Another trillion rubles disappeared from the Russian banking system
An audit of the Bank's "bad debt" assets by about 2 trillion rubles showed that half of them are non-refundable.
Sources of repayment are only 50 percent of the assets of PJSC Bank "trust", which combined the problem debts of PJSC Bank" OTKRITIE FC", PJSC" Binbank "and PJSC" Promsvyazbank", Chairman of the Trust Board Alexander Sokolov said in an interview with Bloomberg.
The Bank of Russia initially expected to return 40-60 percent of the assets of the "bad" Bank, but at the beginning of the month, Deputy Chairman Vasily Pozdyshev said that the return will be closer to the lower limit of this range. According to Sokolov, the dialogue with the Central Bank on the real value of the Trust's assets can be completed before the end of the year.
Soft loan
Due to the high concentration of banks ' activities on beneficiary projects, the "legal structure" of transactions was often worse than that of other lenders, Sokolov said. According to him, many loans were structured with balloon payments, when a significant portion of payments fall at the end of a five -, seven-or 10-year horizon, "but there is no reasonable financial model under this."
As of November 1, the negative capital of the Trust, which the Central Bank allowed not to comply with regulations, was about 650 billion rubles, and, in fact, this is a potential loss of the Central Bank, since it finances the Bank, said Fitch Ratings analyst Alexander Danilov. If the Bank has to build up reserves due to non-refundable assets, the Central Bank's expenses will increase, he said. A Trust representative declined to comment on the reserves.
Criminal case
The quality of the banks 'assets further deteriorated shortly before the reorganization-this was facilitated by a deal to replace the secured loan of Boris mints's O1 Group with its own long-term bonds worth 30 billion rubles and transactions of Rostbank JSC with Safmar group for" hundreds of billions of rubles, " Sokolov said. New executives are trying to roll out these deals in the courts.
According to Sokolov, "many" criminal cases have been initiated against both former managers and former owners of collapsed credit institutions.
"These are mostly small cases," he said. - It is clear that a criminal case on the fact of giving a bribe is much simpler than proof of deliberate bankruptcy in a complex structured financial holding company"
An audit of the Bank's "bad debt" assets by about 2 trillion rubles showed that half of them are non-refundable.
Sources of repayment are only 50 percent of the assets of PJSC Bank "trust", which combined the problem debts of PJSC Bank" OTKRITIE FC", PJSC" Binbank "and PJSC" Promsvyazbank", Chairman of the Trust Board Alexander Sokolov said in an interview with Bloomberg.
The Bank of Russia initially expected to return 40-60 percent of the assets of the "bad" Bank, but at the beginning of the month, Deputy Chairman Vasily Pozdyshev said that the return will be closer to the lower limit of this range. According to Sokolov, the dialogue with the Central Bank on the real value of the Trust's assets can be completed before the end of the year.
Soft loan
Due to the high concentration of banks ' activities on beneficiary projects, the "legal structure" of transactions was often worse than that of other lenders, Sokolov said. According to him, many loans were structured with balloon payments, when a significant portion of payments fall at the end of a five -, seven-or 10-year horizon, "but there is no reasonable financial model under this."
As of November 1, the negative capital of the Trust, which the Central Bank allowed not to comply with regulations, was about 650 billion rubles, and, in fact, this is a potential loss of the Central Bank, since it finances the Bank, said Fitch Ratings analyst Alexander Danilov. If the Bank has to build up reserves due to non-refundable assets, the Central Bank's expenses will increase, he said. A Trust representative declined to comment on the reserves.
Criminal case
The quality of the banks 'assets further deteriorated shortly before the reorganization-this was facilitated by a deal to replace the secured loan of Boris mints's O1 Group with its own long-term bonds worth 30 billion rubles and transactions of Rostbank JSC with Safmar group for" hundreds of billions of rubles, " Sokolov said. New executives are trying to roll out these deals in the courts.
According to Sokolov, "many" criminal cases have been initiated against both former managers and former owners of collapsed credit institutions.
"These are mostly small cases," he said. - It is clear that a criminal case on the fact of giving a bribe is much simpler than proof of deliberate bankruptcy in a complex structured financial holding company"
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