Russia : Financial Sector Assessment

World Bank

Washington, DC

关键词: ACCOUNTING;    ACCOUNTING PROCEDURES;    ACCOUNTING STANDARDS;    AFFILIATES;    AUTHORITY;   

RP-ID  :  27272

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This Financial Sector Assessment (FSA)is a summary of some of the findings of the Financial SectorAssessment Program (FSAP) report for the Russian Federation,which was prepared jointly by the International MonetaryFund (IMF) and the Bank in close cooperation with theRussian authorities. Given the small size of the financialsector, the effects of a potential financial sector distresson the macro-economy would be relatively small. However,there are serious weaknesses in the financial sector per se,hampering the development of the sector, and its ability toallocate resources in the Russian economy. A few interlinkedissues cut across the banking, capital markets, and theinsurance sectors. In spite of recent improvements, the lackof transparency in the ownership structures, and poorcorporate governance, including banks, slowed down thedevelopment of the sector, and hindered financial decisions,and prudential supervision. There has been progress inimplementing structural reforms in key areas, e.g., theagricultural land market, pension funds, and small businesstaxation - but other reforms, including in the financialsector, have lagged behind. While banks in Russia appear tobe well capitalized, the quality of capital is questionable,even under the Russian Accounting Standards (RAS), and, loanprovisioning does not fully reflect the banks' creditrisks. Thus, banking sector reform is a matter of thehighest priority, if Russia is to achieve its growthpotential in the coming years. Reform efforts should beconcentrated on strengthening the supervisory framework;enhancing the transparency of ownership, governance, andfinancial reporting; and, facilitating the consolidation ofthe fragmented private banks, as well as leveling theplaying field between private, and state banks. Mostimportantly, any strategy for promoting the development ofthe banking sector, will need to carefully consider the roleof Sberbank. The legal infrastructure for the banking sectoris generally well developed, but supporting legislation andregulation for banking supervision and implementationpractices needs to be improved.