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Speaking at the State Council Presidium Session in the Kremlin, Vladimir Putin said that in practice Russia has completed forming the necessary structures in the financial and credit sector and, in turn, this sector has begun to grow vigorously. In three and a half years the assets of Russian banks almost tripled and banks are playing a greater role in ensuring people’s well-being. The volume of credits given to natural persons in 2004 – 2006 grew by 10,7 times and exceeds 1,5 trillion roubles. Banks have noticeably increased their influence with respect to the regions’ social and economic development.

At the same time, the President also noted a number of topical problems: the network of banking establishments in Russian regions remains poorly developed and the domestic banking system cannot cope efficiently with the increase in demand for financial and credit services.

The amounts and opportunities offered by the finance and credit market should be sufficient to finance major investment projects, initiatives taken by small and medium-sized businesses, as well as regional and municipal programmes, the head of state emphasized.