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GAAP.RUNewsThe CB of Russia may stop controlling commercial banks pretty soon

The CB of Russia may stop controlling commercial banks pretty soon

Publication date: 16 March 2007

Based on recent parliamentary discussions, a new resolution project has been prepared and later presented to Sergey Ignatiev, chairman of the Bank of Russia. Inside sources from the president’s administration secretly notify that some influential officials are indeed really interested in alienation of CB from its functions to control commercial banks.

The Central Bank of Russian Federation (CB, also known as “the Bank of Russia”) may soon be alienated from its main functions to control over commercial banks because deputies of the State Duma of Russian Federation have recently come up with a new “mega-regulator” (self-regulatory organization) resolution project that was presented to Sergey Ignatiev: the idea was initially developed by Valery Zubov, but latter rejected by the Ministry of Finance (Minfin), like Alexei Savatjugin said in his interview; Vladimir Putin once agreed on the Financial Markets Development Strategy and argued that supervision functions and functions to control united within one authority may lead to the conflict of interests, thus the Financial Monitoring Authority (Rosfinmonitoring) and the Federal Financial Markets Service are other most likely candidates.