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Minister: Central Bank should continue getting rid of unfit and risky banks

December 26, 2013, 0:59 UTC+3 MOSCOW
He believes the Russian banking system meets with the problem of a low quality of investment projects rather than the lack of lending institutions’ liquidity
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© ITAR-TASS/Dmitry Astakhov

MOSCOW, December 26, 0:14 /ITAR-TASS/. The Bank of Russia should continue getting rid of unfit and risky banks, Minister of Economic Development Alexei Ulyukayev said in an interview with Rossiya 24 TV channel on Wednesday.

“As to supervision by the Bank of Russia, I believe it is quite a traditional and rational activity. We must continue supporting the population’s confidence in business and the banking system by getting rid of banking institutions that engage in improper operations, infringing the principles of rational conduct of business and entailing high risks”, he said.

Ulyukayev used to be first deputy head of the Central Bank. He said the Central Bank employed high professionals who can cope with this work. On the whole, this will undoubtedly lead to increased confidence.

He believes the Russian banking system meets with the problem of a low quality of investment projects rather than with the lack or shortage of lending institutions’ liquidity. “Banks have considerable resources and the Central Bank has the opportunity of refinancing in large volumes,” he said. “This volume is not fully used. I believe the reason for that is the limitation of quality projects offered to banks for investment and the fact that some regulatory provisions and plans restrict opportunities for syndicated lending and so-called project financing.

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