The Ukrfinzhytlo team represented Ukraine at the 38th Plenary Meeting of the European Covered Bond Council and at the ISMMA — the association that sets global standards for mortgage securitisation.
This week in Stavanger, Norway, the team of PrJSC Ukrfinzhytlo, led by Chairman of the Management Board Yevhen Metzger, is presenting Ukraine’s housing finance experience for the first time at the platforms of the European Mortgage Federation — European Covered Bond Council (EMF-ECBC). The Ukrainian delegation has been included in the agenda of three key events of the week: the quarterly meeting of the International Secondary Mortgage Market Association (ISMMA), the 38th ECBC Plenary Meeting, and the second meeting of the international Advisory Board on the Development of Housing Finance in Ukraine.
Over three and a half years of operation, the “eOselya” programme administered by Ukrfinzhytlo has grown into Ukraine’s largest and most dynamic mortgage product. Today, eOselya accounts for roughly 98% of the country’s entire new mortgage market. More than 25,000 loans have been issued, with a combined volume of around USD 1 billion. The portfolio’s default rate is close to zero. All of this has been achieved in wartime conditions, without a developed secondary mortgage market and with limited access to long-term capital. It is precisely this case that has captured the attention of international market participants — and it is precisely the reason why Ukraine is talking with them this week not as a petitioner, but as a partner with a working platform.
ISMMA (the International Secondary Mortgage Market Association) is a closed association of national secondary mortgage market operators from around the world: Fannie Mae and Freddie Mac (USA), Cagamas (Malaysia), KHFC (South Korea), JHF (Japan), as well as Mexican, Indian and Ugandan counterparts. These are the institutions that shape the standards under which mortgage asset securitisation operates globally. The presentation by Oleh Zhuravlov, Deputy Chairman of the Management Board of Ukrfinzhytlo, at the ISMMA meeting on 4 May was the first official presentation of Ukraine’s mortgage market before this audience.
Another important event of the week was the second meeting of the international Advisory Board on the Development of Housing Finance in Ukraine — a platform that Ukraine’s Ministry of Economy established jointly with EMF-ECBC to systematically connect Ukrainian needs with European expertise. The agenda included the draft Law of Ukraine “On Securitisation and Covered Bonds”, conceptual approaches to building a unified national housing finance platform, ways to attract long-term capital to the housing sector, and the further harmonisation of Ukrainian legislation with EU law on financial instruments.
“This week, Ukraine is positioning itself not as a country waiting for assistance, but as a country building its own modern mortgage architecture. Our portfolio of 25,000 loans with zero NPLs is an asset ready for securitisation as soon as the legislative framework is in place. That framework is exactly what we are now working on together with EMF-ECBC and the Ministry of Economy.”
— Yevhen Metzger, Chairman of the Management Board, PrJSC Ukrfinzhytlo
EMF-ECBC brings together participants of Europe’s mortgage and capital markets and is the leading authority on long-term financing — securitisation and covered bonds. These are precisely the instruments that will allow Ukraine to scale up affordable housing programmes through international private capital rather than relying solely on budget financing. In 2026, Ukraine’s housing reconstruction needs are estimated at USD 90 billion — a scale that cannot be covered by budget allocations and that calls specifically for market-based instruments.
Ukrfinzhytlo’s participation in international institutional formats at the level of EMF-ECBC and ISMMA addresses three tasks at once: it positions Ukraine as a jurisdiction ready to attract private capital through market instruments; it builds a network of contacts with specific investors and structures for future transactions; and it ensures that Ukrainian legislation is aligned with international standards already at the drafting stage rather than after the fact.
The Ukrainian delegation’s work in Stavanger will continue throughout the week. The next step is the systematic refinement of the legal and regulatory framework and the preparation of Ukraine’s mortgage portfolio for its first market transactions.
BACKGROUND
EMF-ECBC(European Mortgage Federation — European Covered Bond Council) is the association representing the interests of the European mortgage and covered bond industries. Founded in 1967 and based in Brussels, it brings together more than 80 member institutions from across Europe. Its Secretary General is Luca Bertalot.
ISMMA (International Secondary Mortgage Market Association) is an international association of national secondary mortgage market operators. Its members include Fannie Mae, Freddie Mac, Cagamas, KHFC, JHF and other leading institutions worldwide.
