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Medvedev calls for expanding banking network, additional investments

October 03, 2012, 23:20 UTC+3
Russia is gradually moving on to international regulation in the field of banking law and banking supervision
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GORKI, October 3 (ItarTass) —— Russia is gradually moving on to international regulation in the field of banking law and banking supervision, Prime Minister Dmitry Medvedev said.

“We must respond to the problems that arise in this context promptly,” he said at a meeting on the development of the banking system on Wednesday, October 3.

“The banking system exists not for its own sake but for the development of the regal economy, it underlies its main parameters, everyone uses bank services and therefore we need and should detect risks and imbalances in the banking system correctly and timely,” the prime minister said.

He noted that banks should not only carryout their business strategies but also understand their social responsibility.

Medvedev warned that the Russian banking sector would have to develop in a turbulent situation in world financial markets, including in the Euro zone. “This is why monitoring and responding to global economic tendencies remains a task for the Russian government, the Central Bank and the banking system as a whole,” he said.

The prime minister recalled that the Russian banking sector received unprecedented support during the global economic and financial crisis. “Time showed that it was done timely and correctly, and we managed to cope with the problem. In the first eight months of this year bank assets grew by almost 10 percent, which is more than last year, to nearly 45 trillion roubles. This happened mainly due to broader lending, and the combined banking capital is also growing,” Medvedev said.

He stressed that need to focus on the rating and capitalisation of banks, expansion of their outreach, and attraction of additional investments for their development.



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