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measuresofferedwithinframeworkofthe20mostdevelopedcountriesto
reducebankriskthroughregulationandincreaseofbankingcapitalcannotpre-
ventfailuresinthefuture.Theessenceofofferedreformingtodrawalinebe-
tweenretailfunctionsofbanksandtheirmorespeculativebusinesses.Bymeans
ofbankingreformthestatewantstocreateaconsiderablecompetitiononthe
market.[3]
DuetothecontroversybrokenoutinEuropeanBankstructures,onemore
importantconclusionforpost-crisiseconomicdevelopmentcanbeformulated:
thereisaneedforacleardivisionofpowersandresponsibilitiesbetweenna-
tionalregulatorsandinternationalinstitutions.
BankingsectorofRussia.Themodernstructureofthebankingsectorin
Russiaischaracterizedbyalargenumberofsmallbanksintermsofthevolume
ofassetsandcapital.Forthe1
stofDecember,2008therewere1228banksinthe
RegisteroftheRussianbanks,with200largestbanksaccountedfor93%ofcu-
mulativebankingsectorassetsandabout87%ofshareholders’equity.About
44%ofcumulativebankingsectorassetsand45%shareholders’equitybelongto
the5largestbanks.In2010,thenumberofoperatingbanksdecreasedto979.
[6],[7]
Duringthecrisisthestatedecidedtousethesituationforconsolidationof
bankingsector.Asexpertsstated,insteadofvoluntaryconsolidationofcreditin-
stitutionsonthebasisofmarketeconomyrequirements,theemphasiswaslaid
oncompulsoryacquisitionofbanksbythelimitednumberof«buyers».Asare-
sultthereisnotmuchreformingofbankingsystem,butmainlyitspartialnation-
alisation.[9]
ThebankingsectorofRussiabeforefinancialcrisiswascharacterisedby
lackofcapitalizationthatdidnotallowittocarryoutadequatefinancingofthe
largestRussianenterprises.Besides,thecapitalhadbeenimportinginthecoun-
trynotmuchthroughbankingsystem,butmainlydirectlyincorporatesector.
Largecorporationspossessedwideaccesstoexternalfinancing(inforeigncur-
rency)asthecountryhadhighratingsofthestateobligations,rigidregulationof
anexchangerateandpotentialofthestateguarantees.
Asaresult,boththeRussianfinancialmarketandRussiancompaniesis
highlydependentonexternalfundingandsignificantlevelsofexternaldebt.And
theincreaseofratesonglobalfinancialmarketsandrestrictionsonlendingin
developingcountrieshasledtoasignificantincreaseinborrowingratesoflarg-
estRussianbanksandcausedacrisisoninterbankcreditmarket.
Bytheendof2008theexternaldebtofaprivatesector(banksandenter-
prises),withtheexceptionofequity,totalednearly500billiondollars.Netout-
14