Legislative Update

Article by Elvira Danilova*

Banking

Banks to increase their internal funds (capital)

On January 1, 2012, new internal funds (capital) requirements came into force, requiring the amount of internal funds (capital) to open a new bank to be 300 million rubles. In addition, to obtain a license to perform banking operations with rubles and foreign currencies, as well as to raise funds in rubles and foreign currency, banks will be required to have not less than 900 million rubles in internal funds (capital).

Comments: operating banks may gradually increase internal funds (capital) to 300 million rubles, but must meet the new requirements by January 1, 2015.

Financial Reporting