‘The proposals Garegin Tosunyan came up with at the 9th All-Russian Banking Forum are nothing new. There are plenty of banks that keep suggesting ways of invigorating the country’s banking system for several years now. It makes sense for the Association of Russian Banks to try and act as the bankers’ trade union of sorts and to present these initiatives to the state authorities,’ Ural Treasures Bank’s Marketing Management Director Konstantin Yushkov said to an UrBC reporter.

In the course of the forum, President of the Association Garegin Tosunyan said banks needed a wider resource base and tax relief on their ploughed back earnings. The forum’s other participants suggested the excessive regulations on the use of cash equipment should be made less strict; they also spoke about the need to introduce the obligatory state registration of automobile collateral and to make the out-of-court procedures related to collection of collateral. In addition, they suggested banks should not be responsible for customers’ violation of cash transaction rules.

‘Since economic growth is one of this country’s priorities, one can hope that these improvement suggestions will be accepted. I should also say that Russian banking system can and should also be developed through more efficient use of the Stabilization Fund resources and our forex/gold holdings,’ Konstantin Yushkov noted.