Central Bank suggests govt expedite process of exiting from bank capital
MOSCOW. Dec 8 (Interfax) - The Central Bank of Russia (CBR) has suggested that the government expedite the process of exiting from the capital of banks, and in the event that the government does retain capital in banks, then said banks should not be granted preferences, First Deputy Governor of the Central Bank of Russia (CBR) Sergei Shvetsov said during a meeting of the Financial Market Development Board of the Federation Council.
"We intend to sell Otkritie and other banks following reorganization. We consider the same matter as necessary to propose to the government, meaning to expedite the process without retaining financial institutions in our ownership. If these financial institutions do remain in the government's ownership, then the banks must not enjoy preferences when participating a competitive market environment," Shvetsov said.
"Moreover, the measures that the government is taking to subsidize the sectors of the economy through banks must be available through all banks, and not just through selected ones. This is very important; otherwise, unsubsidized banks would simply lose their client base," Shvetsov added.
The CBR first deputy governor also spoke about the need for the government to allow all banks to have equal access to information.
