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The message reads, in part:
“You will have to tackle urgent problems in the banking sector, including measures to reduce the negative effects of the global crisis on the Russian economy.
The strategic priority of the state policy is to maintain stability in the financial sector. A whole range of regulatory acts have been passed to boost the bank operations, credit the real economy, and support business activity.
Effective and well-coordinated operation of all the elements of the banking system and a well-balanced monetary and foreign exchange policy are extremely important at this moment. The banking community, the state and business associations need to engage in a substantive, constructive dialogue. We must join our efforts to create new jobs, to achieve adequate operation of industry, transportation, and trade.
I expect that the recommendations to be worked out at this forum will serve to strengthen the national banking system and contribute to a stable and dynamic development in Russia.”
The Association of Russian Banks brings together about 80% of the banking institutions in Russia, which own over 92% of the aggregate banking capital [of operating credit institutions] and over 93% of all assets of the Russian banking system.
April 3, 2009