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RUSSIAN-AMERICAN BANKERS FORUM

 RUSSIAN-AMERICAN BANKERS FORUM
 NEW YORK, June 19 /PRNewswire/ -- A major initiative to assist


Russia in the development of its banking and financial system infrastructure was announced today by Yuli Vorontsov, advisor to Russian President Boris N. Yeltsin on foreign affairs and permanent representative of the Russian Federation to the United Nations, and E. Gerald Corrigan, president of the Federal Reserve Bank of New York.
 In response to a request by Yeltsin, the Federal Reserve System, in cooperation with the Financial Services Volunteer Corps (FSVC), has agreed to a joint public sector-private sector effort that will provide broad-based technical assistance aimed at reform of the Russian banking and financial system. The FSVC is a private-sector organization that provides technical expertise in financial matters in emerging market economies.
 As part of this initiative, a group known as the Russian-American Bankers Forum has been created to spearhead the effort. The first meeting of the Forum will take place in Moscow on June 25-26.
 In addition to Corrigan, who will be the American co-chairman, the other American members of the Forum are:
 -- Richard A. Debs, chairman of R.A. Debs & Co., and former president of Morgan Stanley International Incorporated.
 -- John R. Opel, chairman of the executive committee and former chairman of the board of International Business Machines Corporation.
 -- David Rockefeller, chairman of the Rockefeller Group, Inc., and chairman of the International Advisory Committee and former chairman of the Chase Manhattan Bank.
 -- Cyrus R. Vance, presiding partner of the law firm of Simpson Thacher & Bartlett, former Secretary of State, former Secretary of the Army, and former deputy Secretary of Defense.
 -- John Whitehead, chairman of the AEA Investors Inc., former co- chairman and general partner of Goldman, Sachs & Co., and former deputy Secretary of State.
 The Russian co-chairman will be Vorontsov. The Russian members of the Forum will be named in the near future.
 The Forum will have a small secretariat in Moscow, which is in the process of being established. There also will be a U.S. secretariat of the Forum, headed by Michele Godfrey, corporate secretary at the Federal Reserve Bank of New York.
 The Forum will provide ongoing policy level direction and support for working groups of U.S. experts which, in collaboration with Russian experts, will provide direct "hands-on" technical assistance and advice to Russia aimed at the creation of the basic elements of a market- oriented banking and financial system.
 The first such group was formed in early May and has been working in Moscow since May 26. Their efforts are aimed at assisting the Russians in (1) the development of retail banking and payment services; (2) the development of an inter-bank market and a system for large-value third-party payments; and (3) the creation of a market for government securities.
 The working group currently in Moscow consists of 17 individuals drawn from the Federal Reserve System, commercial banks, law firms, and other organizations. The effort is being coordinated by Frederick C. Schadrack, former executive vice president of the Federal Reserve Bank of New York. Bruce J. Summers, deputy director, division of Reserve Bank Operations and Payment Systems, Federal Reserve Board, has responsibility for the sub-group handling the development of an inter- bank market and third-party money transfers. Robert W. Eisenmenger, former first vice president of the Federal Reserve Bank of Boston, is heading the sub-group on retail banking and payments, and Donald B. Reifler, former managing director of the Morgan Guaranty Trust Company, is heading the sub-group on the creation of a government securities market.
 The first phase of the efforts of the working group is scheduled to be completed in time for the June 25-26 meeting of the Forum. It is expected that the working group will present recommendations to the Forum and suggest approaches for the next phase. In addition, the Forum members may consider other matters of mutual interest, including technical advice and support in areas such as privatization and direct investment. The meetings of the Forum will be informal and no communiques concerning the Forum's discussions are expected to be issued.
 -0- 6/19/92
 /CONTACT: Bart Sotnick at the New York Fed, 212-720-6143/ CO: New York Federal Reserve Bank ST: New York IN: FIN SU:


GK -- NY024 -- 1905 06/19/92 12:00 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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