Russia, Belarus discussing standardized banking licenses - Nabiullina
<p> MINSK, Sep 17 - PrimePress. Russia and Belarus are discussing the prospects of introducing standardised banking licences and common approaches to bank deposit insurance within the talks on financial integration of the two countries, said Elvira Nabiullina, Chairwoman of the Central Bank of the Russian Federation. </p> <p> </p> <p> “One of the points of financial integration between Russia and Belarus could be a move to introduce licenses for banks to operate not only in the national market,” Nabiullina said in an interview with RBC media holding. </p> <p> </p> <p> Explaining what exactly is meant by the expansion of banks’ access to the markets of the two countries, she said that with standardized licenses under certain conditions banks would be able to operate in the market of all countries of the Eurasian Economic Union (EEU; Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia). According to her, for those financial institutions which will receive such licenses, the requirements will be the same and maximum, national standards will continue to apply to those banks which operate only in one market. </p> <p> </p> <p> Speaking about unified principles of deposit insurance, Nabiullina pointed out that so far Russia and Belarus have “different principles” in this sphere of regulation. At the same time, she said that there is no question of insuring deposits of Belarusian banks at the expense of the Russian deposit insurance system. Now in Russia deposits of individuals, individual entrepreneurs and small businesses are insured up to 1.4 million Russian rubles (RUB). Belarusian legislation provides for a guaranteed compensation of deposits in national and foreign currencies in the event of withdrawal of a bank’s licence in the amount of 100% of the deposit. </p> <p> </p> <p> As previously reported, Presidents of Belarus and Russia Alexander Lukashenko and Vladimir Putin, at a meeting in Moscow on 9 September 2021, reconciled all 28 union programmes to deepen integration between the two countries. On 10 Sep 2021 the Council of Ministers of the Union State approved the 2021-2023 guidelines for the implementation of the provisions of the Treaty on the Creation of the Union State and 28 Union State programmes aimed to accomplish major aspects of strengthening Russia-Belarus integration. The union programmes are to be approved at the meeting of the Supreme State Council of the Union State on 4 November 2021, Lukashenko informed on 10 September. </p> <p> </p> <p> Among other things, the union programmes to deepen the integration of the two countries provide for harmonisation of monetary policy and macro-prudential regulation, foreign exchange regulation and foreign exchange control, information security requirements in the financial sector, regulation of credit and non-credit financial institutions, and the financial market in general. End </p>
2021-09-18
Primepress
Russia, Belarus discussing standardized banking licenses - Nabiullina
MINSK, Sep 17 - PrimePress. Russia and Belarus are discussing the prospects of introducing standardised banking licences and common approaches to bank deposit insurance within the talks on financial integration of the two countries, said Elvira Nabiullina, Chairwoman of the Central Bank of the Russian Federation.
“One of the points of financial integration between Russia and Belarus could be a move to introduce licenses for banks to operate not only in the national market,” Nabiullina said in an interview with RBC media holding.
Explaining what exactly is meant by the expansion of banks’ access to the markets of the two countries, she said that with standardized licenses under certain conditions banks would be able to operate in the market of all countries of the Eurasian Economic Union (EEU; Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia). According to her, for those financial institutions which will receive such licenses, the requirements will be the same and maximum, national standards will continue to apply to those banks which operate only in one market.
Speaking about unified principles of deposit insurance, Nabiullina pointed out that so far Russia and Belarus have “different principles” in this sphere of regulation. At the same time, she said that there is no question of insuring deposits of Belarusian banks at the expense of the Russian deposit insurance system. Now in Russia deposits of individuals, individual entrepreneurs and small businesses are insured up to 1.4 million Russian rubles (RUB). Belarusian legislation provides for a guaranteed compensation of deposits in national and foreign currencies in the event of withdrawal of a bank’s licence in the amount of 100% of the deposit.
As previously reported, Presidents of Belarus and Russia Alexander Lukashenko and Vladimir Putin, at a meeting in Moscow on 9 September 2021, reconciled all 28 union programmes to deepen integration between the two countries. On 10 Sep 2021 the Council of Ministers of the Union State approved the 2021-2023 guidelines for the implementation of the provisions of the Treaty on the Creation of the Union State and 28 Union State programmes aimed to accomplish major aspects of strengthening Russia-Belarus integration. The union programmes are to be approved at the meeting of the Supreme State Council of the Union State on 4 November 2021, Lukashenko informed on 10 September.
Among other things, the union programmes to deepen the integration of the two countries provide for harmonisation of monetary policy and macro-prudential regulation, foreign exchange regulation and foreign exchange control, information security requirements in the financial sector, regulation of credit and non-credit financial institutions, and the financial market in general. End