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Central Bank Will Not Warn Banks Of License Revocation In Advance
10.01.2014 15:48
Central Bank Will Not Warn Banks Of License Revocation In Advance

Russia’s Central Bank cannot warn banks of license revocation in advance, since otherwise dishonest management can start carrying off the assets, Elvira Nabiullina, the head of the Central Bank said.

      “Who is next – no one really knows. We cannot warn anyone, it would even be wrong. I do not know of any country in the world where the Central Bank warned it would revoke the license. Why is it not possible?  It is likely that if the bank was warned of license revocation, the unscrupulous owner or managers would start withdrawing assets, paying off the privileged customers, but ordinary depositors will get much less," Nabiullina explained.

      Head of the Central Bank set Master-Bank as an example, when prompt decision to revoke the license "helped to keep 11 billion rubles on accounts". Earlier, Nabiullina denied the information that Central Bank holds banks' "black lists".

Author: Anna Dorozhkina

Tags: license revocation Central Bank    

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