Peer Review of Russia
The main purpose of this peer review is to examine the macroprudential policy framework and tools; and the bank resolution framework. Both topics were included in the key recommendations of the IMF’s assessment of Russia under the Financial Sector Assessment Program (FSAP) in 2011, and are topical for the broader FSB membership. The peer review focuses on the steps taken to date by the Russian authorities to implement reforms in these areas. It concludes that the authorities have made good progress in addressing the FSAP recommendations on these two topics, but that there is additional work to be done. On the macroprudential side, it noted that the authorities need to clarify the mandate of the National Council on Ensuring Financial Stability and flesh out the Central Bank of Russia’s macroprudential policy framework. On the resolution side, it recommends that the authorities further strengthen the framework for prompt remedial action, expand the range of resolution tools at their disposal, and review the process for rehabilitating failing systemic banks to further enhance its efficiency and effectiveness.