The object of this paper is to identify macroeconomic indicators that are most suitable for detection of instabilities in the Ukrainian banking system and for justification of the methods of evaluation of the financial stability of the Ukrainian banking system based on an integral index. It analyzes the dynamics of macroeconomic indicators of Ukraine's economy and proposes to use the ratio of the growth rate of loans to non-financial corporations to total GDP as the key macroeconomic indicator of financial stability, with GDP dynamics and dynamics of loan/deposit portfolio ratio of Ukrainian banks being supplementary indicators. It analyzes existing methods of formation of the integral index of the financial stability of the banking system and reveals their limitations. It refines the methods of the banking system financial stability evaluation by adding calculation of taxonomic indicators for the groups of capital adequacy, liquidity, business activity, performance and finding the overall financial stability index as a geometric mean of the taxonomic indicators. It was found that the dynamics of the proposed integral index is in agreement with the stages of development of the Ukrainian banking system; therefore it is practical to use it as a financial stability indicator