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City news, 30.05.2008 07:30

17th International Bank Congress opens in St Petersburg

More than 600 financiers and politicians from 23 countries take part in the 17th International Bank Congress (IBC-2008) that opened in St. Petersburg on Thursday.

The congress, which is organized by the Central Bank of Russia and the government of St. Petersburg, is held in St. Petersburg every year. This year it is devoted to the role of banks in developing the system of financial mediation. During plenary meetings and the work of sections, it is planned to discuss issues of competitiveness of banks at financial markets, introduction of new bank products and technologies, raising the quality of management and regulation of risks accompanying these processes in conditions of globalisation of financial markets.

Representatives of the Central Bank of Russia and central banks of a number of countries, international financial institutions, Russian and foreign banks, audit firms, consulting and IT companies, bank associations, as well as scientists, parliamentarians and representatives of the executive bodies of power traditionally take part in the work of the IBC-2008.

Welcoming the IBC-2008 participants, Petersburg governor Valentina Matviyenko said that the city authorities “are glad that the congress is constantly held in the northern capital - - the biggest financial centre of Russia.” She recalled that the investment climate in St. Petersburg is one of the best in Russia, the city achieved record-high rates of investments in the economy. Over the last four years, the city budget increased, according to Matviyenko, almost five-fold, at the same time, the city is also actively developing state private partnership (SPP). The total sum of SPP projects exceeds 300 billion roubles.

Petersburg actively uses modern mechanisms of running finances. Last year 147.6 billion roubles of the budget’s temporarily free funds were deposited, as a result of which about 1.5 billion extra roubles came to the state treasury.

Speaking about the subject of the present congress, Matviyenko pointed to the fact that development of financial mediation is an important factor of growth of the economy. Herewith, she stressed that “the movement of financial products should be connected with raising of the population’s competence in these issues.”

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