loan to be fixed when opening this account. we have had a discussion on this subject, so hopefully this arrangement will become standard practice. focus should also be turning to the issue of long - term housing rent, an item that should possibly be higher up on our agenda. this is in fact an alternative to mortgage loans, which enables those who cannot afford to take out a mortgage loan, but do need better housing conditions. now let me say a few words about financial resources for the real sector. corporates have indeed been more active borrowers this year and credit portfolios have been on the rise. having said this, we realise that this growth has occurred on the back of the need to plug holes — to fight the consequences of the pandemic and lost revenue. the currently low interest rates still have the potential to encourage growth in lending — as a business growth strategy. advancements in the stock market enable corporate customers to attract resources on more favourable terms, which is key to long - term projects. we look to low inflation to carry positive implications for such long - term investment strategies. the financial market should meet the needs of any companies, large and small. we are championing both crowdfunding and factoring for small - sized companies, as well as the growth sector of the moscow exchange. a lot of our efforts are now focused on so - called green finance — a business strategy of environmental responsibility and human capital development aiming to deliver on objectives far beyond profits. companies embracing this strategy should enjoy financing on more favourable terms. we all understand that advancing financial innovations are encouraging competition, in this way giving impetus to a reduction in consumer and business costs. you are well aware of our recently launched and operating faster payments system and the marketplace. we are also exploring the potential launch of a digital ruble — we are indeed prepared for an open discussion on the issue and all its nuances. hopefully, we will hold a dedicated digital ruble meeting with the senators before the end of this year so that we make the right assessment of prospects and risks a national digital currency would involve. now, the last point i would like to comment on in a little more detail is an issue the speaker 2 / 4 bis central bankers'speeches has already raised, and one we are very concerned about. this is the issue of stock market development. this market is undergoing drastic and rapid changes. retail investment is becoming a mass phenomenon, with the numbers of retail investors growing very rapidly. in two years alone, the

seller will be obliged to make the investor — the so - called investor who is just an individual — acquainted with these documents. no less important is the law the speaker has spoken about, setting forth the rules for selling investment financial products. this is where the federal antimonopoly service could step in and make the difference. misselling should be punishable. we are working on this draft law jointly with the finance ministry, and hopefully the federation council will in turn assist in passing it as soon as possible. a number of regulations may even need tightening there. apart from this future law, it is our responsibility to protect investors from product offerings or financial instruments whose risks they are unable to evaluate, from products they may buy at banks on the assumption that they are buying a sort of bank deposit. that is, it turns out that people do not realise that they become retail investors when they buy these products and assume some risks. as i see it, urgent action is needed to rectify this situation. this is what we propose. the decision we are bringing up for discussion today has taken us quite some time to formulate given all the compromise solutions 3 / 4 bis central bankers'speeches we had to consider. we propose that direct restrictions be imposed on the sale to non - qualified investors of structured financial products, that is, products with leverage and those with a forex component in an asset base. once the testing system is fully operational and we are convinced of its efficiency, these restrictions will be gradually lifted. we believe that at this juncture it is our responsibility to protect our investors. we might as well move forward some of the law regulations — those making customers ’ qualification tests mandatory — from april 2022 to at least 1 october 2021. at the time, we went along with market players and provided for a fairly comfortable and soft transition period in the law. we had an extensive discussion with federation council members. it stands to reason however that the major shift in the situation calls on us to take meaningful action to protect consumer rights. i admit that financial institutions themselves are unlikely to welcome this proposal, and their feedback will be negative. this is where we count on you to help, just as we have always counted on your support of our initiatives related to efficient consumer right protection in the financial market. the key reason for this is the nature of financial institutions : they are financial intermediaries which should operate in the interest of businesses and consumers, just like the speaker said. we therefore believe that