The National Bank of Ukraine published its May 2025 Systemic Risk Survey, in which executives of the largest banks and non-bank financial institutions assessed the financial sector’s current condition and resilience as the strongest since 2021. About half rated current performance as good or very good, most reported no change over the past six months, and three-quarters expected the sector’s condition to remain stable over the next six months; overall risk was assessed as moderately high, with a marginal improvement from the previous survey. Since November 2022, most respondents have rated the sector’s resilience to high-impact adverse events as medium or high. The war with Russia remained the main source of systemic risk, while fraud and cyber warfare rose to second place (up four positions from November 2024) and human capital quality stayed among the top five risk sources for a third consecutive survey. Respondents reported weakening risks linked to law enforcement and the judiciary, general corruption, legislation quality, and the political and social situation, and a quarter said institutions’ risk appetite continued to increase, although two-thirds reported it unchanged. The survey was conducted from 6 May to 21 May 2025 among managers of 22 banks, 10 insurers, and two investment companies, with unweighted responses and results reflecting respondents’ opinions rather than the National Bank of Ukraine’s own risk assessment.

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