Russia’s President Dmitry Medvedev announced they resolved to grant subordinated loan to certain banks.
Photo: Alexander Miridonov
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Medvedev Orders to Grant Subordinated Loan to Banks
Russia’s President Dmitry Medvedev announced they resolved to grant subordinated loan to certain banks, Interfax reported. The Kremlin made the respective decision Tuesday, October 07, 2008.
“I think we may resolve today to appropriate subordinated loan to the banks for the amount of up to 950 billion ruble and for the term of at least five years,” the president announced after the meeting in Kremlin.
“As agreed, this aggregate amount could be divided as follows: Sberbank will have up to 500 billion ruble; VTB – up to 200 billion; Rosselkhozbank – up to 25 billion ruble; others – up to 225 billion ruble.”
“The taken decision [on subordinated loan] should be accompanied by laws revision in part of easing collection of secured debts and of reorganizing the credit institutions,” the president pointed out.
The government should elaborate all changes and submit them to the State Duma at the earliest possible date, Medvedev emphasized. According to the president, “the essence of all actions should be to pass all resolutions as fast as possible and not only here [in the Kremlin] but also in the government, submitting them to the State Duma afterwards, and, by results of their approval, to rapidly release documents clarifying those laws.
www.kommersant.com
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