquidity of state banks was ensured not through the implementation of programs or projects to expand the client base, but through the performance of intermediary functions in the financing of military needs. It is substantiated that during the war the most vulnerable providers of financial services were credit unions, the number of which decreased, and the amount of assets decreased by almost half. Deterioration in the quality of the credit portfolio of almost all providers of financial services was revealed, due to the presence of a significant number of overdue loans, and negative financial results at the end of 2022. The necessity of forming a complex mechanism for managing the financial services market capable of ensuring the effectiveness of its functioning was pointed out. The necessity of forming a system of additional security guarantees for the banking and non-banking segments of the financial system has been proven. An algorithm for the post-war recovery of the financial services market is proposed, which indicates an approximate course of action that will contribute to its post-war recovery. The need for complementary changes in the economic environment, which will allow businesses to build capital and contribute to increasing the ability of financial institutions to perform their functions in the financial services market, is emphasized.
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