The Kremlin has estimated losses of state-owned companies in the banks deprived of licenses

Russian state-owned companies and their subsidiaries in less than a year lost more than 53 billion rubles in lost their licenses banks, the Central Bank, said on Thursday “Interfax” citing a source familiar with the report of the control management of the President of Russia, which is dated to the end of April.

According to him, this amount is indicated in the report as the total losses of the 67 state-owned companies and their subsidiaries incurred in the period from July 2015.

The report, according to the interlocutor of Agency, on the effectiveness of governance of companies with state participation, and it says that state companies did not adequately assess financial risks for banks, leading to significant losses.

As an example, the document contains Nota-Bank and Bank “Interkommerts” in which state agencies continued to place their funds, despite the fact that both credit institutions were excluded from the list of banks with which the strategic and defense enterprises to work, told the Agency interlocutor.

Another source of Interfax said that Russian President Vladimir Putin has instructed the government jointly with the Bank of Russia up to September 1 to develop a set of measures to strengthen control over investment of funds of state companies and their subsidiaries and banks to avoid possible losses of funds in case of withdrawal of licenses from credit organizations.

According to the Agency responsible for the execution of the order by the first Vice-Premier Igor Shuvalov was appointed the Ministry of economic development, Rosimuschestvo and the Central Bank.

From 1 July 2016 in Russia come into force new requirements on banks for placement of public funds. On signing of the corresponding decree of the Prime Minister Dmitry Medvedev said on may 12. New requirements imply that the minimum capital of banks in which may be placed temporarily free funds of the Federal budget and extra-budgetary Fund of state companies and state corporations must be over 25 billion rubles, the Bank must participate in the Deposit insurance system and be under direct or indirect control of the state or to participate in the state program of recapitalization through Federal loan bonds (OFZ).

The Central Bank began to actively pursue a policy of withdrawal of licenses from credit institutions with arrival on a post of the head of the regulator Elvira Nabiullina in 2013. In 2014 a license lost 86 credit institutions in 2015 — 93 the Bank.