Central bank of the Russian Federation (Bank of Russia)
Photo: Ivan Grankin
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Gov’t to Loan Banks 950 Bill. Rubles
Russian president Dmitry Medvedev has announced new measures to normalize the financial market after a meeting in Moscow on the financial crisis. Radio station Echo of Moscow reports that Medvedev stated that the government will grant 950 billion rubles in subsidized credits to banks for a term of five years. Sberbank is expected to receive 500 billion rubles, VTB 200 billion rubles, Rosselkhozbank 25 billion rubles and other banks up to 255 billion rubles.
Finance Minister Alexey Kudrin said that the Central Bank would give Sberbank a direct subsidized loan for 500 billion rubles. The remainder of the loans would be granted by the government through Vneshekonombank. The funds would come from the budget, without touching reserves. Funds will be available to “any commercial bank with the appropriate rating to receive up to 15 percent of its authorized capital,” Kudrin said. He added that another condition on the credits is that the shareholders in the bank first make a loan to it in the sum of 30 percent of its authorized capital. The state money will be received in tranches in the course of one year.
Chief of the presidential executive staff Sergey Naryshkin, presidential aide Arkady Dvorkovich, heads of key economic and financial agencies and the heads of the Federal Financial Markets Service, Central Bank, VTB, Vneshekonombank, Sberbank and Gazprombank were present at the meeting.
www.kommersant.com
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