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Cyprus precedent undermines confidence in banking system - view

April 19, 2013, 18:13 UTC+3
She once again expressed the hope the Russians would eventually turn to keeping their private finances at banks in their homeland
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MOSCOW, April 19 (Itar-Tass) - Cyprus precedent undermines the basic principles of confidence in the banking system, Russian presidential advisor for economic issues Elvira Nabiullina said on Friday at the Russia'2013 forum organized by the Russian Savings Bank (Sberbank) .

“What was done in Cyprus is a dangerous precedent,” said Nabiullina who is about to take the position of CEO of Russia’s Central Bank.

“Individuals should not pay for regulators’ mistakes.”

“The post factum expropriation of some deposits on Cyprus is a violation of the fundamental rules of confidence,” she believes. “It is even more far-reaching than the bankruptcy of major banks.”

The Cyprus crisis will teach the megaregulator a lesson in strengthening macroprudential oversight, Nabiullina said.

She once again expressed the hope the Russians would eventually turn to keeping their private finances at banks in their homeland.

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