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Mass media informed about Central Bank getting control of bank bailout


Central Bank will get the most votes in the Board of Directors of the Agency for deposit insurance (ADI) and carry out bank bailout in the country. The “Vedomosti” newspaper is writing about it with the reference to the summary of the meeting, that took place in the office of the first deputy Chairman of the government Igor Shuvalov.

The new mechanism of bank bailout supposes, that the regulator will have the right to create its management company (MC). Consequently, Central Bank will be able to decide on its own, whether MC will be created and who will run it – the Bank of Russia itself or ADI, that is controlled by the government.

“I believe it’s wise, that Central Bank has all the tools. The decision that was made provides CB various options – the regulator can create controlled MC or use ADI, in the board of directors of which the Bank will dominate.” – informed the newspaper general manager of the agency Yuri Isaev.

According to the new rules, the majority of places – 7 out of 13 – in the board of directors of ADI will belong to the Bank of Russia, says the newspaper.

Earlier, on October, 24 International Rating Agency Moody’s improved the forecast on bank system of Russia from negative to stable.

On October, 19 Melnikov reported, that the damage from the actions of the management and owners of failed banks amounts to 600 billion rubles.

On October, 16 the Bank of Russia informed, that for the last 10 years it has revoked the licenses of 463 banks. The biggest part of financial institutions was closed in 2015 – 93, in 2014 – 86. The least amount of licenses was revoked in 2011 – 18 and in 2012 – 22. According to Central Bank, in Russia on September, 1, 2016 were 656 credit institutions.

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