The opera is authorized

The Central Bank will send curators to banks, representatives of the Central Bank received state money will receive the right to appoint an authorized representative to any credit organization that received anti -crisis state support. Yesterday, a group of uninstalls deputies amended the law on the central bank. Parliamentarians fulfilled the government’s wishes not to leave without control the financial resources that banks from the state will receive.

The bill allows the Central Bank to appoint an authorized representative to the bank who receives funds to refinance external debt or a subordinated loan in VEB, participates in the non -core auctions of the Central Bank or budget auctions of the Ministry of Finance.

The amendments have retroactive force, that is, in the case of adoption, they will apply to those banks that have already received money. In case of failure to fulfill the requirements of the Central Bank and the Ministry of Finance, may require the Bank of early fulfillment of obligations on loans or transactions with them.

A credit institution is endowed with a whole bunch of responsibilities. So, she is obliged to provide the authorized (at his request) information and documents regarding the activities of a credit institution, and not to prevent the curator. She is also obliged to “provide information from the Central Bank to the Commissioner from the Central Bank of the Central Committee on time to make transactions related to the transfer of real estate of a credit institution for lease; with it as deposits to the authorized capital of third parties; with the disposal of such property in a different way; as well as related to the replacement of real estate in the pledge of a credit institution, a different subject of pledge or other type of security. "

According to the author of the bill chairman of the financial market committee Vladislav Reznik, the authorized representative of the Central Bank should not intervene in the activities of credit organizations. Its task is to carry out only observation of the bank’s activities and inform the Bank of Russia on the operations.

The Financial Market Committee plans to consider this bill on December 16. By virtue, the law should enter in early 2009.

10.12.2008 / Marina Sokolovskaya material published in the newspaper No. 236 dated 11/11/2008.