The troubled Bank “Peresvet”, whose largest shareholder is the Russian Orthodox Church, used a variety of gray schemes that allow, among other things, to circumvent the requirements of the Bank of Russia. As an example, RBC cites the deal with the “alpha-Bank”.
Sources in the banking market said that the Bank has attracted funding from “Alfa-Bank” about a year ago. The sum amounted to 5.4 billion rubles, the provision of credit to the steel purchased for securities and the security Deposit. Experts drew attention to the fact that the security Deposit “Peresvet” almost 100% covered for the size of the loan.
We are talking about the forward contract securities. According to the Bank reporting under IFRS, “Peresvet” has signed a deal with “a Bank with a rating of BB+ from Fitch, as a result of which the Bank has an obligation to repurchase bills of exchange of third parties.” A rating of BB “Alfa-Bank” was in August last year.
According to RBC, the number of securities purchased “Alfa-Bank” in the interests of “overexposure” were promissory notes of the borrowers “Peresvet”. “It was a little-known company, their paper is difficult to call a liquid” – said the expert. Because of this, Peresvet was forced to agree to 100% Deposit.
“A big plus of such transactions in the specifics of accounting: transactions and associated risks are not reflected on the balance sheet of the Bank-borrower”, – noted the senior Director of financial institutions ratings Agency Fitch Alexander Danilov. This allows unbeknownst to the Central Bank to Finance related companies and to avoid the accrual of reserves. The publication cites other considerations that “Peresvet” might follow, using such a funding scheme related companies.
“Alfa-Bank” announced that in October, when it was revealed the problem of “Peresvet”, “Alfa-Bank” demanded the execution of the specified obligations, that is, the purchase of securities. Since this was not done, the transaction was forcibly closed, laid “Peresvet” bonds sold in the market, a Deposit is debited to repay the debt. This was done after the introduction of “Peresvet” the interim administration. Taking into account the security Deposit and sold bonds “Alfa-Bank”, “covered the entire debt, and the difference is 1 billion rubles was returned to the “closest distance”. Losses “Peresvet” are estimated at more than 5 billion rubles, he left without a Deposit and without securities. The net profit of “overexposure” in the first half of this year amounted to only about 2.8 billion rubles.
We will remind, in October, the Central Bank appointed a temporary administration for management of “Peresvet” for a period of six months. For the period of activity of the provisional administration powers of Executive bodies of the Bank “Peresvet” was suspended. In addition, the CBR has imposed a moratorium on satisfaction of creditors ‘ claims.
The Bank occupies 41st place by assets in the Russian banking system, he serves and lends to government agencies, commercial enterprises, small and medium businesses.
According to press reports, the largest shareholder of the Bank is “Financial and economic management of the Russian Orthodox Church (Moscow Patriarchate)”. The second largest shareholder (24,4%) – JSC “Expocentre”, belonging to the chamber of Commerce of Russia. Another 13.2% of the shares of the Bank are OOO “Promotion”, which is 100% owned by ROC. Another company of the same name, owned by the head of the Bank Alexander Shvets, controls another 12.4%. Russians Viktor Litakovo and Lydia makeevoy owns 5% and 4.5%, respectively. “OOO “Vnukovo-invest” owns 1.7 percent of the Bank, another 2.4% of the shares are in the hands of minority shareholders.