The National Council for Financial Stability is a working advisory body established under the Government of the Russian Federation in 2013 to consider issues of ensuring the stability of the financial system , identifying systemic risks and developing proposals for measures aimed at reducing them [1] .
Decisions are made on the basis of consensus , they are advisory in nature to the federal executive bodies and the Bank of Russia .
Content
Board Functions
The main tasks of the Council are [1] :
- assessment of the general state of the world economy and the risks associated with its change;
- analyzing the results of monitoring the general state of financial and commodity markets, assessing the systemic risks associated with their development;
- evaluation of the methodology for determining systemically important financial institutions (credit institutions, bank holdings and groups, non-bank financial institutions, financial market infrastructure facilities) and their list;
- consideration of methods for identifying and assessing systemic risks and threats to financial stability ;
- assessment of the level of systemic risks and threats to financial stability;
- development of proposals for measures aimed at restoring financial stability.
Board Structure
The personal composition of the Council is approved by the Government of the Russian Federation. The Council is headed by the First Deputy Prime Minister. The Council includes representatives of the executive branch and the Bank of Russia:
- Assistant to the President of the Russian Federation in Economics,
- General Director of the State Corporation “ Deposit Insurance Agency ”,
- Minister of Finance and Deputy Minister of Finance,
- Minister of Economic Development and Deputy Minister of Economic Development,
- Chairman of the Bank of Russia and the four first deputy chairmen of the Bank of Russia.
The Council has equal representation from the Government of the Russian Federation and the Bank of Russia.
The composition of the Council Secretariat is formed by the Head of the Secretariat of the First Deputy Prime Minister of the Russian Federation, the Deputy Minister of Finance of the Russian Federation and the Director of the Financial Stability Department of the Bank of Russia.
Council Chairs
| Period | Chairman |
|---|---|
| July 15, 2013 - February 24, 2015 [2] | A. Siluanov, Minister of Finance of the Russian Federation |
| February 25, 2015 - July 25, 2018 [3] | I. Shuvalov, First Deputy Chairman of the Government of the Russian Federation |
| July 26, 2018 - present time [four] | Alexander Siluanov, First Deputy Prime Minister of the Russian Federation - Minister of Finance of the Russian Federation |
Transparency
When receiving recommendations, Board members should provide information on their implementation or non-compliance within the time specified in the minutes of the meeting, following the principle of comply or explain [5] . However, meetings and decisions of the Council do not have transparency due to the lack of public information about them.
It is known from the press that the Council considered such topics as regulation and control over state development institutions [6] , as well as leasing reform [7] .
International experience
The Group of Twenty in 2009 transformed the Financial Stability Forum, which had existed since 1999, into the Financial Stability Board . It is created in the form of an international organization to coordinate the policies of the financial stability of the participating countries.
In 2015, the President of Ukraine by decree created the Financial Stability Board, the purpose of which is to ensure the timely identification and minimization of risks threatening the stability of the banking and financial system of the state [8] .
In 2016, by a resolution of the Council of Ministers and the National Bank of Belarus , the Financial Stability Board was established in Belarus to organize and coordinate the interaction of state bodies in monitoring financial stability [9] .
Notes
- ↑ 1 2 Resolution of the Government of the Russian Federation of 05.07.2013 No. 571 “On the National Council for the Provision of Financial Stability”.
- ↑ The composition of the National Council for Financial Stability is in the wording of the order of July 15, 2013 No. 1206-p.
- ↑ The composition of the National Council for Financial Stability is in the wording of the order of February 25, 2015 No. 295-p.
- ↑ The composition of the National Council for Financial Stability is in the wording of the order of 07/26/2018 N 1550-p.
- ↑ Financial stability review for Q2 – Q3 2016 . - Bank of Russia, 2016.
- ↑ The first deputy chairman of the Central Bank announced the admissibility of the introduction of supervision of development institutions // Kommersant. - 2017. - July 12th.
- ↑ Leasing was at risk // Kommersant. - 2016. - 1 June.
- ↑ Poroshenko created the Council on financial stability . InfoResist (03/24/2015).
- ↑ Financial Stability Board established in Belarus . BELTA (06/14/2016).