Consistent solutions to a financial mega, but it can block the Kremlin

With the government and the Central Bank came to the finish line in the debate around the creation of a mega-regulator of the financial market. As it turned out to RBC daily, on Friday at a meeting at the White House, it was decided to recommend to the Prime Minister Dmitry Medvedev in 2016 to eliminate the Federal Financial Markets Service (FFMS), creating in its place in the structure of the Central Bank, the Financial Stability Board in the non-banking sector. According to the meeting participants, "after violent disputes this version, with some reservations gave all interested parties." However, the position of the government may face resistance in the Kremlin.

 On Friday, the White House held the final consultation between the Central Bank, the Federal Financial Markets Service, Ministry of Finance, the Secretariat of the First Deputy Prime Minister Igor Shuvalov, an international financial center (IFC) and the open-government (AP). Organized by the Minister for Relations with open government Mikhail Abyzov. As reported by RBC daily, before meeting considered three options: to increase FFMS make FFMS new agency at the Central Bank and to eliminate the FFMS, giving the mega function CB.

 As admitted by Mr. Abyzov RBC daily, consultations have been very difficult, because at the beginning of the positions were diametrically opposed. "But all the stakeholders and participants in the discussion have shown a professional and objective approach," - said Mr. Abyzov.

 Milovidov Dmitry Pankin offering the service into a separate segregated organization in the Central Bank, the head of the organization making the first deputy chairman of the Central Bank. A similar position held Head of the Working Group on the MFC Alexander Voloshin. Central bank offers to give him control function. Finance Minister Anton Siluanov advocated mega run on the basis of the FFMS and the Central Bank. Economic Development Minister Andrei Belousov warned that creating a mega-based securities may have a conflict of interest in the Bank of Russia. A prime minister Dmitry Medvedev proposed general increase FFMS.

 According to three of the participants, in the end, it was decided to recommend to the Prime Minister to liquidate the FFMS, established under the Central Bank of a committee. According to one of the participants in Friday's meeting, the working title of the resulting layout is: Committee on financial stability in the non-banking sector. "After a heated debate this option with some reservations gave all interested parties, and is considered a position of White House" - said one of the officials who took part in the meeting.

 Another participant in the meeting, warned that among the reservations expressed by a lot of nuances, and the boundary between all variants blurred. "It is important not tick, and the content it is important that the regulator does not function died on priorities for the other functions of the Central Bank," - he said. According to him, the option to create a separate body to peer inside the Central Bank or the Bank of Russia, which would be the supports of the regulator, is a priority. "You can raise the committee on financial stability in the non-banking sector in terms of the above or other committees of the Central Bank to make committee along with the existing securities (for example, with the committee on banks), but we need to expand the functions of the National Banking Council," - says RBC daily.

 Unconditional support for the idea on Friday to strengthen the functions of self-regulatory organizations (SROs). It is assumed that among other things will include representatives of the SRO in a specially created committee on the financial markets at the Central Bank, which will feature examination of the market, and not typical mega functions now have FFMS (eg, car), will come within the SRO. According to Michael Abyzova the week working group ETA develop questions of authority and responsibility and SROs created when Central Committee.

 This week on the outcome will be reported to First Deputy Prime Minister Igor Shuvalov, after which the report will be sent to the Prime Minister Dmitry Medvedev and President Vladimir Putin. In the last resort in the government have agreed solutions can cause serious problems. As recalled by RBC daily one of the officials, assistant to the president on economic issues Nabiullina not accept an option, and pushed for the creation of a separate agency of the Central Bank. Given that the recent decision of the government slowed the president's administration often enough, it is possible that the creation of mega slow down there.

Advertising in the catalog

Go to:  Banks, Banking, Loans, Deposits