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Ms. Benedicte Vibe Christensen

residents are free to hold fiduciary assets (also without withholding tax) and receive fiduciary loans. At the end of 1984, 90 percent of all fiduciary accounts were denominated in foreign currencies (68 percent in U.S. dollars) and the remainder in Swiss francs. At the same time, 84 percent of banks’ fiduciary liabilities and 99 percent of their fiduciary assets were against nonresidents. The advantages of fiduciary deposits for the customer are (1) the exemption from the 35 percent withholding tax which applies to domestic deposits, (2) a small bank fee, (3) the

Ms. Benedicte Vibe Christensen

published in November 1985) was increased to cover 186 countries at the end of 1984. 2 For the industrial countries the Fund definition is used with the exception that Ireland is excluded (United States, Canada, Australia, Japan, New Zealand, Austria, Belgium, Denmark, Finland, France, Federal Republic of Germany, Iceland, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden, and the United Kingdom). 3 Excluding Liechtenstein and gold liabilities; in the Swiss statistics, as from the end of 1984, Swiss banks’ liabilities and fiduciary liabilities to

International Monetary Fund

in the civil law system. However, the law permits an extraordinary delegation of power to management, for example, to refuse the right to vote, to adjust quorum requirements, or to authorize share issues without shareholder approval. An important area in need of improvement concerns the roles and responsibilities of the supervisory and management boards (including their fiduciary liability), and the duties, obligations, liabilities and conflict of interest requirements of directors, which are poorly defined. 35 60. The new Law on Joint Stock Companies should be

International Monetary Fund
This Financial System Stability Assessment paper for Ukraine reviews financial sector issues and highlights macroeconomic developments, vulnerabilities, and soundness of the financial system. It discusses creditors' rights, insolvency, and corporate governance, and Anti-Money Laundering and Combating of Financing Terrorism. It provides information on the observance of international standards and codes, and the compliance with the Basel Core Principle for Effective Banking. It also reviews Ukraine’s observance of good transparency practices in monetary and financial policies, including payments system oversight, banking supervision, and deposit insurance supervision.