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Central Bank: conditions for bank deposit insurance of small and mid-size enterprises will appear in 2-3 years


According to the Head of Central Bank Elvira Nabyullina, bank deposit and small and mid-size enterprises insurance in Russian banks is a strategically right direction. However, it’s too early to implement this instrument due to the range of reasons.

«I believe, this is strategically right to move to the system when the SMS enterprises will have a guaranteed storing of a certain sum for continuing their economic activity. This is absolutely natural, and we will have to get there. But for this moment it’s too early», — said Nabyullina.

She said, the system of deposit insurance for private individuals and self-employed businessmen has not reached self-sufficiency yet due to work of the regulator related to bank system consolidation.

Also, the Head of CB pointed out, that it’s essential to deal with the problem of shell companies. «In our supervisory policy we face this problem and see that it’s quite difficult to identify where we have a real small business and where there’s a fake company and possible abuse», — said Nabyullina. The checking process is already started; shell companies are being excluded from Federal Tax Service register. «I think, these particular events will „mature“ in 2-3 years, and we will be able to consider this issue (SMS deposit insurance) practically.»

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