Today, the Ministry of Finance of the Russian Federation hosted the inaugural meeting of the FSB Regional Consultative Group for the Commonwealth of Independent States (RCG for CIS) in Moscow. The group was established pursuant to the announcement of Financial Stability Board (FSB) in November 2010 to expand and formalise outreach beyond its membership. Six regional consultative groups including the RCG for CIS were established to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.

The RCG for CIS members discussed the FSB's major policy for 2012, regulatory issues relevant for financial stability and global and regional vulnerabilities. Discussions on regulatory issues focused on deposit insurance systems, sound compensation practice, and effective supervision of domestic Systemically Important Financial Institutions (Banks). Moreover, the vulnerabilities and regional financial stability issues discussed by members included the vulnerabilities in the euro area, risk of contagion, the potential impact of sovereign debt crisis in a number of European countries on the region and possible policy responses.

The RCG for CIS is co-chaired by Deputy Minister Sergey Storchak, Ministry of Finance of the Russian Federation and Deputy Minister Serhiy Rybak, Ministry of Finance of Ukraine. The membership includes financial authorities from Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia, Tajikistan and Ukraine.

The participants of the meeting approved the Operational framework of the RCG for CIS and decided to establish a secretariat function through the offices of the co-chairs including, technical and organisational support from the Interstate Bank whose shareholders are all participants of the group.

Members agreed that the next meeting will be held in Moscow in October-November, 2012.