Russia’s Central Bank to exercise tight oversight over three major banks

04.02.2014 12:29
Russia’s Central Bank to exercise tight oversight over three major banks

YEREVAN, February 4. /ARKA/. The Central Bank of the Russian Federation has put three major banks under direct oversight, Izvestia reported.

Head of the Central Bank Elvira Nabiullina brought Gazprombank, Promsvyazbank and Raifayzenbank under supervision of head of department for supervision of systemically important banks Mikhail Kovrigin. Before, the supervision was exercised by the chief department of the Central Bank for central federal district, the newspaper says.

These three banks were the first ones to be considered systemically important and be put under direct supervision.

The new department for supervision of systemically important banks was set up back in October 2013. Banks with assets constituting 0.17% or higher of total assets of the Russian banking sector and attracted individual deposits and transactions at intra-banking market accounting for 0.17% of the total market level are to be included in the list of systemically important banks. Experts believe some 20 banks may appear on the list.–0--


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