Summary of the 26th International Financial Congress
The 26th International Financial Congress has ended in St. Petersburg. The main theme of the IFC – ‘Finances for Development’ – established the main agenda item – searching for a balance between the goals of developing and ensuring financial stability and the importance of the role of central banks in creating conditions for sustainable growth. This theme was reflected in the new signature style of the event.
Maxim Oreshkin: Companies will switch to rouble-denominated borrowing
Russian Minister of Economic Development Maxim Oreshkin said at the International Financial Congress in St. Petersburg that he believes companies will switch to rouble-denominated borrowing due to the rather rapid narrowing of the spread between rouble- and foreign currency-denominated loans.
Sberbank and Pension Fund sign a cybersecurity cooperation agreement
Sberbank and the Pension Fund of Russia concluded an agreement on cybersecurity cooperation at the 26th International Financial Congress. Sberbank Vice-Chairman of the Management Board Stanislav Kuznetsov and PFR Vice-Chairman of the Management Board Alexei Ivanov signed the agreement.
Central Bank contemplated inventive-based regulation
The Central Bank’s regulation and supervision will be more focused on matters concerning development and stimulation since much of the work required for the recovery of the banking system has already been carried out, Central Bank Governor Elvira Nabiullina said at the International Financial Congress.
Nabiullina says new bank rehabilitation mechanism is ready
The Bank of Russia is ready to start using a new mechanism for the rehabilitation of the banking sector from both a legal and an organizational standpoint, Central Bank Governor Elvira Nabiullina said at the International Financial Congress in St. Petersburg, TASS reports.
Nabiullina says banking sector doubled profits
Russian Central Bank Governor Elvira Nabiullina said at the International Financial Congress that the Russian banking sector has doubled profits over the first six months of 2017.
Central Bank predicts slow economic recovery and tightening of policy by regulators
Slow economic recovery as well as the tightening of policy by central banks will be the main trends in the global economy in the coming years, Russian Central Bank Governor Elvira Nabiullina said at the 26th International Financial Congress in St. Petersburg. She also predicts growth in interest rates and an expansion in balance sheets, TASS reports.
Nabiullina warns about banking system turning into huge pawnshop
The attachment of Russian financial institutions to secured lending could turn the banking system into one big pawnshop, Russian Central Bank Governor Elvira Nabiullina said on Thursday, July 13, during a speech at the 26th International Financial Congress, Rambler News Service reports.
Nabiullina forecasts global economic trends in coming years
Central Bank Governor Elvira Nabiullina believes that over the next five years the global economy will see a slow recovery, while central banks will tighten their policies. The Russian economy has entered a growth phase, she said.
Putin says advanced technologies need to be introduced in financial sector
Russian President Vladimir Putin said in his greeting to the participants and guests of the 26th International Financial Congress
‘Finance for Development’ that advanced technologies need to be introduced to
enhance the competitiveness of the Russian financial sector and ensure its
services are available to the public and business.
26th International Financial Congress kicks off in St. Petersburg
‘Finance for Development’ is the main theme of the 26th International Financial Congress (IFC 2017), which opened on July 13 in St. Petersburg. More than 1,200 participants have come together to discuss the financial system’s contribution to the country’s economic development and measures that can be taken in this area.
Bank of Russia to present model for Russian financial sector at IFC
The Centre for Macroeconomic Analysis and Short-Term Forecasting (CMASF) has conducted a comparative analysis of the model of the Russian financial sector and models of financial sectors of other countries for the Bank of Russia as part of the macroeconomic research cycle that will be presented at the IFC.
Updated Congress Logo Placed on the IFC Website
The International Financial Congress has updated its corporate style. From 2017, the Congress will use a new brand identity based on the image of St Petersburg’s drawbridges. A bridge is a metaphor for dialogue, a search for common points between businesses and regulatory authorities, as well as between various sectors of the financial market.
Central Bank to Review Banks’ Credit Portfolios for Technical Loans on Quarterly Basis
The Central Bank of Russia plans to review 100% of banks’ credit portfolios for technical loans on a quarterly basis. It was announced by Anna Orlenko, the Director of the Banking Supervision Department, at the International Financial Congress in Saint-Petersburg.
Ms. Orlenko commented: “We’re
starting the review practice. Although it requires a lot of effort, we’ll reach
the objectives. And I’m sure we’ll be able to review 100% of loans every
Russia’s Bond Market Has Great Potential
Elvira Nabiullina, the Governor of the Bank of Russia, believes Russia’s bond market has a great potential.
Ms. Nabiullina stated at the International Financial Congress: “The bond market is actively developing, while its potential is bigger than its current capacity”.
Ministry of Finance Ready to Equal Taxation for Bonds and Deposits
Russia’s Minister of Finance Anton Siluanov announced that the Ministry is ready to equal taxation for bank deposits and corporate bonds. The latter will no longer be subject to income tax.
At the International Financial
Congress Mr. Siluanov commented: “We’ll reduce the rates [of the income tax] for
those facilities that invest in corporate bonds. The new tax rates will be comparable
to those for the deposits”. The Minister reminded that the Government had
already made the decision.
VTB Expects to Attract 20 Million Customers Within 5—6 Years
Andrey Kostin, the Chairman and the President of VTB, announced that the bank is planning to expand its chain in the regions and become just as close to the people as convenience stores.
Mr. Kostin said at the International
Financial Congress: “We are going to use all cutting edge technologies, including
phone and IT banking, but we still believe that banks need to be just as
available as convenience stores. It’s a great competitive strength, as it creates
a comfortable environment, and therefore a higher demand for banking services”.
Bank of Russia Adjusts Business Plan for National Reinsurance Company
Vladimir Chistyukhin, the Deputy Governor of the Bank of Russia, announced at the International Financial Congress that the Bank of Russia will make adjustments to the original business plan for the National Reinsurance Company (NRC).
“The business plan that was initially presented needs
to be amended,” — he commented.
Stephen King names currency wars the key risk for the global economy
One of the key problems for the global economy today is currency wars. This was what Stephen King, Global Chief Economist of the UK financial corporation HSBC, stated on Thursday, June 30, at the International Financial Congress in St. Petersburg, according to a Lenta.ru correspondent.
This was his answer to a question from Bank of Russia Governor Elvira Nabiullina, asking him to list the main global risks. “I have a very long list of things that concern me,” Mr. King said.
Bank of Russia to increase equity requirement to be met by federal banks to RUB 1 billion
Nabiullina says bank equity requirements currently applied by Russia’s Eurasian Economic Community partners are already higher
The Bank of Russia is planning to increase the future requirement for the minimum amount of funds (equity) to be held by federal banks to RUB 1 billion, Elvira Nabiullina, Governor of the Bank of Russia, told the International Financial Congress on Thursday.
The Central Bank intends to set up a fund for financial rehabilitation of banks
The Central Bank intends to set up a fund for consolidation of the capital of banks undergoing financial rehabilitation by the Bank of Russia, after which they will be sold on the market, according to Central Bank Governor Elvira Nabiullina, speaking at the International Financial Congress. The Fund will be managed by a special management company.
The Central Bank believes this year will see a bill on bank financial rehabilitation through bail-in
AccordingtoDeputyGovernorMikhailSukhov, the increase in payments into the Mandatory Reserve Fund will not affect profitability of the banking sector
ST. PETERSBURG, June, 30. /TASS/. TheCentralBankbelievesthisyearwillseea bill on bank financial rehabilitation through bail-in, Bank of Russia Deputy Governor Mikhail Sukhov told journalists on the sidelines of the International Financial Congress.
Protecting consumer rights
The regulator deems protecting the rights of financial services consumers and improving public trust in financial markets to be its most important task
Protecting the rights of financial services consumers has become the number one priority on the list of primary areas for development of the financial market in 2016–2018, since it is an important condition for ensuring public trust in the sector. In turn, such trust will make it possible to achieve the key objective of the Bank of Russia: to improve people’s living standards and quality of life by using financial market tools.
Financial market will not be allowed to damage business reputation
Regulators and SROs are to consider general assessment criteria
The approach to determining the criteria for assessing the business reputation, qualifications, and financial status of founders, management bodies, and officials of financial companies may be set to change. This issue will be discussed at a roundtable to be held at the 25th International Financial Congress.
The future of money and money of the future
The future of money and money of the future will be discussed at the roundtable “Cash circulation and non-cash payment strategy. Vision of the regulator and market participants”, which will be held on June 30 as part of the 25th International Financial Congress in St. Petersburg.
Trustees Want Trust
The market and regulator are to discuss how to make investments in Mutual Investment Funds (MIFs) more popular
According to the latest CB data, fiduciary management agreements account for a minimal share of agreements concluded by professional stock market players with their clients. Yet it is in this sector that we see the highest client activity. At the roundtable “Fiduciary Management: Prospects of the Industry” on June 30, Representatives of the industry, the regulator and SRO are to discuss ways to attract retail investors to the market for collective fiduciary management.
Bank of Russia to Develop Compliance Standards
The financial market to get general guidelines
CB, Moscow Exchange and Sberbank representatives are to discuss fair practices on the financial market. A roundtable devoted to in-house audit, in particular compliance procedures and development of professional judgment, will be held on 1 July, as part of the 25th International Financial Congress. One of the roundtable’s key topics will be developing unified standards for in-house audit by financial companies.
International Financial Congress to Be Held from 29 June to 1 July at the Presidential Library
The 25th International Financial Congress will be held from 29 June to 1 July at the Presidential Library named after Boris Yeltsin in St. Petersburg. The library is located in the historical centre of St. Petersburg close to St. Isaac’s Cathedral and Senatskaya Square. This year, the Congress is devoted not only to the banking business but also to the finance industry in general.
Interview by Deputy Governor of the Bank of Russia Alexei Simanovskiy for the Interfax news agency
The International Banking Congress held by the Bank of Russia for the 25th time has been renamed the International Financial Congress. Why the decision to change the name?
This has to do with the fact that the Bank of Russia has been operating as a mega-regulator for the past two years, so we decided to broaden the focus of the Congress from just credit institutions to the financial industry as a whole. This year participation will be expanded, with representatives of non-banking credit institutions, insurance companies, pension funds and micro-lenders taking part in our Congress.
Government managed to neutralize financial instability risks
The government of Russian Federation for the most part managed to neutralize the risks of financial instability in the extraordinary situation of the past year, said the Governor of the Central Bank of Russia Elvira Nabiullina.
The Central Bank proposes introducing new restrictions for private investors
The Bank of Russia proposes introducing new restrictions for private investors, limiting the list of instruments in which they may invest funds of individuals without experience and education
The Bank of Russia is
proposing to raise the requirements on qualified investors and introduce a new
category of ‘professional investor’. This is mentioned in a speech (available
to RBC) given by Mikhail Mamuta, head of the Bank of Russia Service for Protection
of Financial Services Consumers and Minority Shareholders, at the XXV
International Financial Congress in St. Petersburg.