The author deals with deposit service on Ukraine's stock market. The article pro-vides justification of measures to raise the level of the banks' service for their cli-ents as regards deposit-related services

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The author characterizes the peculiarities of the banks’ work on Ukraine’s, carries our quali-tative and quantitative analysis of the banks’ investments in securities against the back-ground of the general expansion of active operations, and points out that, in recent years, the banks’ investment portfolio has a tendency to increase. The article provides conclusions about a possible revival of the banks’ activities on the stock market.

Keywords:Bank, stock market, investment portfolio, banks’ activities

The article deals with the main preconditions and tendencies of the transformation processes characteristic for the modern stage of the development of Ukraine’s banking sector (exit of the European banks and their replacement with Ukrainian and Russian ones, consolidation of the banking capital, re-orientation to domestic resources, and credit stagnation). The authors emphasize the key structural and functional changes, which will define (restrict) the development of Ukraine’s banking sector in 2014. The article focuses on the importance of ensuring a stimulating influence of Ukraine’s banking sector on this country’s economic development in conditions of a conflict between the vectors of economic integration.

Keywords:banks, risks, recession, stagnation of the credit market

The state is not able to provide pensions and normal social living standards for non-working pensioners. Financing of the Pension Fund of Ukraine deficit in 2017 from the State Budget of Ukraine is planned at the level of 141.3 billion UAH, which is almost 50% of the total amount of funds in the Pension Fund. In 2003, the Law of Ukraine "On non-state pension provision" was adopted in Ukraine, which should have been an impetus for pension reform through the launch of personal pension accumulation mechanisms.
Non-state pension funds are characterized by a policy of forming a portfolio of investment instruments of the lowest risk, but the main condition is the receipt of investment income, which would not only ensure the growth of pension assets, but also protect of funds from inflationary risks.
Pension funds, in turn, operating large volumes of assets, should become, for the financial market, the largest so-called institutional investors, who will offer the market large and long-term financial resources.
The share of return on investment in NPF assets and the return on investment both have decreased in recent years. The reasons for the decline in the profitability of NPF investments were the result of the following factors: revaluation of own assets after the change of the listing rules of the trade in the companies' shares, and the loss of NPF deposits in non-payment banks. In Ukraine, there are no tools that could guarantee an adequate return with a high level of reliability. There are no high-quality corporate securities on the market, and the level of return on deposits does not exceed the level of inflation.
The introduction of the second level of pension reform does not make sense without the reform of the financial system and the stock market and without the formation of a complete system of prudential supervision and regulation of the activities of the NPF and their administrators. An important factor for the reform of the pension system should be the clear orientation of the authorities for macro-financial stability, support for an efficient and stable banking system, and support for the development of insurance business.

Keywords: pension system, non-state pension funds, pension assets, pension contributions, investment activities of non-state pension funds, institutional investors, investment portfolio

The article defines the concept of fintech as an innovative industry and as a financial product. The processes and possibilities of using innovative technologies, in particular blockchain, artificial intelligence, Big Data, cloud technologies, artificial neural networks, and machine learning technologies for the financial services industry are generalized. The author notes the promise of the application of such innovative technologies for the expansion of crediting, reduction of credit, investment and other risks, personalization of financial offers for the client, trading, money transfers, insurance business, etc.
The world investments in fintech in the period from 2013 to 2019 are analyzed. The author points out the increase in total investment and average value of one transaction over the past two years. Analyzed the application of fintech for local markets and in various areas of the financial services industry, in particular investments in InsurTech.
The author shows the opportunities of the introduction of fintech in the regional section. It is concluded that the coverage of the population with fintech services is higher in the countries where the market of traditional financial services is less developed. Countries with developed financial markets have a conservative approach and a certain lag in the introduction of financial technologies. At the same time, the author points out a high level of concentration of investments in developed markets.
It is concluded that digitalization in the financial and other sectors in Ukraine is promising; in particular, it concerns non-cash payments of insurance companies, remittances and services related to RegTech. Highlighted the priorities for fintech in Ukraine in terms of improving digital literacy, cash economy, and development of fintech ecosystems.
The positive and negative effects of the introduction of fintech are considered. It is emphasized that the problems that need to be addressed relate to the risks associated with personal security, privacy, loss of personal data, cybersecurity, job cuts, and various other aspects.
The publication was prepared within the regular research project of the Department of Monetary Relations at the Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine "Financial Services Industry in the Conditions of the "New Normality"” (state registration No 0118U003065).

Keywords:fintech, investments, digital technologies, financial services industry, digitalization, artificial intelligence, blockchain, cloud technologies

The article analyzes the structure of Ukraine’s external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country’s GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security.
The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total.
The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative).
The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries.
The publication was prepared within the research project on "Ensuring the effectiveness of monetary policy in Ukraine in conditions of global economic destabilization" (State Registration No: 0121U000024).

Keywords:public debt, government’s external debt liabilities, GDP-warrants, restructuring and write-off of external debt, external state loans

Starting with the global pandemic crisis, whose consequences included the disruption of logistics chains and the suspension in a number of economic sectors, the world economy is experiencing increasingly large losses. Full-scale Russian aggression against Ukraine and the imposition of sanctions against the Russian Federation by many countries have made the global economy even more unstable and problematic. Macroeconomic problems are accumulating in the world, which will be a long term trend.
The article deals with Ukraine’s domestic financial and monetary sphere since the beginning of Russian aggression in 2014 and in the context of the post-pandemic global crisis. In the first months of the war, Ukraine – being a small open commodity based economy –managed to maintain the stability of money circulation and prevented panic in the financial markets, in contrast to 1998, 2008 and 2014.
The full-scale war continued the economic crisis initiated by the COVID-19 pandemic. The interaction of the two crises deepens imbalances in both the global and Ukrainian economic and financial systems. As manifestations of the crisis, the article examines the disrupted supply chains of goods and raw materials, and the negative impact on the companies’ solvency due to reduced demand. On the other hand, with their financial injections, the governments prevent the rapid bankruptcy of unviable firms in order to preserve employment, which exposes the economy to new risks.
The article outlines expected developments in Ukraine’s financial system due to long war and the ensuing macroeconomic losses and uncertainty. Recommendations are given on urgent measures to support the banking sector in order to increase its liquidity and solvency under the conditions shaped in 2022.
The authors note that in the fight against inflation, it is necessary to take into account the increased energy prices, the disrupted logistics chains for commodity producers, the decreased export revenue, and the increased prices for critical imported goods. Anti-inflationary measures under such conditions could lead to stagnation and phase out domestic production.

Keywords:monetary policy, exchange rate policy, economic reforms