The Fifth Banking Law Conference "Legal Uncertainty & Juridical Risks in Banking Practice"

Leading researcher of the Institute Kirill Molodyko concluded a report at the banking conference.

The Association of Banks of Russia (formerly: Association of Regional Banks of Russia, and prior to that: the Russian Association of Joint-Stock Commercial Industrial Construction Banks "Russia") on November 29th led the first session of the second day of the ABR legal conference, with the Association vice president Andrey Melnikov presiding. The positions and prospects of the sphere of bank deposits were discussed, along with the legal regime of pledging and rights under contract concerning deposits and security, and the experience of informing consumers about responsible financial behavior, giving insight via the regional experience of contracts and household savings.

 

Deputy Chairperson of the MSLA, Irina Mikheeva, spoke about the legal regime of the pledge of rights concerning bank deposit agreements and security deposits.

 

Consumer protection coordinator at projects in the Ministry of Finance and the World Bank, Anna Chaplygina, introduced the experience of informing consumers about responsible financial behavior, specifically, regarding bank deposits.

 

Kirill Molodyko explained why 'unallocated bullion accounts' are not quite developed in Russia. The attractiveness of these products is influenced by the high volatility of metals and not by the state's interest in the storage of metals by individuals. And also in his opinion, in order to increase the attractiveness of such accounts for individuals, credit institutions at their respective levels could give the client clear rules for determining the purchase and sale quotations, with clear fixed commission rates that will be applied for this type of operation. The discussion turned to the adjustment of VAT rules at the state level, the granting of guarantees of deposit insurance agencies, and the topic of clear rules of personal income tax.

 

Head of the Directorate for the development of mortgage-backed mechanisms and programs of the Republic of Bashkortostan, Evgeniy Decato, shared experience of the introduction of mortgage-backed systems in the region.