Greater recovery amount on deposits is needed and justified, SKB-Bank says

29 May 2008 (09:17)

‘The talks about the need to increase the recovery amount for people with bank deposits come in good time and sound like a good idea. The European banks, for instance, pay their depositors about ?20,000 in case of an insured event. The sum proposed for Russian banks, that is, 600,000 RUR, approaches this standard quite closely. On average, people have been depositing much more money in the banks lately compared to a few years ago, so raising the recovery amount for their deposits seems logical,’ SKB-Bank’s Deposit Operations Director Denis Belogurov said to UrBC.

The idea to raise the sum from 400,000 RUR to 600,000 RUR was initially proposed by the Bank of Russia BOD member Mikhail Sukhov.

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