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RF bank sector better prepared for new crisis than it was in 2008 - German Gref

September 16, 2011, 13:48 UTC+3
Gref also paid attention to growing rates for attracting money by banks, which will raise credits’ rates automatically
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SOCHI, September 16 (Itar-Tass) — Russia’s banking sector now is prepared better for a possible new wave of crisis, than it was in 2008, Sberbank’s CEO German Gref said on Friday.

“Sufficient bank capital is much higher now,” he explained. “The readiness of the CB’s instruments is higher, too.”

“Should it be necessary, it will be able to provide necessary cash in no time,” Gref said. “Similar instruments are agreed with the government, too.”

“These are three key conditions, which let us provide support for the banking sector much more easily and quickly, should it be necessary.”

Gref also paid attention to growing rates for attracting money by banks, which will raise credits’ rates automatically.

 

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