Problem Bank “Peresvet”, which is the majority shareholder of the Russian Orthodox Church, can be sanitized with the use of the mechanism of bail-in, which involves the conversion of creditor claims in the Bank’s shares, the newspaper “Kommersant”.
According to the newspaper, the issue has not been resolved, but in the case of a positive outcome of the turnaround can be a Bank Bank – basic Bank “Rosneft”.
On this edition of told several sources familiar with the problem. According to them, the decision is still pending, but if the health of the Bank will carry out according to this scenario, the turnaround may be a Bank, RRDB, 84.7% of which belongs to Rosneft. This information newspaper confirmed sources close to the creditors “Peresvet”.
Until now, the mechanism of bail-in, appeared at the hearing during the resolution of the banking crisis in Cyprus in 2013 under the name “haircut of deposits”in Russia was applied twice in the course of sanitation of Bank “Taurian” and “Fundservicebank” in 2015.
However, in contrast to European practice, in Russia the claims of creditors in shares of troubled banks converted not entirely, but selectively. The only alternative to this solution is rehabilitation to a minimum at the expense of the Central Bank.
Discussion about the implementation of the mechanism of bail-in conducted in Russia for the last couple of years. Typically, bail-ins for deposits and accounts of legal entities, but the Russian Ministry of Finance, as revealed in this debate, I believe that it can be tested on large depositors of the number of individuals, that is, potential “haircut” will relate primarily to billionaires and millionaires.
The Central Bank this year has allowed the participation of depositors-natural persons in the procedure of bail-in to rescue the troubled credit institutions, provided that it will be beneficial to the depositors.
Itself “Rosneft” did not place funds in the Bank of the ROC, the newspaper said. According to”Vedomosti”, the Bank funds held “RusHydro” (8 billion rubles) and “inter RAO UES” (15 billion rubles), the Board of Directors which includes the head of “Rosneft” Igor Sechin.
The Bank has attracted from the population of 22.5 billion rubles, but on the basis of data reporting on October 1, insurance payments to depositors can be only about 7.4 billion rubles, said the representative of Agency on insurance of contributions (ASV). The Bank has 14 million contributors, but how many of them had in the Bank, more than 1.4 million rubles, he could not say. This will be clear after the formation of the register of investors.
Most of the deposits in the “Peresvet” was not insured by the Deposit insurance Agency. Depositors of the Bank held in it a large amount, but the insurance Agency will pay only 7.4 billion rubles.
From 21 October, the Bank introduced a temporary administration, but the license to provide financial services have not yet withdrawn.