Chairman of the Board of Sovcombank Dmitry Gusev explained why repetition of history with deposits. which was in the 1990s, it is impossible. He told about this RIA Novosti.
As Gusev explained, by the middle of the decade in Russia there were about 3 thousand banks. They competed not only with each other, but also with financial pyramids. Depositors often dealt with unscrupulous players and lost savings, explained the banker.
Already in 2003, the Deposit Protection Act was adopted, in 2004 the Deposit Insurance Agency was created, and since 2013, the Central Bank and the Agency did the “gigantic work” to strengthen the banking system, recalled Gusev. “The unscrupulous and weak market players who distorted competition and saturating the banking system toxic assets are removed from the market or undergo a financial recovery procedure,” he explained.
On October 27, it was reported that many large Russian banks began to raise rates on deposits. The Central Bank on October 22 sharply raised the key bet on 0.75 percentage points – up to 7.5 percent per annum.