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Shuvalov: Central Bank’s objective is to remove unfair players from banking market

January 20, 2014, 10:38 UTC+3 MOSCOW
Earlier it was reported that the Central Bank of Russia has revoked licenses from Makhachkala-based Imbank, Urals Region’s Nadezhnost bank and National Clearing Company
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Russia’s First Deputy Prime Minister Igor Shuvalov

Russia’s First Deputy Prime Minister Igor Shuvalov

© ITAR-TASS/Denis Vyshynsky

MOSCOW, January 20. /ITAR-TASS/. Russia’s government and the Central Bank see their objective as adjusting the financial system by 2017-2018 to the Basel III requirements.

“The Bank of Russia is doing what it has to do: it has been working on stability of the banking system,” Russia’s First Deputy Prime Minister Igor Shuvalov said in an interview with The New Times magazine. “Our objective is that by 2017-2018, the country’s entire financial system answers the highest international requirements, which is in line with the Basel III, which we have adopted.”

Shuvalov continued saying “we do not have a purpose of leaving only big banks.”

“The objective is, first of all, to remove from the market those involved in suspicious operations, which in this country is a part of illegal business,” he said. “Secondly, we should not have banks with insufficient capital. In this respect, both for the Bank of Russia and for the government this year will be complicated.”

“Anyway, we should have a different quality of reliable banks,” he said.

 

Central Bank revokes 3 licenses

Earlier it was reported that the Central Bank of Russia has revoked licenses from Makhachkala-based Imbank, Urals Region’s Nadezhnost bank and National Clearing Company.

The Imbank was registered in the city of Makhachkala (Dagestan’s capital city). The Central Bank issued a license to the bank on March 3, 2003. The Bank of Russia has revealed shortage of a big amount of cash in the bank.” The bank did not follow the central bank’s requirements to have adequate reserves and filed to the Bank of Russia the reports, where it did not reveal the information, which could have initiated necessary measures to prevent the bankruptcy, the regulator says. The central bank has appointed temporary administration until appointment of a receiver or liquidator. In Russia’s banking system rating, Imbank took the 808th line.

The Nadezhnost (translated as 'reliability') bank was registered in the city of Kurgan in 1993. The bank had a perpetual license from the Central Bank for operations in rubles and foreign currency. It was a member of the obligatory insurance system.

The Bank of Russia (central bank) has revoked the license following the Company’s failure to observe federal laws on the banking activities and the central bank’s regulations.

The National Clearing Company did not comply with requirements for reports to the Bank of Russia; it was involved in doubtful cashless operations, including certain services to foreign clients. Over 2013, the Company transferred to foreign clients under faked documents over $320 million, the central bank reports.

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