Institute for Economic Research and Policy Consulting
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Introduction of Contractual Savings Schemes (CSS) for Housing Finance in Ukraine: Problems and Perspectives |
 Українська |
Date: |
November 4, 2004 |
Place: |
Institute for Economic Research and Policy Consulting |
Organizers: |
Institute for Economic Research and Policy Consulting |
Outline
Private savings is now the major source for housing finance in Ukraine. Although the volume of bank credits to households has risen rapidly last years, this financial instrument is still unaffordable for most Ukrainians. A developed market for housing financing, in contrast, foresees several financial sources available. In Germany, for example, apart from the privately saved funds, mortgage loans and contractual savings schemes (CSS) provided by specialized institutions - Bausparkassen - are extensively used. During the Round Table, expert from the Association of Private Bausparkassen (Germany) Dr. Friedemann Roy highlighted the major principles of contractual savings schemes. He also reported on the perspectives and features of CSS implementation in Ukraine. Representatives of the National Bank of Ukraine, Association of Ukrainian Banks, State Commission on the Financial Market Regulation in Ukraine, Arkada Bank and State Savings Bank of Ukraine participated in the discussion.