Medvedev Defends Russia’s ‘Reliable’ Banking System

MOSCOW, December 6 (RIA Novosti) – Prime Minister Dmitry Medvedev said Friday that Russia’s banking system was reliable when challenged during a television interview about a spate of banks that have had their licenses revoked.

“We have a system that is modern and reliable,” Medvedev said during an annual meeting with prominent Russian television anchors broadcast live. “We are just adapting it to a new reality.”

Russia’s central bank has revoked the licenses of more than 20 small and mid-sized banks this year as it cracks down on shadowy banking activity in the country.

Medvedev said that one of the reasons for the changes currently underway is Russia’s obligation to conform to international financial agreements, including the Basel III global banking accords.

Although Russia has about 900 banks, the banking market is dominated by a few giant lenders owned by the state.


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