Source Pravda.Ru

Russian banks Association vice president proposes to allow foreign banks to Russian domestic market

Vice president of the Association of Russian banks (ARB) Valerian Popkov deems it expedient to admit foreign commercial banks to the Russian domestic market only as residents (Russian legal entities), without a right to open branches, he said on Tuesday in Moscow, when making a report "On protecting the national banking system during Russia's joining the WTO" at an ARB extraordinary session.

Popkov stressed that the share of the foreign capital in the Russian banking system was intensively discussed during the negotiations about joining the WTO. Quotas should be set at 15 percent with a possibility of future increase up to 25 per cent, he believes.

In the early 1990s "when there was a real threat to the Russian banking system from foreign banks, the quota of foreign capital in the banking system was set at 12 per cent," Popkov said, adding that it had not been fulfilled in the last 10 years.

According to the data of the Bank of Russia, the non-residents' share in the fixed capital of credit organizations in Russia is not growing, and even falling. In the first quarter 2001 the figure dropped from 7.7 till 6.1 per cent, mostly due to Russian banks' capitalization.

Comments
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Why did the USSR lose the Moon race?
US military men depressed over of Russia's new T-5000 sniper rifle
Russia to counter Boeing's Х37В with top secret MiG-41 project
Should Russian athletes go to non-Olympic Games in South Korea?
Russia to rebuild its former Soviet naval base in Syria's Tartus
Donbass without militia will be worse than Srebrenica - Putin
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Should Russian athletes go to non-Olympic Games in South Korea?
Should Russian athletes go to non-Olympic Games in South Korea?
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed
Russia to rebuild its former Soviet naval base in Syria's Tartus
Russia not pulling out from any international agreements, Putin says
Capitalism reduced Indonesian cities to infested carcases
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
USA looking for reason to see nuclear weapons in action
Tel Aviv, Jerusalem, capitals and puppets
Capitalism reduced Indonesian cities to infested carcases