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Russia’s Central Bank has no blacklists of banks subject to license revocation - governor

December 08, 2013, 19:10 UTC+3 IRKUTSK
The Central Bank, in her words, will not warn any bank about such measures
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© ITAR-TASS/Sergey Karpov

IRKUTSK, December 08, 18:50 /ITAR-TASS/. Russia’s Central Bank has no plans of revoking licenses from commercial banks, Central Bank governor Elvira Nabiullina pledged on Sunday.

“There are no blacklists, there are no waiting lists. It is impossible purely for technical reasons,” she said in an interview with Russia’s television Channel One.

License revoking is “a measure of last resort,” she said. Before taking such measure, the Central Bank thoroughly analyzes the situation at each particular bank and possible impacts from the license revocation.

The Central Bank, in her words, will not warn any bank about such measures. “As a matter of fact, no one knows who might be the next,” she noted. “We cannot warn anyone. Moreover, it would be wrong to do that. I know not a single country worldwide where the central banks would warn about license revocation. It is not ruled out that in case a bank is warned, a mala fide owner or managers could divert assets, making settlements with closest clients, so a rank and file depositor will finally receive much less money.”

Thus, in case of Master-bank, the Central Bank has managed to preserve 11 billion roubles on its accounts and this money will be used to pay compensations to its clients, Nabiullina added.

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