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Putin supports idea to pass functions of mega-regulator to CBR on financial market

January 31, 2013, 14:17 UTC+3
The Central Bank of Russia is ready to work with the financial sector in general, including the banking regulation, supervision, insurance companies and the Pension Funds
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MOSCOW, January 31 (Itar-Tass) – Russian President Vladimir Putin supported the idea to pass the functions of a mega-regulator on the financial market to the Central Bank of Russia (CBR).

“I agree with this. If this sphere of activities of the mega-regulator will be passed to the Central Bank of Russia, I will support it,” Putin said in reply to the debates over this problem at an enlarged meeting of the Russian government in the Kremlin on Thursday.

“The Central Bank of Russia is ready to work with the financial sector in general, including the banking regulation, supervision, insurance companies and the Pension Funds,” Chairman of the Central Bank of Russia Sergei Ignatyev said at an enlarged meeting of the Russian government. “We have the whole scope of problems, including the banking regulation, banking supervision, and now probably after the enactment of the appropriate legislative amendments the Central Bank will have to deal with the financial sector in general, including insurance companies, the Pension Funds and etc,” he noted.

“In general, we are ready for this. I believe that the Central Bank will cope with this task,” Ignatyev stated.

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