very good cooperation and we are moving forward. thank you sergey anatolyevich first of all, i also congratulate you on your tenth anniversary. ah, already the central bank as mega-regulators, in general, you are a mega-regulator, like a man orchestra, uh, sergey anatolyevich i will also ask you, of course, to comment on the transformation specifically. eh, the stock market, because, probably, not much has been transformed, since it’s a well, but let’s start, maybe after all, with andrey leonidovich a well’s proposal to a financial instrument and the creation of a new depository hub. as far as possible, in what are the deadlines and what are they in general? we have? there are perspectives in your opinion, thank you. well, it is always difficult to speak after five smart, well-informed excellent speakers, but i will reveal a secret. i had the tenth point with what andrey lenivich said, i absolutely support the very complicated process. uh, and we probably need to do more than just recreate. uh, there, on the basis of brix or something else

, the international infrastructure that forms the global capital market. e. well, probably, you need to create it right away in a decentralized form, as it were. it was not scary, because in terms of hmm sanctions pressure. and our partners will still try to sit on two chairs. whether we like it or not. and a centralized structure. it will be quite vulnerable, and no one has done this task, but if we look at the history of the russian market. that's what our advantage was in the nineties. we started from scratch and could afford what is called frog jump yes, we created a digital exchange in the ninety-third year, and we were almost the first country, which had a digital exchange. we created the market, and in the startup mode. and after privatization, we began to focus on foreign capital advantages, because there was not much domestic a and already, according to

international canons, we got a perfect financial system, and which served both innovations and anything, but it happened. phase transition we found ourselves in absolutely different conditions in absolutely different conditions. where something that worked perfectly today does not work and today there is really a question capital market developments in russia what do you want him to be? if we are to be a, we must, uh, understand that organizationally we must return there in the nineties to the mode of this very startup, that is, we should not drag with us the burden of decisions made, but which concrete , uh, the current situation. why western markets? we were already talking about this colleague today e does not demonstrate the innovations that russia demonstrates, because they have just this load of history, they have amortized capital investments, and so further and so on. well, we have to be stronger today, and in order to be as successful

as they are, all other things being equal, uh, we have more vulnerabilities. a for this we need to become agile again, we need a to regulate. and the participants themselves, and groping, unfortunately, is truly acquired only you groping could start experimenting to look for another point of equilibrium, another paradigm, but the capital market, and here, unlike the nineties, we have, uh, a huge advantage in the nineties we don’t was experience. and today we have such experience of both revolutionary e, changes a and quick solutions, but almost all our conferences are devoted to planning. while problems are in execution. yes, and i would , to be honest, uh, pay more attention to how fast solutions are implemented, and some solutions will be given, they are limited for a very long time. here in the nineties it was not in the ninety there was an open field. if we want to be successful. we need to radically

increase the speed of implementation of what we agree on. here is a radical increase speed, well give a simple example here. he suggested about 2 years ago, but to allow people with it with competence to turn on the management of banks with competence from competence. chara, no one now argues that people are a key resource, and technology is the basis on which competitiveness is built. well, the law has not yet been adopted. it's been 2 years, everyone agrees. they don't do anything. now, if we live there, there is an instruction in which it is written there from the nineties. something the manager must have experience in managing an operating unit. some bank such. here is such a mess. no. here, you understand all the consonants, but nothing happens. here are the guys. if we want to be, as they say, capable. we must be fast , it is not the strongest and not the largest that survives, but the rapidly changing one - this is the first point. second. we must understand perfectly well what e doctrine is. uh,

the treatment of the population in the capital market does not mean that uh? we donate money to the population before various evenings. on the contrary, in the strategies that were recently adopted in the thirtieth year, it is written that it is primary when involving population's money is an interesting population. this means that well, it so happened that the main source of venture. uh, in russia the profit of the economy will remain. this means that we need to rejoice and nurture and cherish this very profit, neither banks, due to regulation, not individuals, are able to finance less. this should be done by the economy itself at the expense of its profits until we open foreign markets. and some kind of venture capital will not go here, the third point. uh, we 'll probably talk about it on next session. but uh, the capital market can't live without information. do you understand? information. uh, that's what, uh,

investment decisions are based on. now we have big problems with this for objective reasons. and you may even need to wait a while. before restarting the capital market, because without this factor , this restart may not restore trust, and even more so, it means to kill, and i can’t help but say about the ruble. you understand, it's very good that on mev. right now, uh, people already understand that low inflation is the basis long money market. well, it's not enough to have. uh, low target is not enough to have a 90% success rate to watch. unfortunately, we are at the price level, but because the investor, in general, does not care if eight times it was four, and two times it was not four. it will still be included in the interest rate too much, so maintaining confidence in the ruble as a currency with a low level of inflation, and this is 90% of the success of the emergence of long-term money denominated in rubles.

yes, there is no other recipe without a foundation. it does not matter whether we are building a three-story building or skyscraper without foundation. you will overturn both. and here i agree with my colleague from armenia that, probably, everything can be sacrificed in the activity of the central bank, except for the responsibility for the fact that the national currency is a full-fledged currency. this is the most important mission. it must be strictly carried out, in spite of any temptations to tweak something there and solve some tactical problems. here, according to the strategy, in no case should tactics be sacrificed here, but digitalization. it seems to me that, uh, if we have something to brag about, and here, too, it sounded numbers. perhaps this is one of the stories. e, which were a success factor, a and we don’t have to stop , we need to believe or not believe in creating institutional conditions. to introduce artificial intelligence, we need to look

at the value chain, yes, that’s how we built it, and the client is a broker exchange. it remains so today, do you need a broker? and i do not ask, do i need an exchange? yes, which means, uh, does the client even need to delve into all this. or maybe instead of a client should be an avatar should be an artificial intelligence that interacts with other avatars through some other infrastructure. but we did not go there, no one went there, but we should not be afraid of this. here is experimental mode. they are on that experimental mode, so that you and i grope, if we measure seven times, we will definitely cut off. sorry, it won't get through, because uh, we really, i agree here. unfortunately, huge strikes. a man will not cross himself, we quickly succeed only in a crisis. but we need to realize that if we don't move faster, if we don't create for the unknown for the dangerous. a, well, nevertheless , we simply will not

come to another equilibrium point, where the financial market will again become a possible condition for this to appear. e effectively. that's probably what i wanted. to say that foreign investors yes, without whom we probably won’t be able to fill the economy with finances, they look at us, because today we treat yesterday’s foreign investors and even many of the measures that we take in response, and don’t paint us with point of view of a pragmatic approach to attracting money. because if our opponents are bad, and we do the same, then it absolutely does not turn on. uh, future investors. we have to be pragmatic here. we must take care of the interests of investors who have invested in the russian economy in order for our jurisdiction to be attractive. and this is also a necessary thing. we must have a clear strategy. here is from

the decision with the ruble regarding the sanctions. and the sooner we do it and the sooner we show our concern for the capital that work for russia, so we have more chances. e return, but trust in our market and again use foreign capital. so i want to add two words, i absolutely agree with sergey anatolyevich that we need to move faster, we need to be and jal that we have problems in the executive. and well, this is where i turn. we have representatives of the parliament, but the law on experimental legal regimes that will allow all these experiments to be carried out without the fact that when we do not understand the risks immediately roll out to the whole country, but it is fundamentally important. we are already discussing it. so much time, but without it to move in uh, in. e guilt. e venture and in many ways really venture projects. it's just going to be impossible. we need opportunities for such experiments to

keep up. yes, at the same time, the state duma, after all , quite quickly adopted it in the second reading. this program of long-term savings is already new, and the third type is about to start working, that is, these good old schemes. they pass the legislative approval very quickly. despite the fact that sergei anatolyevich quite rightly said about the crisis investor confidence, especially in such, er, long-term investments of sergei anatolyevich, i will still ask you to comment on the fate as well. these are the plans to attract long-term, but private individuals' money to the market. look accepted. in the urals, we know that prospects are where they overcome, where they work. where there are prospects

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involvement of citizens in what is effective for them. ah, investing money. we are really moving towards this technological prerequisites. there is much cheaper. how to educate all citizens in investment literacy, and i think creating conditions for the emergence of such services will be the answer to your questions. then the citizens' money will indeed go to the bond market, to the stock market, to pension products a and b. thanks andrey lenitsky anatolyevich said an important thing about what had to be returned trust is not only e russian investor. well , foreign investors. you, as far as i remember, uh, a small supporter of a careful attitude towards those investors who are now in unfriendly states. what kind of consensus do you think is possible? well, we have, uh, today we need not friendly investors. in general, unfriendly

states prevail. i can't say that these investors themselves have somehow changed their attitude towards us and we continue contacts. uh, but we're talking about the fact that today's political uh, the superstructure of some of these countries pursuing a policy. they simply make it impossible for us to cooperate with western investors hence what we offer, er, stubborn investors of which there are many and this is a growing force, and the gulf countries. you know china, i communicate a lot and understand one simple truth. here, uh, americans are afraid, mostly because of the dollars, but they don't like it. it 's probably normal even in our lives, it's probably hard to love, uh, and be afraid, and at the same time, it's natural for someone to want to go out. under this oppression, uh, it there are many countries. today

, they have revived, they believe that cooperation with russia is promising, but they are afraid , including direct investments, they are afraid to make here. that is why we think we need a new infrastructure that would largely allow us to remove these fears, as far as our approach is concerned. uh, what the central banks support, you understand, well, there must be some kind of balance of equality of approaches, because our assets are our investments, everything yes they're all frozen, and there's a big discussion going on. here, how to justify legally, this means the withdrawal of this money and the central bank from the funds of investors, yes, and banks, which we have significant funds were frozen and the capital of our foreign banks. and here some kind of reciprocity should be, we have nothing against a particular company or people. oh, excuse me, here is absolute, as in other international relations, there must be

some kind of parity of interests. therefore, i believe that the ball is on the side of the western government today and in this regard, only they can e give. eh, the process we have proposed asset exchange many times, please, we didn’t take any unilateral measures, but, unfortunately, it doesn’t work now, so we need to defend ourselves. we really need to protect the mass of foreign funds that we have as potential assets for exchange. uh, if such an exchange comes sometime, i propose, but to end our session with a blitz survey, and i will ask the question drawn by each of our speakers, but in about three minutes somewhere 2 1/2 and meet the answer question . actually, very simple. here we started with about the structural transformation of the economy and the financial sector. i'd like to ask you what kind of transformation your strategies are going through right now. it may be your personal

strategy. maybe your business strategy. e your company. e, vladimirovich let's start the structural transformation of the nazis. in times of such changes , it is inefficient to update the strategy, you will have to update it every six months. strategically somehow i said to our team. uh, employees are a team, people are customers, this is the main focus is atactic well, different things are great language models of artificial intelligence. now we are occupied. i think that this will be the next stage, how to put it in the old words, i will say a scientific and technological revolution that will raise labor productivity to the next level, no joke. i think there is a huge wave, and for 3-5 years a lot is strong. uh, what will change hmm well, here we are in the alpha bank , too, such a tactical thing. we are opening a branch. now all branches have been closed

for the last 10 years, but we came up with these technology and process, when called the word separation is the same, but in fact, generally different. and by the end of the year we will double these branches and continue to grow. we go to small towns and in general, it is so interesting, captivating me. now there in our strategy as well. there are a lot of things listen to do substitution. well, in general , this is how it is so difficult to single out exactly six months. it's just a long time to the present time no. no, i think in debt. uh, again our investment in technology. we have so much e in it and in digitalization, as this year we did not spend our budget has never grown by almost 70%. it seemed like a crisis. this is also a tactical change. and this is your answer to the horizon if i thought tomorrow or the semi-annual horizon. i wouldn't do it. i think three to five years. that is why

we are investing now, as we have never invested in any of the exact years. well, here's what sergey said about the speed of work. this is not in answer to your question. i just really want to support this last year in the comments. i watched such speed and experienced such a thrill from the interaction banks as competitors. banks and government agencies, uh, all decisions were made at the meeting without any protocols and memos, uh, quickly and clearly. i don't remember any big mistake that was made. now there is a feeling that everything is in order and we are back in this mode again . slow and so on. there are many colleagues from the state sphere here. i turn to everyone and ask. let's not lose the speed with which we really know how to work. uh, now is not the time to relax and rest on our laurels. and so, if we we will indeed continue in the same rhythm as we did last year, everything will be fine with us.

thank you in a nutshell, please, about the transformation of your strategy, how it has changed, how your view of the future planning horizon has changed. i would point out two things that we are now changing a lot . the first is how we manage our human capital in the bank. uh, i probably won't tell the secret if i say that we very often publish new young human feeds. central bank. now even our banks are losing their people, they all go to enter from above and salaries there are much higher than ours. so the first thing we did last year we did a pilot project called yak-professional programs is how we can attract young talent. and that makes me very happy. this is that out of the forty-one participants in this program, there are 32

girls. the second thing we are doing is in the area of ​​monetary policy. we are currently developing a new monetary policy framework that is based on inflation targeting, but with such an in-depth understanding of non-linearity, very complex models, we call it credit monetary policy stupid, then we also presented our model to our colleagues from the bank of russia and to everyone else so that we are working on it. uh. i think, i hope we can do it. and we will be able to more like, uh better respond to the changes that are now in the market. thanks a lot.

our performance dialogue is built on a three-month cycle, so every three months we make small adjustments. every six months we are adjusting financial indicators, but the cycle has not changed in any way. andrey said about the fact that until the thunder breaks out, the peasant will not cross himself, then , well, here it is not so with us, in fact, here, uh, the point is that why competition is needed. because it's thunder all the time it's there, and the more you work with the data, the more you

see that as soon as it's somewhere, as she said, relaxed. you immediately have some indicator, the indicator sags, or it is connected with competitors who immediately have you are being eaten by some piece of your business, or by indicators of customer loyalty. in this sense, competition is such a constant thunder. in fact , the civil service probably needs a huge one for a man, so that a man in the civil service does not doze off. here we need a thunder that makes that time to be baptized, preferably in the direction of business and in this sense, here we are, look we are, but under the pressure of competition. secondly, we are under the pressure of volatility, well, in general, and many, many other amenities. and in these conditions we need.

live work efficiently and plan. yes, that is, to build, the longer the strategy, the better. here. uh, vladimir said in regards to artificial intelligence, there are attachments. so he said 3-5 years, but he himself set the horizon yes, a five-year horizon for these same language models to appear, but they had to be invested in the previous 10 years in order for these language large language models. uh, to train you definitely need to have a super computer and power, and they need to build a supercomputer at least. there 3-4 of the year. in this sense, there is nowhere to go. and you know, i already advertised a book called the impossible as a strategy i really didn't like a lot of books on the topic of strategy. here is the impossible as

a strategy, it seems to me that today it is relevant for us, and in conditions where it would seem impossible to achieve any result, find an opportunity. and realize this opportunity. that's what i think, there's something about it. here's mine. charm, yes your buzz. that's it. it's very hard, but it has to be done. that's easy whether to build an ultra-modern bank. is it easy to rebuild the banking sector? well, listen , if it were so easy. well, it doesn’t work out, and here and there, that’s why, probably, it’s not so easy , after all, we succeed. here, uh, and in

this in this sense, in fact, even it would seem in such a sector where it is impossible to build success with the help of such correct power stimulus. eh, support for competitive principles, yes, initiatives on the part of the sector, it is possible to build such a correct strategy, which, in general, greatly helped the side to adapt to this the most difficult period of time that we are currently living, so i don't think that something is changing drastically. this is where the strategy is needed. the horizon of the strategy should be long enough. it is necessary to respond to unconditional changes, as i already said , the human brain cannot react quickly. therefore, you need to use these opportunities in order to take into account as much as possible these very parameters, the data that your business gives you. it is not easy to do the same in one year, not to do it and

build an automatic reaction to them and a person should not be engaged in this quick reaction. this is not the royal cause, it is almost from the bone territory that it is engaged in. and we must build a system that responds even better to this. thanks andrey leonidovich and i'll ask you a little differently, but i'll ask you a different question, as the most experienced speaker, and the main point of your strategy now well, except for it's obvious with its summarized flexibility. well i guess it breaks down into sub-strategies. i agree with german test with other speakers. she can't be today so long term. we are probably moving on to planning. this shorter medium-term has several points. uh, the first ones are related to our international activities. we were present in twelve states. here is the eve of these events.

now we have lost our entire western grid, but we have remained to work in all other jurisdictions of friendly mothers. although all banks have come under sanctions and we are forced, of course, to develop a new strategy for them, which today is combined with the ability to work in national currencies to carry out calculations. of course, it also requires a lot of work with local regulators. these are big discussions. the central banking helps us a lot, but here is the task of building such a system, uh , calculations, uh. the national currencies of all those tomorrow we are working on is a big task. we are busy. this is, of course, a new element. e hmm, and that means the second is, of course, the restructuring of the knives of the investment block, which was actively involved in the financial markets of western countries. here, too , a fairly global transformation is taking place, of course, in this part we are a significant business. lost and now we are looking for opportunities not by chance from here, including a project to

create an alternative parallel world financial market. the gun team is ready for this. she works, works and leads the developments. including large technological work is being carried out. well, the third. perhaps we are now very serious. uh, we're working on developing a retail plan. we believe that we are not improving here, that we have large reserves. resources are very difficult to compete primarily for sberbank with alpha-bank others russian banks. and now we, i think, will seriously deal with this work. because today, probably, such a task is very interesting and we will continue to work on it. thank you thank you very much sergey anatolyevich i will ask you directly, but briefly in one sentence, if you can answer, and most importantly, your nearest key goal of your strategy.