Today, the national commercial financial structures, accounting for their own potential and for the potential of their clientele, take still more dynamic participation in the process of accumulation of financial flows by playing a role of either the guarantors of a return of raised financial resources or direct loan debtors.

However, in spite of the obvious activity of the participants of the national financial market, there is a number of objective macro- and microfactors that makes it impossible for such participants to implement their programs in connection with large-scale finance, above all, and with commercial finance to the full extent. Such factors include the high country-specific and commercial risk of Ukraine, insufficiency of the own capital of the national commercial financial structures and non-compliance of such structures with the requirements of foreign credit institutions to the large exposure and accounting.

Implementation of the program of syndicated lending of separate projects by several national commercial banks may force a way out of such situation. In case of syndicated lending, the banks interested in the implementation of a certain project of one of their clients will co-operate in a group that will accept the granted foreign finance. The parties of such group shall define the "Leading Bank" that will supervise the progress of the implementation of the project and control all corresponding financial flows. Each participant of financing process will assume certain risks of the end loan debtor implementing the project.

Such mechanism is most attractive for the potential foreign investors/lenders in connection with the opportunities:

• to diversify the national and corporate risks to the maximum possible extent;
• to provide for an additional control over the progress of implementation of the project (information can be received from several sources);
• to establish direct relations/co-operation with new potential partners in the domestic Ukrainian monetary market (which would be impossible in case of making applications for finance, in particular, by mid-size and small banks separately).