Letter from Investment Commission of Parliament of Russian Federation to World Bank

STATE DUMA - PARLIAMENT of Russian Federation

Advisory Council on Problems of National Security

COMMISSION ON INVESTMENT

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1, Ohotny ryad street, Moscow, Russian Federation, 103265

 

Ref. # 02-0010/02                                                     14 November 2000

 

To:    Mr. James D.Wolfenson, President

The World Bank Group

 

 

Dear Mr. Wolfenson, 

We have the honor to recommend to you Mr. Dmitri Lubomudrov, Expert of the Commission. 

It is not a secret that the problem of reliability and stability of the Russian banking system slows dawn the progress of the trade, economic and investment relations between Russia and USA. The banking crisis of 1998 in Russia demonstrated that the one of its causes was the confusion between the functions of deposit bank, financial company and venture fund in a single bank. Many foreign companies, including American ones, have suffered losses because of bankruptcy of a number of large Russian banks. However American companies continue to do business in Russia. An efficient recommendation decreasing the probability of repetition of the banking system crisis in Russia, could resolve the serious problem.  

One of possibilities the Commission considers, is the creation of the specialized credit “low-risk” institutions, working on a basis of “Technology of no-risk bank service and bank-budgeting of the projects”, designed by Dmitry V. Lyubomudrov. It is suggested, that such credit institutions, (for example Non-bank Credit Organizations) could be used to diminish the risk in servicing the investment projects. 

This technology was approved in principle by Russian experts in the field of a banking, and Eurasian Rating Company "EA-Ratings" (affiliated with Standard and Poors), Moscow Urban Bar and other specialists in the field. We are writing to you, as you have the best international experts in the field of banking.  

We would like to have your opinion about the financial technology servicing the investment projects for the Russian Federation. If you agree we could send you copies of the materials, presented to the Commission on the abovementioned problem. Some of the materials were also sent to the journals, Institutional Investor, Inc. for publication.  

We would be grateful, if you could meet Mr. Lubomudrov during his visit to USA from 14 to 15 of December of this year. Your input and valued experience as well as that of your Organization could help us a lot during debates on this problem in Russian Parliament.

 

Yours faithfully,

 

 

Vice-president

 

Boris V. GUSAROV  

 

tel       : (7-095) 344-91-60,

fax      : (7-095) 344-97-33,

e-mail : InvestCommission@hotmail.com

PO BOX: 115211, Moscow, Kashirskoye shosse, 57 corp.7, AMO, Gusarov

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