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Finance Ministry to launch new fiscal recovery mechanism for banks in 2017

February 20, 14:25 UTC+3

The bill was approved by the government commission on February 13

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MOSCOW, February 20. /TASS/. Russia’s Finance Ministry plans to launch a new mechanism of financial recovery procedure for banks in 2017, Deputy Minister Aleksei Moiseev told TASS, adding that the relevant bill has been approved by the government commission.

"On February 13, (the document - TASS) was approved by the government commission. The bill was recommended by the (relevant) committee (of the State Duma) in the first reading last Thursday," he said.

Last week the Russian government approved the bill submitted by State Duma deputies on the new financial recovery mechanism for the banking sector. The draft law establishes a legal basis for the creation of the Fund for banking sector consolidation by the Central Bank for participation in financial recovery procedures regarding credit organizations. The move is aimed at reducing the state’s expenditures on financial recovery procedures regarding banks, as well as to shorten those procedures.

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