Financial Stability Department

The Department was created in March 2011 to ensure financial stability in the country. To achieve this goal, the Financial Stability Department:

• carries out monitoring and assessment of systemic risks in the financial market and financial system;
• develops, implements and coordinates the Bank of Russia’s macroprudential policy aimed at ensuring the stable functioning of Russia’s financial market and financial system;
• elaborates the methodology for and carries out macroprudential stress testing of the financial system;
• prepares materials on systemic risks and macroprudential policy (including the Financial Market Risks Review, Financial Stability Review, and consultation papers);
• monitors systemically important infrastructure providers and systemically important payment systems;
• regulates, monitors, and supervises central counterparties;
• communicates within its competence with foreign regulators, international organisations and financial institutions.

The Financial Stability Department also provides support to the National Council for Financial Stability (NCFS), the Financial Stability Committee (FSC), and the Advisory Council for Financial Stability (ACFS). 

The NCFS was established in July 2013 to enhance interagency communication. As of 2020, the NCFS has been headed by First Deputy Prime Minister of the Russian Federation Andrey Belousov. The members of the NCFS discuss financial stability issues requiring interagency coordination and develop recommendations for state authorities.

The FSC was created in the Bank of Russia in November 2014 and is headed by Bank of Russia Governor Elvira Nabiullina. The FSC carries out regular assessments of systemic risks and the stability of the financial system, and discusses macroprudential and anti-crisis measures.

The ACFS has been operating under the Bank of Russia since August 2019 and is headed by Deputy Governor of the Bank of Russia Philipp Gabunia. This Council was established to discuss the current situation in financial markets and financial stability risks and to elaborate recommendations on possible measures aimed at ensuring financial stability. The ACFS includes representatives of the financial market.