Former Central Bank chief to be introduced to National Banking Council

On August 19 a list of candidates to the National Banking Council was released, which was granted an authority to supervise the Russian Central Bank a month ago. It turned out so that the Kremlin is pondering over Viktor Gerashchenko as the Russian President's representative in the council. His appointment may grab the headlines and come as the most drastic staff shake-up of late. For it is largely because of the former Central Bank chief's negative stance on a new role of the Banking Council that he was eased out from office by Sergey Ignatyev. A little more than a month ago Vladimir Putin signed amendments to the law 'On the Central Bank of Russia', which made the Banking Council's functions much broader.

From now on, all branches of authority are entitled to supervise the Central Bank's activity through their representatives in the Banking Council. If before the council consisted of the members of the Central Bank's Board of Directors and Duma deputies, while rounding up the panel were the Finance and Economy Ministers, now it is complete with three Presidential reps, three government reps and three State Duma reps, with two members from the Federation Council and only one from the Central Bank. There's been no knowledge about particular candidates to the new Banking Council until now. The only widely known thing was that the Central Bank would be represented by its Chairman Sergey Ignatyev. However, Ignatyev will possibly have to enjoy the company of Gerashchenko - an option that is currently being mulled over by the Kremlin's highbrows, the Kommersant newspaper reported.


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Author`s name: Editorial Team