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Association of Banks of Russia (Association "Russia"​) was established in December, 1990. Association "Russia"​ is the first federal banking union consolidating efforts of Russian banking community, building partnerships between banks and the state Government, regulatory and supervisory authorities, actively protecting legislative rights and interests of banks and providing solution of the priority issues of banking business, including the development of the regulatory framework, reducing the administrative burden from government agencies, as well as problems associated with requirements to increase equity, non-core assets, reducing risk, increasing the level of financial literacy and confidence to the banking system.