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SUCCESS SECRET

this assessment. But lingering uncertainty is a major risk factor.
What is the situation with payment discipline among borrowers,
individuals and legal entities in the bank? How, in your opinion, can
the situation develop?
Fortunately, according to these indicators we manage to
pass with minimal losses. There were no failures with large and
very large companies. The segment of medium and especially
small business had trouble, which is not surprising. We chose
the path of restructuring the problem loans, seeking joint
solutions with such clients, since the government’s approach
opened up opportunities. We have successfully completed
this work. As a result, non-payments are minimized. In the
event of repeated closings due to a pandemic, problems may
re-emerge, especially for small businesses - the most fragile
market segment in the current environment.
How acute is the problem of attracting liabilities in Russian
banks in the context of decreasing deposit rates? Do you think deposits
in the Russian Federation remain attractive? How can this problem be solved for Russian
banks?
The outflow of deposits and the reorientation of the population towards investment products
can be considered an established trend. Deposit rates are at or below the inflation targets of
the Central Bank of the Russian Federation and are inferior in yield to government and most
reliable corporate bonds. Taxation of income from deposits also reduces their attractiveness to
the population. The deposit remains an understandable and convenient product for many, but
as an instrument of savings, it is critically dependent on the level of rates.
Banks modify deposits, combine them with insurance and investment products, card
payments. This allows the rates to be maintained at a higher level through commission income.
Deposits are negatively affected by the strengthening of regulatory requirements during the
period of clearing the banking system, when contributions to both the deposit insurance system
and the reserve fund increased. Now that this process has been largely completed, it would be
possible to return to the issue of easing the regulatory burden on deposits.
What decision from the Bank of Russia on the key rate do you expect at the next meeting?
It seems to us that the pause in cutting the key rate will continue. Given the significant
previous decline for lending terms and the pace of economic recovery, the additional 25 basis
points of decline will not have a significant impact. On the contrary, in the context of increased
market volatility and a tense external background, this can be a negative factor for financial
stability.
What promising projects is the bank currently considering for investment in the Russian
Federation?
Traditional areas remain priority - energy, infrastructure and so on.

I would like to draw attention to another
area - to joint work in the field of innovation. In
the current uncertain and fluid global context,
it is necessary to look for new forms of doing
business, new forms of international cooperation.
I think about innovation in the broadest sense of
the word: technological, structural, and related
to a general macroeconomic and geopolitical
understanding of problems.
In the field of new technologies, at the time
of entering the fourth industrial revolution, it is
necessary to develop new solutions, create new
products and enter international markets with
them. It is easier to do this, to achieve results by
combining opportunities and efforts. The group
«Intesa Sanpaolo" has been promoting this model
of work for a long time. A special structure has been
created - the Innovation Center, which is located

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