Financial news

Kudrin has urged banks not to relax

06 апреля 2009 г.

 Moscow, on April, 6th. The Minister of Finance of the Russian Federation Alexey Kudrin, one week ago predicted to the Russian banks the second wave of crisis, on Friday has congratulated them on end of the first wave, but has urged not to relax, transfers Reuters.

 Kudrin has rejected reproaches in inefficient use of public funds for rescue of the Russian banks in crisis and has told that only these injections have allowed to avoid repetition of a situation of 1998 when outflow of $10 billion has led to crash of bank system of the Russian Federation.

 This time capital outflow was hardly less $200 billion, and only a rating of banks liquidity and the capital, according to Kudrin, has allowed them to keep stability and to extinguish since September of the past on the middle of March flowing years of $50 billion external obligations.

 «Differently there would be a default, there would be a decrease in ratings of Russia», — Kudrin has depicted possible consequences of inactivity of the government and the Central Bank.

 Kudrin addressed to bankers at meeting of Association of the Russian banks after the head of the Central Bank Sergey Ignatyev who once again has in absentia objected the Minister of Finance and has told that does not wait for "the second wave» crisis of bad debts.

 Kudrin has agreed with Ignatyev's thesis that a sharp phase of crisis behind, but has urged an audience not to lose vigilance.

 «This period is finished, but it is not necessary to relax», — he has told.

 «We have passed the first stage, I want not that to congratulate all of you and to wish to strengthen your financial structures, more strictly to watch risks, to work with clients», — Kudrin has told.

 

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