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Bank of Russia expects banking sector cleanup to finish soon

The Bank of Russia recalled over 50 licenses from banks in 2017

Central Bank chief Elvira Nabiullina Vyacheslav Prokofiev/TASS

Central Bank chief Elvira Nabiullina

© Vyacheslav Prokofiev/TASS

MOSCOW, June 4. /TASS/. The Bank of Russia expects that the "cleanup" of the Russian banking sector will end soon, Central Bank chief Elvira Nabiullina said on Monday in the State Duma.

"We expect that our measures for improvement of regulatory supervision quality in the banking sector will make it possible to complete the market cleaning process in the near term," she said.

It is necessary to revert this year to discussion of "motivated judgment and greater responsibility of owners and managers, including subsidiary liability for losses," Nabiullina said.

The Bank of Russia recalled over 50 licenses from banks in 2017 and launched a new mechanism of financial recovery of credit institutions via the Banking Sector Consolidation Fund.

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