Over the next two years, the Russian Central Bank is planning to check the capital of Russian banks under a new instruction, Director of the department for banking regulation and supervision of the Central Bank Alexey Simanovsky reported to journalists today. He mentioned that this instruction of the Central Bank had been registered with the Russian Justice Ministry on March 17, 2003. The document specifies the procedure of making a demand to credit institutions on correcting their capital and sets the sequence of actions of the Central Bank's divisions while revealing the facts or signs of creating the sources of its own funds using improper assets.
According to Simanovsky, Russian banks added their suggestions on some changes in the system of capital calculation to the draft of the instruction. The Central Bank took them into account.
The remarks from the Pope came as "a very strong step towards degradation," "given the rather massive nature of homosexuality" among the Catholic clergy.