Foreign banks in Russia were left without deposits

According to a survey of the market of deposits issued by the DIA, the banks with 100% foreign capital have reduced the growth of deposits of citizens in ten times. Thus, in the first half of 2010, it amounted to only 1% or 381.1 billion rubles, according to Kommersant. The thing is that Russian "daughter" set deliberately unattractive rates at 4-5% per annum in rubles. As a result, the activity of banks has fallen sharply, while their share returned to pre-crisis levels, approaching the level of 2007 (4,4%). These banks have returned to pre-crisis funding model of the Russian business by cheap foreign resources, and they did it deliberately, the source told the experts. Now rates on deposits with Russian subsidiaries of non-resident banks are often even lower than that of state-owned banks, although during the crisis, foreign banks have tried to keep rates on deposits at the market level. In the midst of financial crisis, these banks have accumulated considerable amounts of expensive liabilities, but with the onset of stabilization in the economy and the resumption of lending to the cost of borrowing for banks has declined substantially. Under these circumstances, the banks no longer need to attract deposits from individuals at high interest rates, -