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Systemically important financial institutions as an area of vulnerability to threats to financial safety of Russia

Vol. 25, Iss. 8, AUGUST 2019

Received: 28 May 2019

Received in revised form: 2 July 2019

Accepted: 17 July 2019

Available online: 30 August 2019

Subject Heading: Banking

JEL Classification: G21, G28

Pages: 1712–1726

Evlakhova Yu.S. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation

Alifanova E.N. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation

Subject The article investigates systemically important financial institutions and considers them as a zone of vulnerability to threats to financial safety.
Objectives The purpose is to offer and substantiate a new approach to the study of systemically important financial institutions, i.e. from the perspective of financial security.
Methods We employ methods of logic, analytical and statistical analysis.
Results Threats to the Russian financial sector proceed from its susceptibility to global risks, information infrastructure vulnerability, credit and operational risks. Russian systemically important financial organizations (first of all, banks) are vulnerable to these threats for various reasons. Operations in the international financial market and increased country risks make them vulnerable to global risks. A large scale of business increases operational risks, including the risk of loss of cyber resilience. Threats related to increased credit risk are also relevant for too-big-to-fail banks. The analysis of loan portfolio quality of Russian banks, including systemically significant ones, confirms the formation of a new exposure, which relates to unsecured lending, excess debt load of the population, and hidden income phenomenon.
Conclusions The activity of Russian systemically important banks needs continuous monitoring from the perspective of national financial security.

Keywords: systemically important, moral hazard, bank risk, loan portfolio, hidden incomes


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