The head of the Research Department of the Association of Russian Banks, Sergey Grigoryan, talks about the key events that occurred in the banking sector in the past year in Russia. In 2013 Russia revoked the licenses of several banks, some of which have been on the market for over 20 years. Future payments on "Master- Bank" deposits are estimated at ca. 30 billion rubles. The debts of Russians to banks by the end of 2013 could reach 10 trillion rubles, the largest part of which is constituted by unsecured loans. Deputies of the State Duma of the Russian Federation took the initiative to limit the maximum rates on bank loans to 25% per annum. Bankers fear a repetition of the 2004 crisis.
Key developments in the banking sector for 2013
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