Today, the financial crisis has created a situation where banks
 work on the money market, experiencing uncertainty as to the reliability
 their contractors, and the state of its liquidity.  Some of the major
 banks hold only operations overnight (due to high credit risk and
 through reduced liquidity) and the largest banks with foreign
 capital considered the largest in the Ukrainian market counterparty risk.
 Because interest rates on demand and supply of interbank loans
 under overnight in late 2008 - early 2009 significantly
 higher than the discount rate and the refinancing rate.  Volumes
 secured refinancing of the Bank were limited by
 overall economic situation, the state of the money market, and by
 Administrative factors - lack of government bonds in circulation and
 administrative interference in monetary power.  Weak state
 interbank market means that banks are exposed to
 loans from the Bank, and their part in shaping the demand for money
 limited.