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Russia Banks on Europe Not US

Interfax News Service | April 4, 2005

Russian banks had more interbank loans and deposits with banks in Germany, France and Italy, but less in the United States, Britain and Austria in 2004, the Central Bank of Russia reported on its website.

The proportion of Russian bank funds placed with banks in Germany increased from 2.4% to 7.2%, in France from 1.6% to 3.1% and in Italy from 1.0% to 1.8%.

But the proportion of funds in banks in the United States decreased from 8.2% to 6.7%, in Britain from 9.0% to 6.6%, in Austria from 6.8% to 6.1% and in other countries from 18.8% to 14.5%.

The proportion of funds placed in Russian resident banks was 54.0%
last year versus 54.2% the year before. It had been 37.9% on the first
of January 2002 and 41.1% one year later.

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