Bloomberg spoke about the apology Nabiullina, the government

Elvira Nabiullina

Photo: Stanislav Krasilnikov / TASS

The head of the Central Bank apologised for the fact that he appealed for support of his campaign for the cleaning of the banking sector, bypassing the government directly to the President

In search of support for the Central Bank of the campaign against dubious operations, the next stage which could affect some of the largest banks of Russia, the head of the Central Bank Elvira Nabiullina to bypass the government appealed directly to President Vladimir Putin, for which he later apologized, according to Bloomberg.

According to two sources, the Agency officials apologized to the members of the government for the fact that bypassing them asked the President about support and managed to get the approval of submitted proposals.

At the same time, the sides Bloomberg noted that Putin has not given Nabiullina so large powers, that it could, at its discretion, revoke the license of banks, and this makes the position of the head of the Central Bank is “not is absolutely unshakable.” According to sources, the issue of rehabilitation of another Bank may be “too sharp a political point of view.” Bloomberg notes that many troubled banks have senior customers close to the business, political and power elite, who impede the efforts of the regulators.

Speaking in October 2016 at the forum “Russia calling!” Nabiullina promised that the Central Bank will continue to revoke licenses from financially unstable banks.

“We are taking and will continue to withdraw from the market those banks with chronically unstable condition, the owners are not able to cope with the situation. This policy will continue,” — said Nabiullina, noting that the Central Bank in this question is “no quantitative restrictions”.

Putin on the same forum supported the Central Bank in its quest to rid the banking sector of unreliable and inefficient financial institutions, stressing that such measures should have been taken earlier.

“What, I believe, to blame the Bank of Russia, at least over the past years, it was necessary promptly to make these decisions before. But better late than never,” said the President.

In the course of the traditional “big press conference” in late 2016, Putin once again supported the ongoing Nabiullina policy.

“No one would have believed that the Central Bank of the Russian Federation, bringing Russia’s financial system operates erroneously. Such a no,” he said.

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