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RUSSIA'S ECONOMY

Russia’s banking system stable, says Central Bank chief

No financial risks exist from operations on financial recovery of B&N Bank and Otkritie Bank, the bank's chief says

© Sergei Fadeichev/TASS

MOSCOW, September 29. /TASS/. Russia’s banking system is stable, the Central Bank Chief Elvira Nabiullina said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that most indicators are on the rise.

"The banking system is stable. We have to monitor general indicators marking the banking system, meaning capital adequacy, profit growth, loan growth, interest rate reduction, ratios, reserves to cover - everything is normal, in the positive trend," she said.

Financial recovery of B&N Bank

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Financial recovery of B&N Bank to last 6-8 months — Central Bank

No financial risks exist from operations of the Bank of Russia on financial recovery of B&N Bank and Otkritie Bank, she went on.

"From our point of view, there is no such risks. Even amounts being the case in point do not necessarily lead to the money quantity growth. We are pursuing an inflation targeting policy now. Certainly, we will absorb these funds so that the rate makes possible for us to reach the inflation level we expect, about 4%," she said.

The bank expects to get back a significant share of funds spent for financial recovery of B&N Bank and Otkritie Bank. "We are going to sell banks and get back a huge amount of these funds. This is not a gift, we obtain an ownership title," she said.

Public offering on exchange will be the most probable option of B&N Bank, Otkritie sale, she added. "We do not need a single strategic investor. We want to make these banks public, to arrange a public offering, so that to make it interesting for mass investors," the banker said.

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