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Russia’s banking sector passes most of financial recovery way — Central Bank

November 22, 2016, 14:34 UTC+3 MOSCOW
The Central Bank governor said earlier that since 2013, the regulator has revoked licenses of almost 300 banks, most of which misreported financial statements
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MOSCOW, November 22. /TASS/. Russia’s banking sector has passed most of the financial recovery way, Central Bank First Deputy Chairman Alexey Simanovskiy said Tuesday.

"In my view the most past part of the way regarding the banking sector’s recovery has already been passed," he said.

According to Simanovskiy, the bulk of the banks with cancelled licenses had "unprofessional policy related to the banking business management." "In the first place banks lost (funds) not because of changes in interest rates or inflation, but because they mainly pilfered, pardon me," he added.

Earlier Central Bank’s Governor Elvira Nabiullina said that since 2013, the regulator has revoked licenses of almost 300 banks, most of which misreported financial statements. According to Nabiullina, 205 credit organizations were recognized bankrupt by arbitration courts from 2013 to 2016 and their value of assets according to the interim administration assessment only accounted for 40% of the assets stated on the banks’ financial reports.

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