The Central Bank intends to significantly expand its influence on the entire banking sector. The Bank of Russia plans to achieve this using a number of amendments to the Law “On the Central Bank of the Russian Federation”, which were developed together with the Ministry of Finance. New changes will allow the regulator to set limits on deposit rates, as well as send their representatives to all leading banking organizations of the country.
Even during the crisis in the year 2009, the Bank of Russia received the right to give recommendations regarding the size of interest rates on deposits. At that moment, banks were sharply inexplicable and attracted deposits to high interest. This caused an excessive increase in the cost of liability and could cause the bank loss of financial stability.
The control service, which included special representatives, was also formed as an emergency tool necessary for the supervision of the use of state anti -crisis assistance allocated to financial institutions. The draft of this document has already been drawn up and will be submitted to parliamentarians at the autumn session. If the State Duma approves this initiative, then the Central Bank will be able to legally control the level of interest rates on deposits. Non -compliance with the instructions of the regulator will be automatically punished by sanctions.
In addition, the Central Bank will have the right to appoint its full -fledged representatives to all major credit organizations, while it does not matter whether the state provided financial support to a specific bank or not. The text of the bill states that if the bank of deposits of the subject of the Russian Federation is five % or higher, then this is a sufficient basis for the unlimited location of the Bank of Russia representative in it.
After a recent crisis, many, previously not manifested, the problems of banks became clearly visible, and therefore the Central Bank tries to enhance control over financial markets in every possible way. The head of the Association of Regional Banks Anatoly Aksakov said that such measures in world practice are not uncommon and our country is moving in the right way.
Criticism from the analyst caused a decision to grant the regulator legal rights, which will limit the size of bets on deposit deposits. The expert believes that such actions will deprive the market for healthy competition. In his opinion, the level of bets should be formed by the market itself, otherwise a certain part of the banks immediately falls into the best conditions. Thus, the number of financial institutions capable of attracting deposits can be sharply reduced.
