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Megaregulator Will Not Affect Financial Institutions in Russia

16.10.2012 15:00 / Interfax

Establishing a megaregulator in Russia will take a long period of time and will not affect financial institutions in the foreseeable future, says Senior Analyst at S&P Sergey Voronenko.

"We think a long time must pass to even be technically ready with the process. In our basic scenario this is not likely to have any substantial effect on the banking sector or the financial institutions", said the analyst at a Moscow conference Tuesday.

Financial ministries have voiced their support for the unification of financial regulation at the Central Bank. President Putin has stated that the controversial concept of unified Central Bank-based financial regulation should be debated with experts, and decisions must follow as soon as possible. First Deputy Chairman of the Central Bank of Russia Alexey Ulyukaev said he is ready to debate the idea of the Central Bank-based megaregulator if the government authorises it.

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