05.10.2016, 08:12
Bank of Russia Governor Elvira Nabiullina Comments on Personnel Changes
OREANDA-NEWS. Over the past three years, the Bank of Russia took efforts to improve banking supervision. A large work has been done to clear the banking sector from unscrupulous and unsteady market participants. It became evident that adjustment and intensification under the applicable supervision system is insufficient to solve the problems. A profound rearrangement of supervision is needed, an overhaul of the whole system.
Plans are afoot to centralise banking supervision: to strengthen the supervision vertical and delegate greater authority from regional branches to the Banking Supervision Department and make it more responsible for supervisory actions.
The risk analysis service will be set up as a separate department and make risk assessments for both credit and non-bank institutions.
The department for liquidation and rehabilitation of financial institutions being set up will also implement unified approaches to all sectors of the financial market.
A cross-sectoral approach will be implemented with regard to financial market access: the respective departments, which were responsible for these issues and monitored credit and non-bank institutions, will be merged into a financial market access department.
Bank of Russia First Deputy Governor Dmitry Tulin will be in charge of banking regulation and supervision from 17 October 2016 and oversee the work of Deputy Governor Vasily Pozdyshev, who will be responsible for banking supervision, and Vladimir Safronov, who will continue heading the Bank of Russia Chief Inspection. Dmitry Tulin will also chair the Banking Supervision Committee.
I am very grateful to Alexey Simanovskiy and Mikhail Sukhov for a great work done to improve regulation of and rehabilitate the banking sector and mitigate external shocks for Russian banks.
I will be in charge of the monetary policy issues and I will chair the Monetary Policy Committee. This format, where a central bank governor bears personal responsibility for monetary policy, is quite a standard solution applied in many countries of the world.
Plans are afoot to centralise banking supervision: to strengthen the supervision vertical and delegate greater authority from regional branches to the Banking Supervision Department and make it more responsible for supervisory actions.
The risk analysis service will be set up as a separate department and make risk assessments for both credit and non-bank institutions.
The department for liquidation and rehabilitation of financial institutions being set up will also implement unified approaches to all sectors of the financial market.
A cross-sectoral approach will be implemented with regard to financial market access: the respective departments, which were responsible for these issues and monitored credit and non-bank institutions, will be merged into a financial market access department.
Bank of Russia First Deputy Governor Dmitry Tulin will be in charge of banking regulation and supervision from 17 October 2016 and oversee the work of Deputy Governor Vasily Pozdyshev, who will be responsible for banking supervision, and Vladimir Safronov, who will continue heading the Bank of Russia Chief Inspection. Dmitry Tulin will also chair the Banking Supervision Committee.
I am very grateful to Alexey Simanovskiy and Mikhail Sukhov for a great work done to improve regulation of and rehabilitate the banking sector and mitigate external shocks for Russian banks.
I will be in charge of the monetary policy issues and I will chair the Monetary Policy Committee. This format, where a central bank governor bears personal responsibility for monetary policy, is quite a standard solution applied in many countries of the world.
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