His reforms won praise from Western bankers but were contentious.

One Western banker said he was not troubled that there were no time frame for banking reform.

Another Western banker said he was more sympathetic to the step-by-step approach.

But in the meantime, two problems stand out in particular, Western bankers and financial analysts said.

Some Western bankers say Russia needs an international line of credit for an additional $10 billion.

"The fact is, investment banders are by nature cautious," this Western banker said.

Another Western banker said the political situation still seemed fluid.

"You'd have to be an awfully brave man to invest here right now," a Western banker said.

Western bankers said that Warsaw had also been given lower interest rates by the banks.

Another Western banker estimated total new business at $5 million.