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Ministry of Finance of the RF

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Moscow Industrial Bank



Corn Audit



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MODERNISING THE FINANCIAL SYSTEM: THE KEY TO SUSTAINABLE GROWTH

Dear Ladies and Gentlemen!

I am glad to send my greetings to the participants and guests of the Moscow International Finance Week (MOSINTERFIN).
I believe that arranging MOSINTERFIN is an important and highly useful initiative and a real contribution to the development of Russias financial
market. The modern format of the forum, its intense agenda, the imposing lineup of its participants creates the vision of a new, much needed environment for business leaders, experts, analysts, and head officers of public authorities to engage in open and meaningful discussions on a broad range of professional matters. One of pivotal, high-priority objectives of this Week is the development of comprehensive approaches to the establishment of the Moscow International Business Center, the search for efficient solutions to boost the innovation activity and provide the sustainability of Russias economic development.

I am positive that your large-scale project will be a success developing its own traditions while its decisions and guidelines make their way into practice.

May I wish you efficient and constructive work.

Prime Minister of the Russian Federation

V. Putin





The Moscow International Financial Week MOSINTERFIN is planned as an annual forum on which a wide exchange of opinions of representatives from the international financial community is expected.

The objective is for this new forum to become a platform for discussion of actual modern economy problems with the participation of world and Russian financial leaders.

I would like to invite domestic and foreign financiers to take part in the first international forum MOSINTERFIN on October, 18-21th, 2011 in Moscow.

I look forward to meeting you in Moscow in October.

President, International Financiers Guild (IFG) and
Chairman, MOSINTERFIN Organising Committee


A. Kudrin
16.08.2011



ANNUAL FORUM MOSINTERFIN TAKES OFF IN MOSCOW

The new international forum in Moscow inviting to discussions concerning global finance matters has turned out timely and much-needed. The first Moscow International Finance Week fully met expectations of its organizers as world leaders of the business and finance community, analysts, experts, representatives of the public authorities arrived at MOSINTERFIN 2011 eager to discuss the issues on the agenda. The Forum has proven its relevance and made a remarkable appearance positioning itself as a new international discussion venue to search for consolidated approaches and solutions meeting todays economic challenges.

Russias Prime Minister Vladimir Putin sent his greetings to MOSINTERFIN participants representing the Russian and foreign financial establishment and praised the arrangement of the forum. In his letter of welcome the Chairman of the Government of the Russian Federation expressed his hope that this large-scale project would be a success developing its own traditions while its decisions and guidelines make their way into practice.

Declaring the Forum open, Alexei Kudrin, President of the International Financiers Guild, noted: While the first wave of the crisis was quite unexpected and profound, we are likely in for the next stage which can also be unique. Forecasts get from back to worse, at the last IMF session which I attended, it was pointed out that the global economy advance forecast was revised from 4.4% to 4%, the economy advance for the USA was adjusted from 2.8 to 1.5%. The forecast for 2012 was also revised, the initial 4.5% forecast published by the IMF has now been lowered to 4%. I think we may see more detrimental adjustments later. We will probably have to face a new phase of the crisis involving sovereign debts and unleashing unprecedented changes in global markets. The allegedly reliable resort for the capital, sovereign bonds, is becoming very risky.

Alexei Kudrin also commented on the situation in the Euro zone. In its opinion, though the European Union did not undertake any legal obligations to rescue countries which are on the verge of bankruptcy, it will still have to implement a bailout plan unless other countries want the domino principle to take effect in their economies. Thomas Mirow, President of the European Bank for Reconstruction and Development, agreed adding that the positive thing about the crunch in Greece was that it helped the European Union make an important political step forward.

As the EBRD President emphasized for the participants, state regulating authorities cannot keep pace with the financial innovations while the private debts assigned to the balance sheets of governments bear heavily on the financial economic policies and prevent the economic growth. Decreasing excessive credit facilities and maintaining the liabilities within acceptable amounts might help moderate the global macroeconomic imbalance, Thomas Mirow pointed out.

Grigori Marchenko, Chairman of the Central bank of Kazakhstan, shared his experience of restructuring the external debt of the banking system (as exemplified by Kazakhstan) with the participants of MOSINTERFIN. In 2007, obligations to non-residents accounted to 55% of the aggregate obligations of banks of Kazakhstan, he said, but this percentage had been successfully reduced to 23% by mid-2011. The external debt repayment burden on the banking system decreased from $16-17 billion in 2008 to $3-4 billion per year in 2010. This was brought about by two measures: splitting the debt burden instead of its conservation or repayment by the state; and letting the banks operate without restrictions during the re-structuring process. As a result, the banking system of Kazakhstan remained relatively steady during the crisis with the three troubled banks successfully implementing the liability re-structure scheme.

Also, one of the principal matters on the agenda of the Moscow International Finance Week MOSINTERFIN 2011 was the possibility to establish an international financial center (IFC) in Moscow taking advantage of the experience of similar centers in Hong Kong, London, New York. Igor Vdovin, the Chairman of the plenary session Moscow and financial centers of the multipolar world and the Chairman of the Management Board of the National Direct Investment Agency focused the attention of the participants on the expedience to establish a center providing the necessary comfort and convenience for all players (issuers, brokers, banks and investors). The session actually took aim at discussing practical issues of establishing such a financial environment.

When we evaluate the prospects of developing Moscow into an IFC one would be mistaken to think that we want foreign market players here in Moscow by hook or by crook. Our principal objective is to create convenient, comfortable conditions for dealing, to develop efficient market mechanisms to boost our economy, said Dmitry Pankin, the head of the Federal Financial Markets Service, adding that decision-making points were both the federal budget, the budget of Moscow and major corporations. The rest will take care of itself, D. Pankin said.

Ruben Aganbegyan, the head of MICEX and RTS, also shared his vision of creating the IFC. In its opinion, it is expedient to deliberately spur the privatization through IPOs within the Russian trading venues. This idea was supported by Dmitry Pankin. Mr. Aganbegyan recalled the experience of Poland where privatization was carried out within the domestic market only, which gave a significant fillip to the Warsaw Stock Exchange. Probably, it is more convenient and more advantageous to place stocks in London or Hong Kong today. If we go this way though, it will be a lifetime before we see a proper financial center in Moscow, said the head of FFMS.

Sergey Vasiliev, the vice-president of Vnesheconombank, commented on the issue of developing Moscow into an IFC emphasizing the expedience to consider interests of all parties from the government to the issuers and ordinary investors.

Economy cannot run without a banking system. It is therefore natural that the next session of MOSINTERFIN was dedicated to issues of credit institutions. Everyone seemed worried about whether the next crisis was imminent. The contributors were optimistic though.

As a whole, the situation is more positive now than in 2008. As compared with September 2008, our banks are better prepared, including the legislative capacities, and they are working more accurately. Besides, the Central bank can start issuing unsecured loans at any moment, if necessary, said Anatoly Aksakov, the president of the Association of Regional Banks of Russia. The contributor pointed out that the volume of loan facilities was growing. It is fair to remind that the rates in the interbank market have increased by 1.5-2%. Some banks have started revising their deposit interest rates. This could be followed by the appreciation of loan resources, but there are no reasons for loan rates to soar too high.

NEWS


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10/20/2011

Participants of MOSINTERFIN 2011 discussed creating common financial environment within EurAsEc and CIS

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10/19/2011

MOSINTERFIN 2011 addresses role of Russian banks in the global finance

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10/19/2011

Mosinterfin 2011: Second day starts with discussing prospects for Moscow as Global Financial center

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10/18/2011

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10/12/2011

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10/11/2011

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09/29/2011

Prime Minister of Russia addressed participants and guests welcoming them at Moscow International Finance Week (MOSINTERFIN 2011).

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09/13/2011

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09/05/2011

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08/17/2011

Mr. Pankin D. V., head of the Federal Financial Markets Service, confirmed his intention to take part in MOSINTERFIN-2011

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08/12/2011

The Republic of Tatarstan is to take an active part in MOSINTERFIN-2011

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07/26/2011

On 26th July Interfax hosted a press conference with the members of the MOSINTERFIN Coordination

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06/24/2011

The date of the inaugural Moscow International Finance Week (MOSINTERFIN) is announced

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