“Now the banks have an excess of monetary liabilities surplus of currency, and it even becomes difficult to place them. We are considering what special measures might be in order for this excess to be removed,” — said the journalists said the Minister of economic development Alexei Ulyukayev (quoted by “Interfax”). As one of the measures to balance the foreign exchange liabilities of banks, may be considered a proposal to issue a special currency-denominated bonds, Ulyukayev said.
The Russian banks there is no problem of excess monetary liquidity, says the analyst of Raiffeisenbank Denis Poryvai. “Overall in the Russian banking system has open currency position, that is, foreign currency assets exceed foreign currency liabilities. The Bank of Russia allows such excess at 20% of own funds (capital), this is the average rate banks and holding,” he says.
Calculations of experts of the National Rating Agencies show that the majority of Russian banks ‘ foreign currency assets above liabilities is the average value of open currency position on the balance is 2.3% of assets. In 69 of the 99 largest banks by assets (excluding Alfa-Bank, which does not disclose data on the currency) monetary assets exceed monetary liabilities (they issue more currency than attract). When the devaluation of the ruble such banks benefit from the revaluation of assets in the currency, said the chief economist of the NRA Maxim Vasin. The largest open currency position “FC Opening” – 347,5 billion rubles, follows from the data of the NRA. The maximum relative to assets — Yugra, Deutsche Bank, Tavrichesky, says Vasin. “A significant imbalance in the currencies of the assets and liabilities of these banks looks like a conscious element of their strategy, although, on the other hand, to make loans in the currency of the Russian borrowers is quite risky,” he adds.
However, the largest state-owned Russian banks — Sberbank and VTB — monetary liabilities foreign exchange assets. This means that they have excess currency. Only Sberbank, monetary liabilities exceed its monetary assets on 292,4 billion rubles.
Earlier about the abundance of the currency told the Bank’s representatives. In 2015, the Bank made an offer to the investors on redemption of own Eurobonds, explaining that he has a lot of currency. “We conducted several reverse foreclosures, and we <…> have not had such a large surplus of currency that we saw last year”, — said earlier “Interfax” the Chairman of the Bank Herbert Moos. VTB plans to continue buyback this year, but until market conditions are not conducive to this, as part of foreign currency liquidity will be sterilized due to repayment of syndicated loan of $2 billion in April, said Deputy Chairman of VTB.
According to the calculations of the NRA, foreign exchange liabilities of VTB more of its foreign currency assets on 1 January 2016 at 81,4 billion rubles.
In third place on “monetary surplus” PSB (53,7 billion rubles), followed by Gazprombank (40.2 billion roubles) and Rosselkhozbank (RUB 31.8 billion). Also plenty of currency had at Vneshprombank, foreign currency liabilities of which assets 42.7 bn But the Bank lost license in January 2016.
In the conditions of devaluation of short foreign exchange position (in a situation when foreign exchange liabilities foreign exchange assets) needs to be hedging, because otherwise the increase in value of liabilities leading to losses, says Vasin. “Listed banks are quite a lot of funds attracted in foreign currency in the form of foreign currency deposits and deposits, through the issuance of foreign currency bonds, including subordinated,” he adds.
Some banks may indeed need the tools to hold foreign currency liabilities, says Vasin. “Increased the number of people wishing to keep funds in the currency and place it is now quite difficult,” he adds. Will the banks buy bonds denominated in the currency depends on the conditions offered, says Poryvai. “If the government will offer not too long and profitable tools, then banks will be interested. And banks are now actively buying in the open market of the Russian Eurobonds,” he says.