Nabiullina explained the need for clearing in the banking sector

© RIA Novosti / Alexei Danceparty in fotoreceptor the Central Bank of Russia Elvira Nabiullina. Archival photoNabiullina explained the need for clearing in the banking sector© RIA Novosti / Alexei Danceparty the image Bank

Russian banking sector would have faced much more serious problems had it not been for his Shoe, said the Chairman of the Central Bank Elvira Nabiullina during the lecture at the International monetary Fund (IMF).

«If we hadn’t started the cleaning of the banking sector and to deal with unsecured loans, you would be facing much more serious problems», — said Nabiullina.

The stability of the banking sector involves not only the health of individual players, but the resilience of the sector as a whole, said the head of the Central Bank. «We are very fortunate that in 2014 we have the market has not formed large bubbles. Just the year before unsecured retail lending grew at a dangerously high rate — 60%, down which succeeded with the help of macroprudential measures,» she added.