Gov't official comments on banks' assets

The total amount of assets of Russian banks amounts to 40 percent of the country's gross domestic product, Deputy Finance Minister Alexey Ulyukayev told journalists after today's government meeting, at which the development of the Russian banking sector was considered. According to estimations of the Finance Ministry, capitalization of Russian banks amounts to 5.1 percent of the GDP, the deputy minister said.

He stressed that banks' assets might advance to 45-50 percent of the GDP next year, which had been actually planned for the year 2005.

Ulyukayev also declared that by February 15, 2003 a project of the strategy of development of the banking sector would be submitted to the government.