Pension and investment funds, which are accountable to the public for investments in the assets of the banking sector is unlikely to tolerate a situation in which financial statements of the bank’s corporate website is updated every year, including data on the chairman of the board are limited to his name. Openness in such circumstances is not an achievement, but a necessity for the bank. On the Ukrainian market, where a small number of investors directly controls the cash flow own banks, the level of transparency was placed in voluntary-compulsory under severe pressure NBU and Securities Commission. Over time, a transparent business banks encourage foreign investors, loan syndication and owners of bank eurobonds. However, in times of crisis for many banks, calculated with the external debt, the latest stimulus lost sharpness. As a consequence, often reporting the newly published ‘under the lash’ National Bank, and the degree of disclosure of ownership and management is not great. Last study of the rating agency Standard & Poor’s affirmed index decreased transparency of Ukrainian banks to foreign investors in 2010.
Analysts noted that for 2010 has decreased the amount of financial information in the public access, dramatically worsened access to reporting that is provided to regulators. ‘The Economic Truth‘ has decided to hold their own rating of openness which, in contrast to studies Standard & Poor’s, would have been more focused on information needs of clients of Ukrainian banks, rather than foreign investors. Particular attention is ‘ME’ has given the availability of information on banking services available from agencies, as well as testing the ability of PR-Services qualitatively carry out its mission – to respond to customer inquiries. Also, ‘VC’ publishes not overall results and detailed index values of the constituent rankings of openness for each bank. ‘EP’ is convinced that openness institutions is essential, even in conditions of Ukraine. The fact that banks with a high level of openness demonstrated better coherence of internal business processes, high levels of social responsibility and close relationship with the public, compared with competitors.
Easy access to banking data allows the client to accurately assess the organization, which he will entrust their funds. Finally, the rating will save time and effort when looking for banking information on the Internet. Leaders and outsiders leading position in the overall league table of openness took ‘VAB Bank’ Bank ‘Khreschatyk’, VTB, Privatbank and “Alpha Bank” with the indicator of openness more than 3.5 on a 4-point scale. Banks Group ‘A’, in addition to high levels of disclosure of financial statements differs full terms and conditions of service, comprehensive data on education and training of top management, openness ownership structure and the final beneficiaries regularly informed about the decisions and the publication of minutes of meetings of shareholders. The site leader rating ‘VAB Bank’ can easily download the annual and quarterly financial reporting on national standards. Statements according to international standards applied in the public domain, not only for a year and a half-yearly period, which is rare in Ukraine. All published documents contain full range of economic indicators and confirmed the audit firm of the ‘big four’. Rating the openness of Ukrainian Banks, 19 November 2010 – The structure of the indicator of openness of financial statements – Structure indicator openness of banking services – an indicator of openness Management Structure – Structure of the openness indicator of the owners – on materials ‘Economic justice’.