Lietuvos bankas (Bank of Lithuania)
Lietuvos bankas was established in 1922 and serves as the central bank of the Republic of Lithuania. The Chair of the Board of Lietuvos bankas is appointed by the Parliament of the Republic of Lithuania upon nomination by the President of the Republic of Lithuania for a five-year term.
As a member of the Eurosystem, Lietuvos bankas contributes to the implementation of the single monetary policy of the euro area and performs functions related to financial stability and macroprudential policy. Since 2012, LB has been the single supervisory authority for all financial markets and institutions in Lithuania, supervising credit institutions, insurance and securities, payment and electronic money institutions, and other financial institutions operating in Lithuania, and investigating the disputes between consumers and financial institutions.

DGSFP – Dirección General de Seguros y Fondos de Pensiones (Directorate General for Insurance and Pension Funds, Ministry of Economy, Commerce and Business, Spain)
The Directorate General of Insurance and Pension Funds, DGSFP, was created in 1928, however, the Insurance Inspectors began performing supervisory tasks in 1908, so Spain has more than 115 years of experience supervising insurance sector. The supervisor function relies on the Insurance Inspectors, who have that function assigned by law, according to article 123 of the Spanish Law 20/2015, of 14 July, on the management, supervision and solvency of insurers and reinsurers. Insurance Inspector is the highest grade (grade A1) within the DGSFP and inside the Spanish Civil Servants. All the management positions inside DGSFP, including the Director, are covered by Insurance Inspectors. The DGFSP is the Spanish government financial regulatory agency which supervises and controls Spain's Insurance and pension fund sector. 
It is responsible for ensuring that the insurance sector works properly, providing appropriate protection to policyholders and members of pension funds. To that end, it is empowered to regulate, issue mandatory criteria to be complied by insurance undertakings and groups to guarantee the proper operation of the whole insurance market in accordance with current legislation (under SII framework).
It is part of the Spanish Secretary of State of Economy & Business Support of the Ministry of Economy, Trade and Business of Spain.

FIAP– Fundación para la Internacionalización de las Administraciones Públicas, F.S.P  (Foundation for the Internationalisation of Public Administrations, F.S.P. – FIAP)
Part of Ministry of Foreign Affairs, European Union and Cooperation, Spain
The Foundation for the Internationalisation of Public Administrations (FIAP) is a Spanish public sector foundation attached to the Ministry of Foreign Affairs, European Union and Cooperation. FIAP supports the international projection of Spanish public institutions through institutional cooperation and technical assistance programmes worldwide.
FIAP works by mobilising Spanish public expertise —ministries, regulatory bodies, supervisory authorities and other public entities— to strengthen public policies and institutions in partner countries. It designs and manages EU-funded cooperation projects, including Twinning and other instruments, contributing to institutional reform, governance improvement and alignment with EU standards.
As an implementing entity of Spain’s international cooperation system, FIAP ensures that projects are delivered in accordance with principles of public integrity, accountability and results-based management. Its role is to connect peer public administrations, facilitating knowledge transfer and sustainable institutional development.
FIAP forms part of Spain’s external action framework and operates in close coordination with the Ministry of Foreign Affairs, European Union and Cooperation, contributing to the strengthening of democratic institutions, public sector modernisation and international partnerships.
Twinning is an EU instrument of institutional cooperation between public administrations in EU Member States and beneficiary countries and/or partner countries. A twinning project consists in combining the experience and expertise of public sector institutions in EU Member States and beneficiary countries to achieve concrete results as part of jointly agreed project activities.

News [What’s new]

⮚ Summary of project implementation in 2025 

The project activities started in April 2025 and are now being implemented by experts from the Directorate-General for Insurance and Pension Funds, Ministry of Economy, Commerce and Business (Spain), the Polish Financial Supervision Authority, and the Bank of Lithuania, in cooperation with the National Bank of Ukraine.

46 out of 99 missions planned for the entire project period (46%) were completed by the end of 2025 as part of three out of four components (A, B, and D). 

The scope of expert missions in Components A and B focused on supporting the NBU in adapting the supervisory practice and regulations in relation to insurance undertakings, payment service providers and credit unions, and in Component D – on performing the obligations related to the EU accession process and active collaboration between the NBU on the one part and international organisation and third parties on the other part, in the field of non-bank finance.

All project activities were completed in accordance with the project work plan, including preparation, by experts from Spain, Lithuania and Poland, of required documents for further use by the NBU. 

The outputs were adapted to the NBU’s expectations and they are applied in the adaptation of the Ukrainian supervisory practice to the EU rules and standards, and in gradual harmonisation of rules with the acquis communautaire.

The period from April to December 2025 resulted in successful completion of the following expert missions, with measurable outcomes for use by the NBU. 

In Component A, Spanish and Lithuanian experts successfully finalised 37 expert missions in cooperation with the Ukrainian financial supervisor in order to enhance the NBU’s activities for the improvement of the regulatory and supervisory framework for the non-bank financial services market in the following areas:

1. In the segment of payment service providers, experts from the LB delivered a complete package of outputs to support the Ukrainian financial supervisor during 11 expert missions aimed at meeting result indicators for sub-results 1.1, 1.2 and 1.3*.

*In terms of supporting the NBU in developing internal documents and methodologies, adjusting regulatory requirements, and supporting activities for the introduction of quantitative assessment of risks and capital adequacy.

2. In the segment of insurance undertakings: 

a) all delivered outputs were completed by experts from the Spanish supervisory authority to meet result indicators for sub-results 1.1 and 1.2* as part of 22 missions (14 for the staff of the NBU and 8 for representatives of Ukrainian insurance undertakings, including a study visit of the NBU to Madrid to recapitulate DGSFP support);

*In terms of supporting the NBU in developing internal documents and methodologies, and adjusting regulatory requirements on the quantitative assessment of risks and capital adequacy.

b) experts from the LB launched first activities for the NBU as part of sub-result 1.3*.

*To support the NBU’s activities for the introduction of quantitative assessment of risks and capital adequacy.

3. In the segment of credit unions, experts from the LB launched first activities aimed at supporting the achievement of results for sub-result 1.1*. 

*In terms of supporting the NBU in developing internal documents and adjusting regulatory requirements.

The missions of DGSFP experts in the area of insurance undertakings focused on regulatory aspects, supervisory practice and techniques, and the roadmap for regulatory aspects taking into account supervisory practice and techniques. 

The missions of LB experts in the area of payment service providers and credit unions concluded with reports on the review of regulatory gaps and with tailored recommendations for the NBU. 

In Component B, UKNF experts delivered support as part of five expert missions in the segment of insurance undertakings aimed at supporting the NBU in meeting indicators for sub-results 2.1 and 2.2 in risk-based supervision, developing supervisory tools and methodologies, and introducing risk-based supervisory assessment. Delivered outputs included mainly handbooks, supervisory procedures, and templates for supervisory purposes.

In Component D, UKNF experts conducted four cross-sectoral expert missions oriented towards enhancing the NBU’s capacity to perform the obligations related to EU accession and to actively cooperate with IAIS, OECD and other international organisation in the field of non-bank finance and at international forums. Polish experts shared multiple insights into supervisory practices, handbooks, procedures and tools, as well as related recommendations. 

With the expert support received, the NBU continues the review and further work to develop or adjust the regulatory framework for the supervision of insurance undertakings, credit unions and payment service providers. 

In addition to the project activities described above:

• A virtual kick-off meeting was held on 14 May 2025 with high-level representatives of public administration and diplomatic services from Ukraine, Poland, Lithuania, and Spain, as well as representatives of Ukrainian insurance undertakings, credit unions, non-bank payment service providers, professional associations, media, and market. The purpose of the meeting was to present the overall objectives of the support financed from EU funds to all the stakeholders involved in the project, the media, and the general public (more details here). 
• The Delegation of the European Union to Ukraine communicated its full approval of the first three interim reports on project implementation in 2025 (for Q1–Q2, Q3 and Q4 2025, respectively). 

Contact persons 

Polish Financial Supervision Authority
Joanna Lipowczan, Project Manager, International Cooperation Department 
e-mail: joanna.lipowczan@knf.gov.pl 
Marta Bartnik-Wójcik, Resident Twinning Adviser
e-mail: marta.bartnik-wojcik@knf.gov.pl 

National Bank of Ukraine
Tetiana Tytarchuk, Resident Twinning Adviser Counterpart
e-mail: Tetiana.Tytarchuk@bank.gov.ua, +380 50 4104131  
Svitlana Zarazhevska, National Bank of Ukraine Press office 
e-mail: Svitlana.Zarazhevska@bank.gov.ua, +380 97 886 43 63

Useful links

• Delegation of the EU to Ukraine
  https://www.eeas.europa.eu/delegations/ukraine_en
  https://www.eeas.europa.eu/delegations/ukraine_uk?s=232
• Polish Financial Supervision Authority: https://www.knf.gov.pl/en/ 
• National Bank of Ukraine: https://bank.gov.ua/en/ 
• Lietuvos bankas: https://www.lb.lt/en/ 
• DGSFP - Dirección General de Seguros y Fondos de Pensiones: Páginas - Dirección General de Seguros y Fondos de Pensiones https://dgsfp.mineco.gob.es/es/Paginas/Iniciocarrousel.aspx
• FIAP – Fundación para la Internacionalización de las Administraciones Públicas, F.S.P (Foundation for the Internationalisation of Public Administrations, F.S.P. – FIAP): https://www.fiap.gob.es

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