Russian banks are ready to face new economic jolts

Russian banks in general developed successfully and are ready to face new economic jolts, the first deputy chairman of the Central Bank, Alexei Simanovsky, stated at the Russia Forum 2012 on Friday. “Our banks as young pioneers are always prepared for everything,” he said adding that Russian banks learned  theirs lessons from the previous crises: some made the right conclusions and take all necessary measures for creation of a good safety cushion that would help averting the recurrence of the problem in the future, while others focus on the present turning a blind eye on the long-term prospects. “Those banks where their management cares only for short-term prospects, while the owner does not invest funds into development, will face an uneasy situation,” Simanovsky said. At the same time he underlined that “there are banks with normal management and practical owners in Russia, they are interesting for investors both Russian and international ones,” he said. “We proceed from the assumption that investors’ interest in such banks will develop in the future.” However, the expert warned that “investors should also use caution.” The Central Bank of Russia plans to develop supervision in the country’s banking sector. “Stronger supervision and control exist and they are undoubtedly necessary,” Simanovsky said adding that Russia strengthens supervision procedures and improves the legal environment in compliance with global norms and standards. “Along with this we try to tackle our own problems taking into account Russian specific features,” he said. In general, the Russian banking system is maturing he said.