The author's research is based on the hypothesis of the state as an effective owner. An effective owneris treated as an entity that is able, first, to preserve and multiply the object of possession; secondly, clearly defines the purpose of using this property; thirdly, to direct the functioning of property objects to the realization of public interests. In the implementation of this mission should address issues: blurring of responsibilities, involvement, motivation of managers and delegation of authority from the owner to managers.
The presence of a national development bank contributes to counter–cyclical regulation of the economy, financial, and social stability, provided that this tool is used prudently. It is expedient to establish several development institutions with different business models, with common ground on the interaction of public and private sectors. In designing the concept and strategy of the national development bank, the government should take into account that state–owned banks aim to overcome market failures for the sake of overall economic growth. They should be aimed and assessed rather on achivementof GDP growth, rational employment, positive balance of foreign trade, overall national welfare in hosting countries, than traditional performance indicators of commercial banks. Work on the reorganization of national development banks is ongoing in all countries of the world, which suggests that this is a process of continuous improvement in response to the dynamic environment.
As the practice of national development banks shows, their capitalization in modern conditions is primarily due to the capitalization of profits, despite the fact that the profitability of the business is not the purpose of their activities. The role of authorized capital as a resource is secondary. Capital adequacy is regulated by the central banks of the respective countries. The credit rating of such bank and the sovereign is almost the same, which allows development banks to attract cheap resources on the market, rather than public funds. A key point in the capitalization is the preferential taxation of the bank's profits and the direction of retained earnings to reserves and further capitalisation. The majority share of the state in the capital of the these banks creates the preconditions for the use of such an institutions as an instrument of economic policy of the state.
The author offers a set of key performance indicators to assess the performance of heads of state corporations in their positions. First, financial indicators (dynamics of the loan and investment portfolio; loan quality, structure of credit investments by priority areas according to the strategy approved by the government, operational efficiency, risk–based return, level of uncovered credit risk in relation to capital, ratio of borrowed funds and loan portfolio) and secondly, non–financial indicators (sustainable financing rating, positive GDP dynamics, business development index and unemployment rate).
Sustainable financing should be an integral part of the development strategy of the development bank. In modern conditions, the competitiveness of companies will be determined by their indicators of sustainability. Companies that take appropriate measures to reduce environmental risks and respect social impact will be rated higher than companies that do not, other things being equal. Accordingly, the state, as the owner of the development bank, should make efforts to implement a strategy of sustainable financing.
The practical significance of the study is that the results of the study can be applied in the implementation of economic policy, improving the management of state property, regulating the activities of banks with state capital, in developing a set of measures to overcome the effects of the systemic crisis. The author proposes to implement business models of two types of development banks for Ukraine, namely a specialized financial bank to support small and medium–sized businesses through partner institutions and a bank to finance large corporations, state–owned enterprises and municipalities; it is substantiated that the starting (authorized) capital of such banks can be obtained by restructuring the three existing state banks (Ukreximbank, Oschadbank and Ukrgasbank), redistribution of profile assets between these banks, while maintaining the specialization of export–import bank as a third specialized state bank; DBRs are able to operate in the market as institutions without a license to raise customer funds, as they rely on wholesale borrowing.
