Financial news

Mr. Chaika Has Accused Banks of an Outflow of State Funds Abroad

13 апреля 2009 г.

The general public prosecutor of Russia Mr. Jury Chajka has accused a number of domestic banks of converting the means received from the state in currency and their outflow abroad. He has also declared that credit establishments are used for illegal business, legalization of crime incomes and tax avoidance.

According to Mr. Chaika, in the mortgage market as well as at consumer crediting market there is a banks’ toleration towards increase of rates on  earlier loans, also they implement various commissions. According to the public prosecutor, this particular segment of the credit market is the least protected. The procuracy has suggested that the Bank of Russia would apply more actively its supervisory powers in accomplishment of anti-recessionary measures.

Let's remind, that in October, 2008 the state authorities have already disposed to allocate long-term credits to the Russian banks for totally 950 billion roubles. Thus the lion's share of the help  received the state credit establishments -SberBank, VTB and Rosselkhozbank.

Subsequently some Russian mass-media and representatives of expert community claimed the banks had spent the significant part of the state help  at a stock exchange where bankers placed their stakes on the fall in the rouble exchange rate. In opinion of experts, such game promoted additional pressure upon the Russian currency, that had been loosing its value rapidly since September 2008 till February, 2009.

In the end of March the State Office of Public Prosecutor and the state banks agreed about recruitment of an operative staff for supervision over how the enterprises spend the means allocated as the financial help. It is not known yet how the control over an expenditure of means will be carried out.

Concerning crisis in whole, Mr. Jury Chajka has declared, that increase of negative in economy can be a consequence of " unreasonable increase of tariffs for goods and services, first of all, in housing-and-municipal area".
 

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