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-Caveat Lector- Banking Crisis Is Over — Central Bank
Created: 15.07.2004 17:07 MSK (GMT +3), Updated: 18:22 MSK , 34 minutes ago
MosNews
Once again trying to ease depositors’ fears, the Russian Central Bank declared that the crisis in the country’s banking sector is over. Sergei Ignatyev, the CB chairman, quoted by Reuters news agency, said that the financial authorities are confident that no other big banks will close.
As MosNews wrote last week, Guta Bank, Russia’s 26th largest in terms of own capital, ran out of cash and was forced to close its doors. The news finally made the Central Bank admit that the situation in the banking sector has gotten to be crisis-like, and the country’s financial authorities finally made some solid steps to help assuage the banks and their clients of fears.
Speaking to the, the upper house of the Russian parliament, Ignatyev said: “After Guta Bank stopped working...not a single bank of any note has shown signs of instability and lack of creditworthiness.” However, the chairman was cautious about giving any guarantees about the future “safety” of every one of the hundreds of smaller banks. “No Central Bank chairman can give such a guarantee in any circumstances, even when things are calm,” he said. Federation Council
When asked to give his forecast on the future of the Russian banking sector, Sergei Ignatyev said that he believes that a vast number of Russian banks — and there are around 1,300 of them — will be thinned out in a process of mergers and enlargement. “The natural course of events will lead to us having fewer banks and stronger ones, but this is not a goal or a task of either the Central Bank or the government,” said Ignatyev. The Central Bank chairman is not the first person to speak of the process of enlargement and aggregation in the banking sphere. Last week Russian Prime Ministeralso said that the Russian government would like to stimulate Russian banks to merge and get bigger.
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