Andrey Yemelin: “Fair competition is a necessary condition for banking market development”

Andrey Yemelin, Chairman of the Financial Market National Council, spoke about the current situation at the banking market. In 2013, several banks that had been on the market for 20 years were banned in Russia. Russian citizens’ debt to banks may grow up to 10 trillion rubles by the end of 2013; most of the sum is unsecured loans. Russian MPs initiated the limitation of a maximum rate on banking loans at the level of 25%. Bankers are afraid of repetition of the crisis of 2004.