Two creditor of the Bank “Peresvet”, the main shareholder is the Russian Orthodox Church (ROC), said on condition of anonymity that the Central Bank is trying to negotiate with banks and companies that held the accounts in “Peresvet”, on the conversion of debt in a subordinated Deposit. “Discusses subord for a period of 15 years under 1% per annum”, — said one of the interlocutors . According to him, the conversion yet does not provide debt relief.
According to another source , creditors rely on the support of the regulator, however, the Central Bank is ready to allocate funds only to the extent comparable to the portfolio of deposits of physical persons, which is about 12-13 billion RUB At the end of October the Agency on insurance of contributions (ASV) has informed that the agent for payment of insurance compensation to depositors of the “Peresvet” selected Bank “Opening”. According to statements of the Bank on 1 October, the amount of insured deposits is 22.5 billion rubles, liability insurance ASV — 7.4 billion rubles, number of investors — about 14 thousand people, including about 200 individual entrepreneurs, announced at DIA. According to the report of the DIA for the payment of insurance indemnity in the amount of about 6.3 billion RUB can turn around 9.5 thousand depositors, including about one hundred having accounts (deposits) for business activities, in the amount of about 11.4 million rubles.
However, large lenders conditions proposed by the regulator is not satisfied because, according to preliminary calculations, the hole in the “Peresvet” can be much more than was called. Wrote earlier that the regulator has estimated the volume of necessary redundancy for the loans with collateral in 20-30 billion rubles, plus about 40 billion rubles may be the portfolio of investment projects of the Bank (mainly investment in construction). But, according to two sources in the banks-creditors of the now hole in the “Peresvet” may be approximately 80-85 billion rubles.
Some creditors agree with the proposed terms, but speak against a company affiliated with state-owned corporations, said a source familiar with the negotiations, the Central Bank’s creditors. In their opinion, the Central Bank should provide greater assistance, since it is the recommendation of the controller, selected a number of banks to place their funds are state-owned companies and agencies, some creditors chose “Peresvet”. This position, according to the source, took the company close to structures “inter RAO”.
According to statements of the Bank “Peresvet” on his accounts, placed the funds structure “inter RAO UES” (“inter RAO electric power plants”, “RAO ES of the East”, “inter RAO Engineering”, etc.), and also “RusGidro”. The Board of Directors of both companies includes the CEO of “Rosneft” Igor Sechin. Previously, the newspaper “Kommersant” with reference to sources reported that the role of the turnaround can be an all-Russian regional development Bank (RRDB), which controls Rosneft.
“The piquancy of the situation is that these banks were selected including on the basis of inspections of the regulator. Companies require a return on their money, motivating it with that the leadership of the Central Bank made mistakes in the selection of the Bank recapitalization program,” — said the banker representing one of the bondholders “Peresvet”. He recalled that in may 2016 the Prime Minister of Russia Dmitry Medvedev signed a decree toughening the requirements to banks for placement of Federal budget funds, extrabudgetary funds of state companies and state corporations. In addition to the requirements for minimum capital (25 billion rubles), the lack of delay on deposits and participation in the Deposit insurance system the government has set additional requirements for banks: in particular, the Bank had to participate in the program of recapitalization of ASV. “I hope this will help to improve the reliability of placement of state resources in commercial banks”, — said Medvedev (quoted by “Interfax”).
In June 2016, the DIA concluded with “Peresvet” subordinated loan agreements, handing over the Bank bonds of Federal loan of RUB 100 million, repayment of subordinated loans ASV — from 2025 to 2034.
“We don’t yet have any positions concerning the Bank “Peresvet”. Waiting for results of an interim administration,” — said the official representative of “inter RAO UES” Anton Nazarov. The interests of “inter RAO” and “RusHydro” in the negotiations on reorganization “Peresvet” is under control “Rosneft” Bank the world Bank, said a source close to one of these lenders. According to him, the results of the interim administration are expected next week.
The Board of Directors of the Bank “Peresvet” is planning to discuss the form and timing of financial improvement of the credit organizations at the meeting, which will be held on Monday, November 14, to the materials Bank.
Press Secretary of “Rosneft” Mikhail Leontyev was advised to ask for information about sanator “overexposure” to the Central Bank. He declined to comment before the decision of the Central Bank. The Central Bank does not comment on the situation.
According to a banker familiar with the negotiations with the Central Bank, other lenders are just now watching the situation. “If it is decided to convert Bank liabilities into subordinated loan, in the perimeter of the transaction log in addition to the companies holding the accounts of “overexposure”, and the holders of bonds of the Bank, and possibly major private depositors,” he said.
Wrote earlier that the Central Bank is negotiating with creditors, “Peresvet” on the bail-in conversion of debts of the Bank in its shares. The mechanism of bail-in is a procedure in which the rescue of troubled banks involved bondholders and depositors. CB discusses this procedure in respect of “overexposure” with several banks, including with Sovcombank and “FC Opening”, said sources in the two companies-creditors. “If there’s a senior partner who will be willing to restore the health of “Relight”, I think, and we and the other creditors will take part in a bail-in. The proposal to convert debt into equity looks reasonable”, said a source close to the Bank of the BIN Group Mikhail Shishkhanov.
The representative of another major creditor Bank “Peresvet” stated that “in the case of bail-in the Bank will do what will solve the regulator”.
From 21 Oct the Bank of Russia appointed “Peresvet” temporary administration in connection with satisfaction of claims of creditors on monetary obligations in the terms exceeding seven days after the date of satisfaction. Simultaneously, the Central Bank imposed a moratorium on satisfaction of requirements of creditors of the Bank.
With the participation of Marina Bozhko and Lyudmila Podobedova