Dmitry Medvedev's opening remarks:
Colleagues, we often meet and discuss various issues, but we need to do it on a regular basis. I mentioned recently to some of those present here that we should meet and discuss the state of our banking system.
It is obvious that the overall health of the banking system directly affects the economic growth and investment activities of Russian and foreign companies, as well as the well-being of our citizens. The recent economic downturn is still fresh in people's memory. We acted decisively at the time and took very serious, if not unprecedented, measures to support the banking sector.
Time has shown that those measures were correct and timely – we managed to tackle our problems. Over the first eight months of this year bank assets increased by almost 10% (which is more than last year) and totalled close to 45 trillion roubles. This was mainly due to increased lending. The aggregate capital of the banking sector has also been increasing.
But there are also problems. We discuss them at every meeting, both at an individual level and at various economic events. We need to work on the rating and capitalisation of the banks, help them expand their geographic presence, and attract additional investment for their development.
The state still plans to withdraw from the capital of lending institutions. In fact, this is already happening. Sberbank has recently held a successful public offering and we congratulate it on this event. This is a really important event and an indicator of sorts for the banking system and the country as a whole.
Obviously, the funds obtained from this process will be spent on specific investment projects that are important for the country. We will have to make decisions on these projects in the very near future.
Finally, as previously agreed, I have discussed this topic with the Government recently, we need to set short-term goals, examine the overall situation and the market trends from the perspective of maximum benefit to the budget revenue. This was precisely the approach taken as part of Sberbank's public offering. The same approach will be taken during the sale of state-owned shares of the VTB bank.
In line with the decisions that have been made in the last few years, we are gradually transitioning to international regulatory principles in banking law and banking oversight. This includes positive and negative aspects, so we have to react in a timely fashion to the problems that arise in this context.
The banking sector is not a self-contained system; its purpose is to promote the development of the real economy and determine its key parameters. I am referring to the value of money in the country. Since everybody uses banking services, we need to promptly and correctly identify the risks and imbalances that form in the banking system.
Therefore, banks should not just implement their business strategy, which, of course, is absolutely normal, but should also understand the social responsibility of their activities. I think everyone present here would agree with this.
In the coming months and perhaps, unfortunately, even years, the development of the Russian banking sector will proceed in the context of a very difficult situation in the global financial markets. I am referring to the situation in the eurozone, of course, and elsewhere in the world. Therefore, the Government, the Central Bank, and the banking sector in general should continue monitoring, analysing, and responding to global economic trends.
I wanted to discuss all of this with you, especially considering that there was, as I said, a proposal to meet and discuss things. We need to communicate on a regular basis and keep our fingers on the pulse.
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