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The changes are introduced to strengthen control over the use by banking companies of financial resources allocated to them to support Russia’s financial system.
The law gives the Bank of Russia the right to appoint a representative to any of the following: a bank that receives such credits, one which holds federal budget resources, one which has made an agreement with the Bank of Russia about the receipt of unsecured loans, any which is a participant in the obligatory insurance of individual accounts who have given notice of bankruptcy.
According to the law signed by the President, the Bank of Russia representative can not interfere with the activity of the bank, but exists to oversee its activity and inform the Bank of Russia about business and operations that are taking place.
December 30, 2008