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MOSCOW, December 13. /ITAR-TASS/. Russian government will draft a bill to give the Bank of Russia (CBR) the right to work out plans to settle the problem of systemically important banks’ insolvency and demand self-rehabilitation programmes.
The decision to present the initiative by next April followed the Cabinet’s meeting on the Russian banking system on November 28. The official site www.government.ru says the Finance Ministry and the Ministry of Economic Development with the CBR’s participation should draw up a draft law that would amend two laws and give the CBR right to demand self-rehabilitation projects from systemically important banks, their updating and adjustment, the right to set requirements for the contents of the mentioned plans, and work out plans to settle the insolvency of such banks.
By December 20 the mentioned authorities and the Deposit Insurance Agency (DIA) are to additionally elaborate an increase of bank deposit insurance and provide introduction of differentiated rates for insurance payments to the DIA.
Meanwhile, the Finance Ministry, the federal authorities concerned and the DIA will prepare a bill to introduce the financial recovery of banks as a permanent mechanism via the DIA and unite it with bankruptcy prevention procedures. The issue of changing the order of borrower’s payments to individual creditors is also subject to further elaboration. The bill is to be presented in the Cabinet of Ministers by February 3.
The two other proposals are to regulate banks’ responsibility, namely, to institute criminal responsibility for giving deliberately incomplete or false data in accounting and other reporting documents of a financial institution and expand measures of influence on banks for “dubious transactions” and exempt them from a number of regulations concerning omission to counter money laundering and the financing of terrorism.
Lately, the Finance Ministry is to oversee the lawmaking process in making amendments to some laws regulating securitization of financial assets.