INSTITUTIONAL MECHANISMS FOR REFINANCING MORTGAGE ASSETS IN UKRAINE

Анотація

The purpose of the article is to substantiate approaches to adapting institutional mechanisms for refinancing mortgage assets to the conditions of Ukraine, taking into account international experience. Research methods: The study employs methods of analysis and synthesis, comparative analysis, institutional analysis, and logical-structural schematic generalisation. Results: A critical review of the European experience of STS securitisation, the ECB’s APP programmes, and the activities of the Kazakhstan Housing Company (KHC) was carried out. Three main mechanisms were identified: securitisation, asset purchase programmes, and the activities of specialised state operators. It was determined that none of these mechanisms alone is sufficient for Ukraine. A three-level model for adapting mortgage asset refinancing mechanisms to Ukrainian conditions is substantiated. This model is structured according to time horizon and implementation objectives. In the short term, it предусматривает the establishment of a specialised operator (Ukrfinzhytlo) with an expanded mandate. In the medium term, it envisages the development of liquidity support programmes with the participation of the National Bank of Ukraine, with a threshold share of 10–15%. In the long term, it provides for the launch of a Ukrainian secondary market for mortgage-backed securities based on STS standards. Based on the analysis of Kazakhstan’s experience, the risks of the specialised operator model were identified, including politicisation, lack of transparency, and quasi-fiscal burden, and the conditions for its adaptation to Ukraine were formulated. A quantitative threshold for central bank participation in asset purchase programmes in Ukraine, at 10–15% of the issue volume, is proposed as a development of existing approaches, where the corresponding range for developed markets is estimated at 20–30%. Critical constraints of the institutional-operator model have been identified. Practical significance: The results can inform the development of a mortgage‑backed securities market strategy and the enhancement of refinancing mechanisms.