The Prosecutor’s office has added to the uncertainty in the sanitation of “Trust”


From the moment the Prosecutor General’s office has sent the Bank a letter on the application of Alfa-Bank participated in the repeated tender for the rehabilitation of the Bank “trust” (along with the current turnaround “FC Opening”) and who found violations in the tender procedure, it took more than two months. On 21 September, the newspaper “Vedomosti” with reference to the letter of the first Deputy Prosecutor General Alexander Buksman Chairman of the Central Bank Elvira Nabiullina reported: “the Prosecutor General’s office considered the appeal of CEO of Alfa-Bank Andrei Sokolov, has found irregularities in the selection of investors to re-contest for financial recovery of “Trust” and suggested the Central Bank to cancel the selection and to remove from it the current turnaround of the Bank “OTKRITIE holding”. As shown by informal questioning of the parties involved in this procedure since September the situation has changed, but not much.

The contest is not officially canceled, the Bank “Opening” to any notification that is not received, but the allocation of new money or mitigation of conditions previously received funding based on the results of the competition also raised,” — says one of the sources close to these banks. “Questions from the Prosecutor’s office to the Central Bank was reported, but no serious consequences this had no effect, adds another source familiar with the situation in the Bank of Russia. — The only thing that happened, the Central Bank has written a number of documents regulating the process of rehabilitation, including changes to the original approved plans of financial rehabilitation of the rehabilitated banks, still these regulations, the Central Bank was not.” However, adds another source , this regulator was supposed to do, without waiting for the situation of “Trust” as it was intended by the amendments to the law on bankruptcy (also reglamentary and Bank rehabilitation), made in late 2014.

The first results

With the results of the normative effort of the Bank of Russia is so far the only visible result of the communication with the investigators can be found on the website of the regulator. In particular, a week ago, there for examination on corruption potential and public discussion was published the draft guidelines of the Bank of Russia “On procedure of approval by the Bank of Russia participation, state Corporation “Agency on insurance of contributions” in the implementation of measures on prevention of bankruptcy of the Bank, changes in the plan of participation of the state Corporation “Agency on insurance of contributions” in the implementation of measures on prevention of bankruptcy of Bank… approval by the Bank of Russia… of changes in plan participation of the state Corporation “Agency on insurance of contributions” in resolving the Bank’s liabilities…”. According to this document, the approval of amendments to the plan of reorganization, or the refusal to make these changes is the banking supervision Committee of the Bank of Russia, and if we are talking about additional funds — and even the Board of Directors of the Central Bank. Thus, according to the draft, the decision shall be made within ten days of receipt of the documents from the DIA.

The question in the “limbo” state

However, the “Opening” to “Trust” it, most likely, will not help. According to the results of the competition were sent to the TSB before the questions of the Prosecutor General. However, as indicated by sources , after the situation with the claims of Alfa-Bank, the situation is simply “hung”. “Nothing surprising, as earlier the procedure the re-competition for the reorganization, including the allocation of additional financing was not regulated in any way, no action formally taken by the Central Bank is not obliged, — says the partner, “Iontsev, Lyakhovsky and partners” Igor Dubov. — New procedure is still in draft form, but it is, as a General rule, most likely, will not operate retrospectively, and therefore without the goodwill of the Central Bank does not change the approach to rehabilitation “Trust”.

The official results of the involvement of the Prosecutor General to the issue of stakeholders not comment. The request is not answered neither the Prosecutor General nor the Bank of Russia, Alfa-Bank. In the “Discovery” was limited to previously-sounding comment: “We take part in the repeated tender. The contest is not completed until the end we do not give further comments,” — said the press service of “the opening of the Holding”. “It is not excluded that the parties really have nothing to say, — says Igor Dubov. — Still it remains unclear in what form sounded of the claims from the Prosecutor’s office, the official view, or just letters. The latter does not require any drastic action. The answer may well be justification by the Central Bank of the correctness of its position.”

The two-year epopee

The Central Bank made the decision on reorganization “Trust” in December 2014. When the Bank “Discovery” has won the initial contest on sanitation of “Trust” and “OTKRITIE holding” got on his recovery 127 billion rubles of loans from the Bank of Russia. Later, the hole in the “Trust” increased, and the regulator has found new signs of withdrawal of assets. In December 2015, “the Opening” addressed to the Central Bank for an additional loan of 50 billion rubles, which was not approved by the original rehabilitation plan. However, in early 2016, the head of ASV Yury Isayev said that the joint position of the ASV and the Central Bank is not to give additional funding to the sanatory without competition. The Bank of Russia decided to hold a second competition in which in addition to “Opening” was attended by Alfa-Bank. The results of the competition has not officially announced. Sources in different media indicated that the more favorable for the Bank terms offered to “the Opening,” he unofficially was considered the winner. At the beginning of September Alfa Bank has announced that it has decided to withdraw its application to participate in the competition because of “inconsistencies re the competition… requirements of the relevant acts (at the time these were acts of ASV. — )”. According to Alfa Bank, the second competition is possible only in case of unsuccessful rehabilitation and does not involve participation of the current turnaround in the contest.

However, the removal of “Open” even if it did, the situation would hardly have improved, experts say. “By law, the investor can be removed from rehabilitation, but only if he violated its terms, but on this account claims to “Discovery”, as I know, there was — the partner of the legal company Tertychny Agabalyan Ivan tertychnyy. — But if “Discovery” was removed from the contest, it turns out that Alfa-Bank has already participated in it unopposed that corresponds to the principle of competition”.

Uncertain future

Given the General silence, the final position of the prosecution, and it should be known at least to the applicant (according to the instructions of the Prosecutor General about the order of consideration of appeals, they shall be resolved within 30 days from the date of their registration in bodies of Prosecutor’s office and not requiring additional investigation and check — within 15 days, unless otherwise provided by Federal law) seem to have been neutral. However, this recognition after making dramatic statements about the illegality of the contest looks like from a reputational point of view is doubtful — the conclusion tend all sources .

Adds certainty to the situation and started the reform of the current summer Institute of rehabilitation: still unclear, is undergoing rehabilitation with the help of the DIA. Separate confusion made recent staffing decisions in the Bank. After retiring from the Bank of Russia oversaw the reorganization of the Deputy Chairman Mikhail Sukhov control process will be first Deputy Chairman Dmitry Tulin, formerly in charge of the OST. He has yet to debug processes. Relevant Department of licensing and financial rehabilitation of credit institutions, as previously reported , will be disbanded.

Sooner or later the issue of “Trust” to solve will still have, experts say. While “Discovery” is able to “pull” this project on the old terms. But “trust” remains in the red Bank with low quality assets, reminiscent of the leading analyst of rating Agency “Expert RA” Anastasia Lychagina. So, for the 2016 value of the negative capital “Trust” grew more than doubled, from 22 billion rubles on January 1 to 47 billion rubles on 1 November. “The growth of the risk group “Discovery” on the Bank reorganized in terms of a double negative capital can have a negative impact on the performance of the Bank “Opening”, if more money on sanitation of “Trust” and will not be provided,” adds Lichagina.

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