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Economic Development Ministry hopes CBR aware of banking license revocation risks

December 14, 2013, 9:49 UTC+3 14
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MOSCOW, December 14 (Itar-Tass) - Russia’s Economic Development Ministry hopes that the Bank of Russia foresees all of the risks the revocation of licenses from commercial banks may be fraught with, including that of withdrawal of retail deposits.

“True, society’s reaction is sometimes hard to predict. Or course, it should be born in mind. I do hope that my colleagues did remember that,” Economic Development Minister Alexey Ulyukayev told the media on Friday, when asked if there were any fears cash would begin to be withdrawn from banks after the CBR’s decision.

Ulyukayev said he was certain all of the Bank of Russia’s decisions were considered well enough.

“I believe that the Bank of Russia has enough competence and expertise. There are good specialists and they are capable of making well-considered decisions,” he said.

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