On 5 August 2013 Alexey Terekhov, FBK Vice President, spoke at the AEI Prime and RIA Novosti Conference of ‘Crediting Rates: the Way to Decrease’.

Alexey Terekhov, FBK Vice-President for bank audit, pointed out to the audience that the issue of credit rates reduction should be considered comprehensively based on the cost of banking resources, the level of bank risks and refinancing of distressed loans. Without a comprehensive approach it is not possible to discuss the situation, he believes.
“For example, it is not possible to make the banks reduce the attraction rate with guaranteeing that the banks will give out cheap credits”, emphasized A. Terekhov.
On the example from his own experience Terekhov explained why consumer loans should not be given up completely and what consequences might ensue from such a decision.
The experts agreed that it was necessary to improve the financial literacy of the population. As Terekhov notes, the bankers have not yet realized their social responsibility and very often make their money on people’s ignorance. 
“But when the situation is reversed and the bankers feel their social responsibility they will tell their borrower what the truth of the product is and will not earn from ignorance, then, I think, one of the problem elements will be solved, too” concluded Alexey Terekhov.
The issue of fraud with the credit cards was also raised.
Alexey Terekhov described the types of fraud, sometimes with the involvement of the bankers themselves; he dwelt on how to fight against fraud and how to reduce the risk of one’s personal data being used by malefactors.
Coming back to the central topic of the conference Alexey Terekhov summarized: “I would rather turn to commercial banks, as for them the retail has been recently such a good incentive for growth, and the banks should discuss this matter more actively. Otherwise they will one day around September – October be required to have a 50% reserve for consumer crediting, which, will, consequently, have a dramatic impact on their business-plans and in this connection will impair their financial performance. And I would presume here that this measure will have a monopoly effect in relation to small and medium size banks and, on the opposite, it will be very lenient towards large banks. In this connection the message is as follows: this measure is fraught with nothing else but your financial backset, so be energetic, attentive and take an active part in the discussion of this matter”.
The conference was also attended by: D. Miroshnichenko (NRU HSE), N. Konyakhina (Association of Russian Banks), S. Bryukhovetskaya (Financial University under the RF Government), M. Khromov (the Gaidar Institute).