Yevgeny Yasin: cleaning banks without undue drama

Recently, a proposal was made head of the Central Bank Elvira Nabiullina, which all stirred up. The idea was not to pay the insurance payment in high-yield deposits.

High-yield head of the Central Bank calls upon to assume those deposits, which is 2% higher than the yield average percentage of similar products the largest banks in the country.

Among the objections – it is necessary to change all the legislation (now a guarantee of 700 thousand rubles. for all deposits of natural persons); it is unclear who will determine this “average rate” (rates change quite rapidly); why to pay should ultimately investors – is not it easier to enter the banks for some maximum amount for deposits? And so on.

But this is just a suggestion and I am sure that if it is implemented, all of these controversial points detailed.

The Chairman of VEB and the Central Bank have argued about the possibility of slowdown of the Russian economy

To say that to me this proposal is like, you can’t. But I very much welcome the activities Nabiullina in regard to the cleaning of the banks. Support her efforts to build a more reasonable system of betting. In the Russian banking sector it is necessary to improve payment discipline.

Our banking system is quite young. Let me remind you that private banks began to appear in the country since the beginning of the market economy. In the early 90s after the liberalisation of prices, started to increase inflation. In order to overcome it, the Central Bank has a strict policy.

It was necessary to ensure a balance between inflation, interest rates on loans and deposits. And the banks were getting huge margin on the difference between these rates is too low (below inflation) on deposits and too high on loans.

After the crisis of ‘ 98 began the fat years (income from the sale of oil and gas) and too hard to tighten the screws in the economy was required. And our banks are still too young did not miss the opportunity to earn. While the banking system was in its infancy, gaining experience, we were able to do so.

Yevgeny Yasin: the Fat years ended, but to many it does not reach

Now it is time to restore order in this sphere. Normal situation, when inflation is slightly lower interest rates on deposits and interest on deposits and slightly lower interest rates. But the risk and the trouble is that inflation is not reduced (7%) and lending rates are still too high. The head of the Central Bank in this situation is compelled to warn those who are looking for risky options for investing their funds.

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