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Author : G. Tosunyan
President of the Association of Russian Banks
We have been doing nothing but talking about the world finan-
cial crisis for the past three years. This is like the English habit
of speaking about the weather. As I've said time and again, what
happened in our country differs radically from what took place
in the rest of the world. In Russia, it was a crisis of the under-
production of financial services. Today, this trend has begun to
abate. The year 2010 was marked by positive results.
A stable figure has emerged in recent years - and not just over
the three crisis years but also earlier. One even gets the impres-
sion that somebody has set down a limit. Every year, 30-40 banks
are stripped of their licenses. In principle, this is a normal and
natural process of reduction - after all, new banks are also being established. Moreover, this is a
result not only of the recall of licenses but also of mergers and takeovers.
Another matter altogether would be the attempt to fix the number of banks and set down the
limits of reduction. I'm a categorical opponent of this approach. The market itself determines
the demand for financial services and should also determine the number of participants.
We have proposed to structure the notion of "bank." A regional bank (when it works in the
limits of a certain territory) corresponds to one scale and level of risks.
I understand that some people may be skeptical, yet let me say what I think. We try to lobby
many different laws that relate to the development of the FINANCIAL MARKET , yet we do
this not just because banks need them. Every one of us is also a consumer on the market ofFI-
NANCIAL SERVICES and a Russian citizen, no matter how lofty this may sound. I don't work
in a bank today, although I served as a bank director in the 1990s, yet I understand that society
has its own interests, too. In its interests, there is a need in a legislative framework that would si-
multaneously protect the banking system and consumers.
It would be wrong to think that the Association of Russian Banks simply lobbies the interests
of banks (in the sense that it would do so to the detriment of others). We are interested in the
development of the market. The banks themselves want consumers to develop into their future
clients. In this domain, there are many exceptions, contradictions, and collisions, as in all relations
between people. Yet the Association of Russian Banks tries to choose a line that would corre-
spond to systemic rather than partial interests.
One needs a proper fiscal policy and judicial system, as well as stability. If the judicial system
does not function properly or does not protect investors' rights and property owners' interests
(and not just the rights of large monopolists), theINVESTMENT climate will never become
attractive for investors.
How to Upgrade the Russian Banking System