Print section Print Rubric: A purge of Russia’s banks is not over yet Print Headline: Sobering up Print Fly Title: Russia’s banking clean-up UK Only Article: standard article Issue: A hated tax but a fair one Fly Title: Sobering up Main image: Elvira’s mad again Elvira’s mad again WHEN Elvira Nabiullina took over the governorship of the Russian Central Bank (CBR) in 2013, she faced a bloated and leaky finance sector with over 900 banks. Since then, more than 340 have lost their licences. Another 35 have been rescued, including, in recent months, Otkritie, once the country’s biggest private lender by assets, and B&N Bank, its 12th largest. The costs have been steep. According to Fitch, a ratings agency, over 2.7trn roubles ($46bn, some 3.2% of GDP in 2016) have been spent on loans to rescued banks and payments to insured depositors. Fitch reckons ...
from Banking Services http://www.economist.com/news/finance-and-economics/21731668-it-leaving-much-industry-government-hands-purge-russias-banks?fsrc=rss
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