The Russian General Prosecutor's Office is conducting jointly with law enforcement bodies, the Ministry of Finance and the Federal Service for Fiscal Monitoring a comprehensive check into the Central Bank's compliance with banking legislation.
The National Banking Council, chaired by the finance minister and authorized to approve the CBR's annual report, discuss draft monitoring guidelines, appoint the Central Bank's chief auditor and select an auditor each year to check the bank's financial statements, discussed December 6 a proposal from one of the Audit Chamber's auditors to check certain Central Bank's supervision activities, the finance ministry said on its Web site.
The NBC decided it was inexpedient for the Audit Chamber to carry out the check with the proposed goals, saying the Central Bank's operations were under the proper control of state authorities, in compliance with legislation, the ministry said.
"Subsequently, the NBC is prepared to consider proposals by the Audit Chamber on control over the activity of the Bank of Russia, in compliance with the norms of applicable legislation," the ministry said.
