Moscow was held organized by MBK “Analytics without borders” and the National Monetary Association Round table with specialists “Standard & Poors “, dedicated to the analysis of both the situation with the global financial crisis and the influence that he had on the Russian banking sector.
In particular, it was noted that turbulence in world financial markets began to accumulate since the terrorist attack on New York. After this event, the refinancing rate in the United States has decreased for some time, people began to occupy more, and banks – actively looking for new opportunities to make money. Ultimately, when real estate prices stopped growing, overdue debts began to increase with a threatening pace. The country’s financial system could not withstand shocks, the largest banks and corporations suffered significant losses, and the crisis, due to the significance of the United States on the world financial system, splashed to the global level.
However, as it was emphasized, such a development of events is not something unique, such recessions have a cyclic nature. It is enough to recall the Asian crisis of the 1990s., which, in geography of coverage, is quite comparable to today’s. The main problem area at that time was not a mortgage, but a situation with credit cards and unsecured consumer loans, but in general everything was very similar.
Participants of the round table noted that the Russian market compared to foreign losses is not very large, and troubles exist mainly in the emergency financing market. So, contrary to a tense situation, transactions continue to be concluded, but only where there is “quality and transparency” that will increase in the future.
Positive moments include: the stability of the political and macroeconomic situation, strengthening the market position of banks and the good potential of growth and profit, the improved risk management situation and a number of other points. The quality of the assets was also defined as acceptable, but fear here is caused by the growth of debt burden, still significant dominance of state banks, not completely eradicated shortcomings in the system of banking regulation and supervision, a significant gap in the deadline for repayment of assets and passions, and the tendency to lower the levels of capitalization and reservation and others.
Ultimately, the factors of further success in the Russian financial sector should be further consolidation and enlargement of business, growth in capital and resource base.
