A man washes windows of Sberbank headquarters, 19 Vavilov St., Moscow.
Photo: Pavel Solov
|
 |
Finance Minister Offers Money to Sberbank, VTB, Gazprombank
Russia’s Finance Ministry will propose to the RF Sberbank, VTB Bank and Gazprombank to raise federal budget’s funds to the deposits with the term of above three months.
Finance Ministry said the ceiling for keeping funds with those banks was widened to 1,126.6 billion ruble. Of this amount, Sberbank will cover 754.2 billion ruble, VTB will get 268.5 billion ruble and Gazprombank will have 103.9 billion ruble.
Finance Ministry announced earlier the increase in the bank deposit limit for federal money from 625 billion ruble to 1,232 billion ruble. With the growth in limit taken into account, the amount to be deposited with Sberbank, VTB and Gazprombank steps up to 1,514.2 trillion ruble.
Those three banks, the Finance Ministry explained, are the backbone able to ensure liquidity in the banking system. Besides, the budget laws will be amended to allow transferring budget money to the bank deposits in 2008 and paying it back only in 2009.
These actions of authorities are aimed at sustaining liquidity of Russia’s banking system in the environment of negative news from the United States. Losses on the U.S. stock market led to the slump in Russia. RTS and MICEX shed over 10 percent yesterday and the banking sector led amid the losers – the stocks of Sberbank and VTB went down 21.72 percent and 29.26 percent respectively.
www.kommersant.com
|
|
|
