Vladimir Putin: Dear colleagues,
In conclusion I would like to say that in my opinion today's meeting was both interesting, substantial and useful. I promise that we will look at the issue of mutual understanding between the banking system, the banking community and the regional authorities in the State Council. We will do so in an extended format together with our colleagues, the heads of the Russian regions. This is the first thing.
The second. A list of orders containing the basic issues we discussed today has been prepared. Some of the issues are improving the Russian Federation's legislation in the banking sector, increasing the efficiency and competitiveness of the Russian banking system, improving state control of banks, increasing the appeal for investors, and the transparency of the banking system, the banking business and everything that is connected to this issue.
I would like to draw your attention to the fact that the head of the Central Bank agreed with some of your, or shall I say our, proposals and I expect that they will not be put on the back burner but implemented quickly so that the banking community can feel and take advantage of the benefits that should result from these decisions.
With respect to branches of foreign banks I wish to inform you or rather, since you already know this, to confirm that the Government of the Russian Federation agrees with our banking community that today the activities of branches of foreign banks in Russia should be restricted and, as a matter of fact, forbidden. This is linked not only to competition but also to the impossibility of tracing financial and capital flows in today's world. This is also connected to the struggle against terrorism. We must not forget about that struggle. And it is also connected with the struggle against money laundering done through criminal channels.
And finally something that is, in my opinion, an extremely important factor. Of course the banking sector is one sector among others in the Russian economy. But I do not know of a more important one. It is the heart of the whole economy. Therefore I consider that our colleagues' attention is justified. Naturally, it is in their interest and first of all the sector's interest, but it is also in the Russian economy's interest. It is in its interest that the banking system develop effectively and maybe even at advanced rates. For this reason I looked at what additional things can be done for the sector. I shall not anticipate any decisions that the Ministry of Finance should make together with the Central Bank but we must think about such decisions and their possible variants. And the project of presidential orders should be completed together with the Association of Russian Banks.
Thank you very much and all the best.