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Putin Promised 950bn to Banks
The subordinated loan of 950 billion ruble will be granted to banks for ten years, Russia’s Prime Minister Vladimir Putin said, PRIME-TASS reported from Novo-Ogarevo. The loan is given to improve stability of Russia’s banking system, it will step up capital of the banks and ensure liquidity.
The prime minister reminded that up to $50 billion will be appropriated to refinance overseas loans of Russia’s companies. “A portion of them may re-credit with Vneshekonombank,” Putin recommended.
What’s more, CBR has been sanctioned to grant unsecured loans to commercial banks for the term of up to five months. “It goes without saying that I am referring to the banks with respective credibility rating,” Putin pointed out.
CBR has elaborated additional actions to give a boost to interbank crediting. “It means the Central Bank will assume a portion of risks of such interbank crediting,” Putin explained, expressing the hope that this action will improve confidence in the banking sector.
Putin said the Act on Individual Deposits Insurance has been amended to increase to 100 percent the insurance indemnity for the deposits of up to 700,000 ruble. Some 75 percent of Russians with bank deposits keep less than 700,000 ruble on them, Putin specified.
www.kommersant.com
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