CONCEPTUAL PREREQUISITES FOR THE FORMATION AND DEVELOPMENT OF THE FINANCIAL SECTOR OF UKRAINE

Abstract

The article considers the approach to determining the essence of the financial sector and the conditions of its formation. Thus, the financial sector can be defined as an area where the formation and distribution of financial resources and services related to the activities of financial institutions engaged in financial services and related to other sectors of the economy. The conditions of functioning of the financial sector are outlined. Thus, it is stated that one of the main characteristics of the development of the financial sector and the successful manifestation of its functioning is a developed system of financial intermediaries (banks and non-bank financial institutions) that ensure the functioning of the financial services market. The author focuses on the analysis of the current state of the financial sector of Ukraine, comparative characteristics of its subsystems, in particular financial intermediaries. It is determined that parabanking financial institutions. As a result of the analysis of definitions of non-banking financial institutions, as well as guided by the Resolution of the Board of the National Bank of Ukraine № 57 of 26.02.2013, and regulations of the National Bank of Ukraine, it is stated that non-banking financial institution is a legal entity, financial services and which is entered into the State Register of Financial Institutions in the manner prescribed by the legislation of Ukraine. Moreover, the legislator clearly defines the list of such institutions, namely: credit unions, pawnshops, leasing companies, trust companies, insurance companies, funded pension institutions, investment funds and companies and other legal entities whose exclusive activity is the provision of financial services. The development of non-banking financial intermediation in Ukraine has shown that, despite the significant lag in terms of assets from the banking sector, non-banking financial institutions can effectively accumulate and redistribute financial resources to the needs of the economy.