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IMF adviser: CBR's termination of bad banks' licenses is not crackdown on banking

December 10, 2013, 19:20 UTC+3 10
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MOSCOW, December 10 (Itar-Tass) - The Central Bank of Russia’s measures to recall unreliable banks’ licences is not a massive crackdown on the Russian banking system as such, an advisor to the IMF's European division, Antonio Spilimbergo said.

There are over banks in Russia, and about 25 have been closed recently, he told a news conference. Since banks are closed every year, this measure should by no means be perceived as a massive attack on banks. Spilimbergo added that the number of banks stripped of their licences and the amount of their assets made up only 1 percent.

The head of the IMF mission recalled that a megaregulator had been set up last September in Russia. Spilimbergo described it as a good sign that demonstrated Russia was determined to take urgent action in relation to weak banks.

He added that Russian retail clients should not worry about the elimination of unreliable banks, as the CBR’s actions to eliminate ‘bad’ banks would help calm the people.

In the second half of 2013 the Bank of Russia revoked licences from 14 banks, Master Bank being the most notable case recently.

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