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Ford drives hike in car production in Romania
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The Central Bank of Russia (CBR) says the banking sector clean up is nearly over, central bank governor Elvira Nabiullina said on June 2, as the number of banks has fallen to 534.
"We expect that our measures for improvement of regulatory supervision quality in the banking sector will make it possible to complete the market cleaning process in the near term," Nabiullina said, as cited by TASS.
“It is necessary to revert this year to discussion of motivated judgment and greater responsibility of owners and managers, including subsidiary liability for losses," Nabiullina added.
The CBR withdrew its 400th banking license last week and nixed 50 licenses last year alone. In addition the central bank has launched a new facility to rescue big commercial banks that are too large to bail out, taking ownership directly under the central bank in an effort to rehabilitate them and taking the pressure off the Deposit Insurance Agency (DIA), which has to reimburse depositors if a bank is closed.
The number of banks operating in Russia with a full banking license has fallen to 534 as of the start of May, down from over 1,000 when Nabiullina took over as governor.
It is approaching 300, which President Vladimir Putin said several years ago is the target to give Russia a banking sector make up similar to that of Germany.
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