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The banks' owner equity growth was 13.2% in 2004
Russian Vice-Premier Alexander Zhukov said it on Tuesday at a board session of the Russian Union of Industrialists and Entrepreneurs. "The Russian banks' owner equity growth was 13.2% last year and reached 922 billion rubles" ($1=27.52 rubles), the vice-premier said. "According to the Central Bank of Russia, the banking assets increased by 26.1% in 2004. It is much but still less than in 2003, when the assets growth was 35%." According to Zhukov, the main reason for the reduction was "the outflow of speculative capital and the banking credibility crisis in summer 2004." "The crisis provoked stagnation in the banking market and withdrawal of private deposits, but those factors were overcome by the end of 2004. In November-December, the monthly growth was 3%," Zhukov noted. "Credibility was fully restored, as proved by the restoration of interbank market." Zhukov also noted that despite the summer events Russian banks kept up high crediting rates in real economy sector. The crediting share in this sector was 46%
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