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Elimination of too many banks may upset situation in banking system

August 15, 2015, 6:46 UTC+3 MOSCOW
Sberbank experts believe that in the context of the current global and intra-Russian trends these factors will remain relevant at least in the medium term
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MOSCOW, August 15. /TASS/. Revoking licenses from too many Russian banks against the backdrop of economic instability may entail problems in the banking system, Russia’s savings bank Sberbank said in a quarterly report on securities.

"The Bank of Russia is pushing ahead with its policy of revoking licenses from banks with low stability parameters and those responsible for violating banking legislation. In 2014, 87 banks were eliminated. Against the backdrop of stagnation in the economy and instability on the currency market this may worsen the problems of many banks and cause redistribution on the market of deposits," the report runs.

Sberbank experts believe that in the context of the current global and intra-Russian trends these factors will remain relevant at least in the medium term, while the high degree of uncertainty when a turn for the better may occur hinders longer term forecasting.

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