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Bank of Russia’s $23 Billion Bailout Lesson: Do It Yourself

  • After spending big on bailouts, Bank of Russia changes tactics
  • Record number of Russian banks shut since Nabiullina took over
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Bank of Russia Governor Elvira Nabiullina is sick of delegating.

After pouring 1.5 trillion rubles ($23 billion) since 2008 into rescues of failed lenders by outside investors, the central bank wants to handle bailouts on its own, Nabiullina told a financial congress in St. Petersburg on Thursday. The new mechanism will be “cheaper, faster, more manageable and efficient,” she said.