Russia : Financial Sector Assessment
This Financial Sector Assessment (FSA) is a summary of some of the findings of the Financial Sector Assessment Program (FSAP) report for the Russian Federation, which was prepared jointly by the International Monetary Fund (IMF) and the Bank in clo...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
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Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/10/2737359/russia-financial-sector-assessment http://hdl.handle.net/10986/14336 |
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okr-10986-14336 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING PROCEDURES ACCOUNTING STANDARDS AFFILIATES AUTHORITY BALANCE OF PAYMENTS BANK FAILURE BANK FAILURE RESOLUTION BANK LIQUIDATION BANK OF ENGLAND BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BUDGET MANAGEMENT CAPITAL MARKETS CAPITALIZATION CENTRAL BANK CLEARING HOUSE CONCEPTUAL FRAMEWORK CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE SECTOR DEBT DEBT SERVICING DEPOSIT INSURANCE DEPOSITORS DEPOSITS DISCLOSURE ECONOMIC GROWTH EXCHANGE RATE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISIONS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET GOVERNMENT SECURITIES GUIDELINES IMMUNITY INFLATION INFLATION RATES INSTITUTIONAL FRAMEWORK INSURANCE INTERNAL CONTROLS LACK OF TRANSPARENCY LAWS LEGAL ASSISTANCE LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDATION LIQUIDITY MINISTRY OF FINANCE MONETARY POLICIES MONETARY POLICY OIL OIL PRICES PENALTIES PRESIDENCY PRIVATE BANKS PROBLEM BANKS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT MANAGEMENT RATIONALIZATION REHABILITATION RISK FACTORS RISK MANAGEMENT RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS STATE BANKS SUPERVISORY FRAMEWORK SYSTEMIC RISK TAXATION TRADING TRANSPARENCY FINANCIAL SECTOR REFORM BANKING SYSTEMS MACROECONOMICS ALLOCATION OF RESOURCES CAPITAL MARKETS INSURANCE INDUSTRY OWNERSHIP CORPORATE GOVERNANCE BANK SUPERVISION PRUDENTIAL REGULATIONS FINANCIAL SYSTEMS STRUCTURAL REFORMS BANK CAPITAL LEGAL & REGULATORY FRAMEWORK REFORM IMPLEMENTATION BANK INSOLVENCY INVESTOR CONFIDENCE FINANCIAL INSTITUTIONS MONEY LAUNDERING PAYMENTS SYSTEMS PUBLIC DEBTS FINANCIAL MANAGEMENT NON-BANK FINANCIAL INSTITUTIONS CORPORATE STRUCTURE GOVERNANCE CAPACITY CREDIT EFFECTIVENESS |
| spellingShingle |
ACCOUNTING ACCOUNTING PROCEDURES ACCOUNTING STANDARDS AFFILIATES AUTHORITY BALANCE OF PAYMENTS BANK FAILURE BANK FAILURE RESOLUTION BANK LIQUIDATION BANK OF ENGLAND BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BUDGET MANAGEMENT CAPITAL MARKETS CAPITALIZATION CENTRAL BANK CLEARING HOUSE CONCEPTUAL FRAMEWORK CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE SECTOR DEBT DEBT SERVICING DEPOSIT INSURANCE DEPOSITORS DEPOSITS DISCLOSURE ECONOMIC GROWTH EXCHANGE RATE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISIONS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET GOVERNMENT SECURITIES GUIDELINES IMMUNITY INFLATION INFLATION RATES INSTITUTIONAL FRAMEWORK INSURANCE INTERNAL CONTROLS LACK OF TRANSPARENCY LAWS LEGAL ASSISTANCE LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDATION LIQUIDITY MINISTRY OF FINANCE MONETARY POLICIES MONETARY POLICY OIL OIL PRICES PENALTIES PRESIDENCY PRIVATE BANKS PROBLEM BANKS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT MANAGEMENT RATIONALIZATION REHABILITATION RISK FACTORS RISK MANAGEMENT RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS STATE BANKS SUPERVISORY FRAMEWORK SYSTEMIC RISK TAXATION TRADING TRANSPARENCY FINANCIAL SECTOR REFORM BANKING SYSTEMS MACROECONOMICS ALLOCATION OF RESOURCES CAPITAL MARKETS INSURANCE INDUSTRY OWNERSHIP CORPORATE GOVERNANCE BANK SUPERVISION PRUDENTIAL REGULATIONS FINANCIAL SYSTEMS STRUCTURAL REFORMS BANK CAPITAL LEGAL & REGULATORY FRAMEWORK REFORM IMPLEMENTATION BANK INSOLVENCY INVESTOR CONFIDENCE FINANCIAL INSTITUTIONS MONEY LAUNDERING PAYMENTS SYSTEMS PUBLIC DEBTS FINANCIAL MANAGEMENT NON-BANK FINANCIAL INSTITUTIONS CORPORATE STRUCTURE GOVERNANCE CAPACITY CREDIT EFFECTIVENESS World Bank Russia : Financial Sector Assessment |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
This Financial Sector Assessment (FSA)
is a summary of some of the findings of the Financial Sector
Assessment Program (FSAP) report for the Russian Federation,
which was prepared jointly by the International Monetary
Fund (IMF) and the Bank in close cooperation with the
Russian authorities. Given the small size of the financial
sector, the effects of a potential financial sector distress
on the macro-economy would be relatively small. However,
there are serious weaknesses in the financial sector per se,
hampering the development of the sector, and its ability to
allocate resources in the Russian economy. A few interlinked
issues cut across the banking, capital markets, and the
insurance sectors. In spite of recent improvements, the lack
of transparency in the ownership structures, and poor
corporate governance, including banks, slowed down the
development of the sector, and hindered financial decisions,
and prudential supervision. There has been progress in
implementing structural reforms in key areas, e.g., the
agricultural land market, pension funds, and small business
taxation - but other reforms, including in the financial
sector, have lagged behind. While banks in Russia appear to
be well capitalized, the quality of capital is questionable,
even under the Russian Accounting Standards (RAS), and, loan
provisioning does not fully reflect the banks' credit
risks. Thus, banking sector reform is a matter of the
highest priority, if Russia is to achieve its growth
potential in the coming years. Reform efforts should be
concentrated on strengthening the supervisory framework;
enhancing the transparency of ownership, governance, and
financial reporting; and, facilitating the consolidation of
the fragmented private banks, as well as leveling the
playing field between private, and state banks. Most
importantly, any strategy for promoting the development of
the banking sector, will need to carefully consider the role
of Sberbank. The legal infrastructure for the banking sector
is generally well developed, but supporting legislation and
regulation for banking supervision and implementation
practices needs to be improved. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Russia : Financial Sector Assessment |
| title_short |
Russia : Financial Sector Assessment |
| title_full |
Russia : Financial Sector Assessment |
| title_fullStr |
Russia : Financial Sector Assessment |
| title_full_unstemmed |
Russia : Financial Sector Assessment |
| title_sort |
russia : financial sector assessment |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/10/2737359/russia-financial-sector-assessment http://hdl.handle.net/10986/14336 |
| _version_ |
1764428222519312384 |
| spelling |
okr-10986-143362021-04-23T14:03:17Z Russia : Financial Sector Assessment World Bank ACCOUNTING ACCOUNTING PROCEDURES ACCOUNTING STANDARDS AFFILIATES AUTHORITY BALANCE OF PAYMENTS BANK FAILURE BANK FAILURE RESOLUTION BANK LIQUIDATION BANK OF ENGLAND BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BUDGET MANAGEMENT CAPITAL MARKETS CAPITALIZATION CENTRAL BANK CLEARING HOUSE CONCEPTUAL FRAMEWORK CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE SECTOR DEBT DEBT SERVICING DEPOSIT INSURANCE DEPOSITORS DEPOSITS DISCLOSURE ECONOMIC GROWTH EXCHANGE RATE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISIONS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET GOVERNMENT SECURITIES GUIDELINES IMMUNITY INFLATION INFLATION RATES INSTITUTIONAL FRAMEWORK INSURANCE INTERNAL CONTROLS LACK OF TRANSPARENCY LAWS LEGAL ASSISTANCE LEGAL FRAMEWORK LEGAL INFRASTRUCTURE LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDATION LIQUIDITY MINISTRY OF FINANCE MONETARY POLICIES MONETARY POLICY OIL OIL PRICES PENALTIES PRESIDENCY PRIVATE BANKS PROBLEM BANKS PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT MANAGEMENT RATIONALIZATION REHABILITATION RISK FACTORS RISK MANAGEMENT RISK TAKING SAVINGS SECURITIES SECURITIES MARKETS SHAREHOLDERS STATE BANKS SUPERVISORY FRAMEWORK SYSTEMIC RISK TAXATION TRADING TRANSPARENCY FINANCIAL SECTOR REFORM BANKING SYSTEMS MACROECONOMICS ALLOCATION OF RESOURCES CAPITAL MARKETS INSURANCE INDUSTRY OWNERSHIP CORPORATE GOVERNANCE BANK SUPERVISION PRUDENTIAL REGULATIONS FINANCIAL SYSTEMS STRUCTURAL REFORMS BANK CAPITAL LEGAL & REGULATORY FRAMEWORK REFORM IMPLEMENTATION BANK INSOLVENCY INVESTOR CONFIDENCE FINANCIAL INSTITUTIONS MONEY LAUNDERING PAYMENTS SYSTEMS PUBLIC DEBTS FINANCIAL MANAGEMENT NON-BANK FINANCIAL INSTITUTIONS CORPORATE STRUCTURE GOVERNANCE CAPACITY CREDIT EFFECTIVENESS This Financial Sector Assessment (FSA) is a summary of some of the findings of the Financial Sector Assessment Program (FSAP) report for the Russian Federation, which was prepared jointly by the International Monetary Fund (IMF) and the Bank in close cooperation with the Russian authorities. Given the small size of the financial sector, the effects of a potential financial sector distress on the macro-economy would be relatively small. However, there are serious weaknesses in the financial sector per se, hampering the development of the sector, and its ability to allocate resources in the Russian economy. A few interlinked issues cut across the banking, capital markets, and the insurance sectors. In spite of recent improvements, the lack of transparency in the ownership structures, and poor corporate governance, including banks, slowed down the development of the sector, and hindered financial decisions, and prudential supervision. There has been progress in implementing structural reforms in key areas, e.g., the agricultural land market, pension funds, and small business taxation - but other reforms, including in the financial sector, have lagged behind. While banks in Russia appear to be well capitalized, the quality of capital is questionable, even under the Russian Accounting Standards (RAS), and, loan provisioning does not fully reflect the banks' credit risks. Thus, banking sector reform is a matter of the highest priority, if Russia is to achieve its growth potential in the coming years. Reform efforts should be concentrated on strengthening the supervisory framework; enhancing the transparency of ownership, governance, and financial reporting; and, facilitating the consolidation of the fragmented private banks, as well as leveling the playing field between private, and state banks. Most importantly, any strategy for promoting the development of the banking sector, will need to carefully consider the role of Sberbank. The legal infrastructure for the banking sector is generally well developed, but supporting legislation and regulation for banking supervision and implementation practices needs to be improved. 2013-07-01T22:10:43Z 2013-07-01T22:10:43Z 2003-10 http://documents.worldbank.org/curated/en/2003/10/2737359/russia-financial-sector-assessment http://hdl.handle.net/10986/14336 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Europe and Central Asia Russian Federation |