The International Monetary Fund has called for greater oversight of Russia’s banks, warning that the $14bn Bank of Moscow bail-out this summer raised serious concerns about the industry’s practices and transparency.
Antonio Borges, the IMF’s Europe director, said the central bank’s discovery of a huge hole on Bank of Moscow’s balance sheet following its acquisition by state lender VTB caused a loss of confidence in the Russian banking sector.
“What happened this summer with the problems at Bank of Moscow was a wake-up call, because it reveals that problems can be serious and that there isn’t a good handle on the situation of the banks,” Mr Borges said.
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