The said federal law provides for the following modifications of the federal law “On Banks and their Activities”: new norms will set the minimal amount of capital for banks at the equivalent of five million euros in rubles, and the minimal amount of capital for other credit organizations at five hundred thousand euros. Banks and credit organizations shall be held responsible for falling below this minimal amount.
The said federal law also provides for amendments to the federal law “On the Central Bank of the Russian Federation (Bank of Russia).” These amendments concern abolishing the Bank of Russia's right to establish the amount of capital required by acting credit organizations to have subsidiary companies operating on the territory of a foreign state.