Putin signs law on Central Bank

Russian President Vladimir Putin signed a federal law 'On the Central Bank of Russia (Bank of Russia)', the press service of the Russian leader reported to RBC. The law was adopted by the lower chamber of the Russian parliament on June 5, 2002 and was rejected by the Russian Federation Council on June 14, 2002. After that a conciliatory commission was established, which consisted of the representatives of both chambers of the Russian parliament and was supposed to improve the law. However, this conciliatory commission failed to work out a joint position on the number of the members of the National Banking Council and the number of examinations that the Central Bank can hold in respect to a credit institution.

At its meeting held on June 27, 2002 the Russian State Duma overrode the veto of the Russian Federation Council for the version of the bill on the Central Bank, according to which the number of the members of the National Banking Council was 12, of which 2 were members of the Federation Council, and the Russian Central Bank could execute not more than one examination of a credit institution on the same issue within the same reporting period.

By fall of 2002 the deputies of the Russian State Duma will prepare amendments to the law on the Central Bank, according to which, in order to assess the financial state of a bank, the Central Bank will be given a right to execute a re-examination of a credit institution on the same issues within the same reporting period. Chairman of the State Duma committee for credit institutions and financial markets Valeriy Zubov was quoted as saying that these amendments will be passed by the Russian State Duma in September 2002 on all three readings at a time.

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