, on the other hand, may seize a part of banks ’ fee income from transactions. we believe this to be a natural trend in the development of the financial system : financial intermediaries should become increasingly cheaper for the economy and should earn their revenues owing to new products and services convenient to and requested by customers, and not because clients have no other options, as was the case with acquiring fees. therefore, a stronger competition in this area will benefit the economy and businesses. in our opinion, smes will definitely benefit from this. 4 / 5 bis central bankers'speeches in addition to the topics i focused on today, we certainly continue to develop bank loan alternatives to enable businesses to fully employ the potential of the financial sector. in particular, we continue to develop fund raising through the ‘ green sector ’ of the exchange and other securities market instruments, online factoring, and crowdfunding, which is a critical issue. we are updating our roadmap for the development of financing for small and medium - sized businesses, with the active engagement of opora russia, and are going to finalise the project soon. we have a special roadmap for small companies. i have said once again that this is a priority for us, and we have a targeted range of measures we are discussing with you. wrapping up, i would like to wish success to businesses. we will do our best to enhance the financial system so that it meets companies ’ needs as much as possible and will continue our extensive cooperation with opora russia in order to receive feedback and find new points of growth. i wish you all resilience in your business, so that you are capable to overcome any challenges and successfully develop. thank you very much for your attention. 5 / 5 bis central bankers'speeches

##ge anybody. we propose that organisations should specify the total cost of credit from the very start so that people understand the actual costs for loan servicing. this will enable people to select more advantageous offers. however, we certainly need legislative changes. such amendments have been drafted with the engagement of the central bank. they propose the introduction of a so - called open - ended cooling - off period, which will enable consumers to fully abandon any services foisted on them together with a loan ( with the refund of all related payments ). this might be legal support, consultations, or any other services. we observe a variety of such services that are usually added to bank deposit and loan agreements. currently, this right is only available in regard to voluntary insurance, that is, in a narrow range of financial services. we believe that this approach should be extended to almost all financial services. in order to mitigate such risks of incomplete information disclosure, we need changes to the laws. the second law allowing the establishment of requirements for the form of a bank deposit agreement has also been drafted. these laws were passed in the first reading. we are aware that you have a lot to discuss in the course of the spring session, especially taking into account that it will be shorter than usual. however, in my opinion, these are essential draft laws since they are socially focused. therefore, we would be very grateful to you if you find time to consider them as soon as possible. i would like to thank you once again for the continuous and meaningful dialogue between the deputies and the bank of russia, in particular for the enormous work carried out last year when we needed prompt legislative decisions to protect individuals and companies against the aftermath of the pandemic. if it were not for such legislative changes, we would have been unable to make prompt decisions in our turn. thank you for your attention. if you have any questions, my colleagues and i would be glad to answer them. thank you. 6 / 6 bis central bankers'speeches