The first Deputy Chairman of the Central Bank Dmitry Tulin has stated that the Bank of Russia begins the transition to a consultative method of supervision of banks, reports Vedomosti.
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He noted that it could take 5-7 years.
Optimists believe that qualitative changes can be seen in 2-3 years.
Tulin said that the supervision will be based on the dialogue with the banks, but if they don’t voluntarily acknowledge shortcomings and will continue to be an accurate reflection of operations in the financial statements, the Central Bank will think about the action.
“Ideally, our employees should know all about top managers and owners of the banking business up to the family situation, kinship and business ties, and it is better to know more about the culinary preferences,” – said the first Deputy Chairman of the Central Bank.