The head of the Central Bank of Russia, Elvira Nabiullina, warned banks about the possibility of a ban on the sale of certain products to individuals. What he said in his speech at the XX International Banking Forum can be found at the following address: Web site regulator
Nabiullina noted that the Central Bank has the right to suspend the sale of some products and demand repurchase if they are sold in bad faith.
The President of the Central Bank reminded that some violations were detected in the sales of insurance and investment products of banks, especially large banks, in the spring. He also promised that such inspections would be repeated in the autumn and emphasized that the regulator reserved the right to take “stringent measures” if repeated violations were detected.
According to Nabiullina, the regulator is also preparing proposals for a bill that would increase penalties for banks for dishonest sales of their products. He noted that in many countries such fines are multi-million and multi-billion dollars. The Central Bank governor stressed that the regulator intends to follow this path.
Before that Nabiullina stated About concerns about the difference between prices in the primary housing market and the secondary housing market. Room registeredThe Central Bank is seeing signs of overheating in mortgage loans. Blatant unfair practices in the mortgage market are a thing of the past, but elements of a plan exist. The head of the Central Bank stated that the regulator will monitor the quality of mortgages and impose stricter measures if necessary.
Formerly Central Bank of the Russian Federation raised key rate up to 13%.