Private LLC "Export Credit Agency" (ECA), which is 100% owned by the state, from now on becomes a competitive player of the financial market of Ukraine of a special type. The activity of ECA will be regulated by the National Bank of Ukraine. This is defined in the new edition of the ECA Statute, which was approved at the meeting of the Cabinet of Ministers of Ukraine on September 10 at the initiative of the Ministry of Economy of Ukraine.

Now insurance from ECA is the main type of credit security, and every credit agreement up to 20 million UAH is automatically confirmed by the Agency. Thus, banks that act as agents do not need to form additional reserves or require mortgage from customers. The changes also provide for the special status of the Export Credit Agency as a resident insurer. ECA is a legal entity under private law that has activities on a commercial basis. It is not subject to the requirements of the Law of Ukraine "On the Management of State-Owned Enterprises". The Agency's activities are regulated by the National Bank of Ukraine.

The updated Statute says that the minimum share of corporate rights of the state must be at least 50% of the authorized capital plus one share. The types of insurance and reinsurance activities have also been expanded.

Besides, amendments were made to the Regulations on the ECA Supervisory Board. In particular, it is determined that its quantitative list cannot be less than three people, and the number of independent members of the Supervisory Board should constitute the majority of the total list. 

Reference source: https://bit.ly/3d4rST8