Real interest rates as high as 50% on many consumer loans, says Richard Hainsworth of RusRating, mean big profits despite the not infrequent defaults.

ECONOMIST: Russian banks

Richard Hainsworth of Renaissance Capital, a Moscow investment house, estimates that Russians still keep anywhere from half to nearly twice as much money under their mattresses as they do in the bank.

ECONOMIST: Russia's economy

But now, says Mr Hainsworth, a couple of commercial banks are blocking it, maybe because they fear new regulation, maybe because they want to spend money building up their brands before they pay for insurance.

ECONOMIST: Russia's economy

Mr Hainsworth begins by defining his subject.

ECONOMIST: The politics of hate | The

Edited by Paul Hainsworth.

ECONOMIST: The politics of hate | The