Alexei Kudrin, minister of finance for the Russian Federation, has announced that 2005 will be the “year of transparency” as the banking sector moves to meet international information standards and improve its openness. Speaking at the presentation of The Banker’s Top 50 Russian Banks in Moscow, at a ceremony held in conjunction with Russian magazine Itogi, Mr Kudrin said transparency is one of the main principles of his work.
“I believe that in the banking sector, the principle of openness and transparency, the comparability of financial results and the adoption of international accounting standards (IAS) will be key factors. In the past, we have indulged in self-criticism for inadequate banking reform, for lack of consolidation of banking assets – all this is true. Adopting IAS will become the most important challenge of 2005.
