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Sergei Storchak, deputy finance minister of Russia speaks exclusively to Daria Chernyshova of The BRICS Post on the sidelines of the SPIEF 2013 at St. Petersburg.
Question: You said the BRICS Bank will start operating in 2015. What needs to be done by that time?
Storchak: Everything. What is done is the political decision taken by the leaders that the creation of the bank is viable and reliable – that’s definite. That’s what we have at this stage. We will have to discuss lots of different things starting from the level of capital.
Question: It was said earlier that the G20 Summit in September will see the announcement of the BRICS Bank establishment?
Storchak: What is going to happen is BRICS leaders will meet and they will be updated on the status of the work. What would be the status of the work on the Bank will be seen after the five nations inform each other on the level of their delegations, their capacities and their mandates. A lot depends on the mandates of the delegations. The speed of setting up the Bank will depend on what kind of decision each delegation will be authorised with.
Question: What do you think is the future of the BRICS?
Storchak: Currently it’s a bloc where people gather and discuss their mutual interests.
Question: Do you think the BRICS need organisations such as NATO or OECD, as many argue?
Storchak: We will depend on modern technology and establish an electronic secretariat so that we avoid getting into too much administrative work. An electronic secretariat would store all necessary documents and information, processed and accumulated for future generations. I don’t think we will be in big need to set up a separate administrative structure for the purpose of developing BRICS as a bloc.
Question: Where do you think the BRICS Bank headquarters will be?
Storchak: It’s still subject of negotiations