12 November 2013

Deputy Finance Minister Sergei Storchak’s interview with Rossiya 24 TV Channel

Deputy Finance Minister Sergei Storchak gave an interview to the Rossiya 24 TV Channel following the Financial Stability Board Plenary Meeting. He pointed out that apart from the traditional fall agenda - the plan for the board's work next year - the participants discussed the results of the St.Petersburg G20 Summit.

"We primarily reviewed the road map on enhancing the regulation of the non-banking financial sector, which national regulators did not supervise for years," he said, adding that much attention will be paid to industrialized countries where the banking and non-banking sectors are closely linked.

The participants also discussed the European Central Bank's easing of financial policy. Mr. Storchak said that this will be a clear plus because European investors will be pleased to buy bonds from non-European countries that are ready to offer higher rates.

Therefore, a number of jurisdictions and corporate borrowers will have the opportunity to attract significant funds for fairly long periods. For the time being, they cannot do this on their domestic markets. At the same time, it is necessary to consolidate the national potential in public and corporate debt management.

Sergei Storchak said the Russian initiative to upgrade the guidelines for national debt management is making sound progress. "This shows that bank managers are wide awake. They are analyzing the situation, and trying to understand the risks and problems that existed during the 2008-2009 crisis and improve their national loan and debt strategies," he said.

For the full video version of the interview you can find here (only Russian version)