President of the Association of Russian Regional Banks Anatoly Aksakov
Photo: Kirill Tulin
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Central Bank Will Propose Reforms
The Central Bank of Russia is ready to introduce a number of bills to strengthen the banking system, RBK Daily newspaper reports. The proposed laws will significantly shorten the term for reorganizing banks for their reinforcement and for increasing the capital of credit organizations. The plans are expected to benefit large banks that are prepared to acquire smaller problem banks. Amendments may also be made to the Civil Code remove the right to demand early payment of debts during reorganization or merger of credit organizations. That has been a sticking point for banking reform.
According to RBC, the “subsidiaries” of foreign banks will take part in the reorganization of the banking system. At least representatives of those banks have met with Central Bank managers and discussed the possibility. “Foreign bankers have expressed their readiness to participate in the reorganization of individual banks, should the need arise,” president of the Association of Regional Banks of Russia Anatoly Aksakov confirmed. “But we are depending on the Central Bank, Finance Ministry and Russian banks to take the most active role. But the help of forien market participants can be considered.”
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