Non-state pension funds (NPF) will have to take until July 14 333 billion rubles of pension savings from deposits and current accounts in banks without rating Agency of an ACRE, designed as a domestic alternative to the three international rating agencies — S&P, Moody’s and Fitch. This was announced by the Director of the Department of collective investment and trust management of securities Philip Gabunia reporters. This norm is prescribed in the law on rating agencies. It is only on pension savings into Deposit accounts in banks — investment firm in bonds of banks without rating ACRA to withdraw is not necessary, he added.
333 billion rubles of pension savings will lose 15 banks, based on data from March 31, 2017, said Gabunia. As much of Russian banks with no rating acres of attracted pension savings accounts and deposits. To name specific banks, he did not.
The reason for the withdrawal: the Central Bank reviewed the methodology of rating agencies and came to the conclusion that the regulator be satisfied only with the methodology of the ACRA for such placements, said Gabunia.
According to the website of ACRE, now in the number of banks with a rating this Agency includes Sberbank, Bank “Saint Petersburg”, Sovcombank, Gazprombank, Alfa-Bank, Expobank, RN Bank. “Banks that meet this requirement (a rating of an ACRE. — ) little — declared Zaza Gabunia. — But we believe that this is enough. There’ll be more good.”
Now, according to him, on accounts and deposits in banks rated ACRES, contains 164 billion rubles of pension savings.
Will the banks having ratings of ACRE, all 333 billion roubles, — the question, indicate market participants. The number of credit institutions now do not have the required ratings, the Central Bank can attempt to get them to 14 July, say bankers. However, a separate question — are the SPC in the absence of guarantees for banks to obtain ratings not need to withdraw funds before this date, indicate the retirement market.
Specific reasons why the Central Bank is not satisfied with the methodology of Bank ratings, used by “Expert RA”, Philip Gabunia did not name. In a press-service of the Central Bank on the question whether the dialogue with the “Expert RA” on the correction of defects in the methodology, said that the Bank of Russia does not comment on operating companies. The Central Bank said that after public discussion of the methodology and its own approval of the methodological Committee of the Agency shall be entitled to send to the Bank of Russia the very methodology and a list of ratings that need to be reviewed. After reviewing these documents, and mapping scales, the Bank of Russia takes the decision, explained in the press service of the regulator.
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In the “Expert RA” the situation I see the following. “The key problem was insufficient fractional scale ratings,” — says the managing Director on Bank ratings “Expert RA” Stanislav Volkov. However, on 30 March “Expert RA” has published a draft updated methodology (including a fractional scale) for comments from market participants and expects the final version, he said. According to Volkov, in the near future will begin the revision of the ratings on the new scale.
Despite the statement of the Central Bank, in “Expert RA” are optimistic. The inclusion of “Expert RA” in the list of credit rating agencies accredited for issuing ratings to banks — a matter of time, says President of the “Expert RA” Dmitry Grishankov. Only the Agency will have to revise 650 issuers, and Grishankov says that it will be done before July 1. “During peak seasons, we have awarded more than 800 ratings in the year since then our staff has increased, so now we have a feasible task. Some revisions will be done easily, because we are those issuers not long ago appropriated a rating and we have a large part of actual data,” he says.
“However, not all market participants share this optimism. “The deadline is too tight, the methodology is only updated, and it is unlikely the Agency will do it for two months,” says one of the interlocutors in the rating agencies. “In addition, competing with the “Expert RA” ACRE is a player with a pretty strong lobbying resource,” adds one of the participants of the pension market.
In the ACRES indicate that they are ready to cope with the potential growth of demand for Bank ratings, which may occur after Central Bank statements. “ACRE has all the necessary human and analytical resources to handle the demand for new ratings,” — said General Director of the Agency Ekaterina Trofimova.
The implications for the market
This decision, of course, the impact on markets, such as pension and banking, said managing Director of NRA Pavel Samiev.
On the one hand, to withdraw pension funds from banks that do not meet the requirements of the Central Bank, perhaps. “NPF conclude contracts with banks so that in case of discrepancy of Bank to requirements on ratings of pension funds can withdraw their deposits without loss of interest”, — said the representative of the retirement group Safmar. “However, money market rates changed. NPF was designed for deposits on terms that were better than those that banks offer now, — says Stanislav Volkov. And given the potential of narrowing the range of banks where you can place the pension money, they have additional levers of pressure on rates and so the loss of NPF from the reallocation of funds will be even more substantial.”
For banks, the withdrawal of pension savings is less critical. “The majority of these players can attract the necessary liquidity from the Bank of Russia or on the interbank market, — says the wolves. But for banks the cost of this replacement will be higher than the value of pension savings, and the timing will be shorter”.
However, the big players, especially in the financial groups pension and banking business, if the latter has required the Central Bank’s ratings, already planning to rebuild. To prevent the diversion of pension savings in banks outside of groups they do not intend to.
Managing Director for Treasury of the Bank “FC Opening” (does not have the ratings of an ACRE) Anton Sales said that the Bank “well-diversified liabilities structure, in which there are including NPF funds”. According to him, formed a reserve of liquidity enables the Bank in case of need to return these funds. “At the same time, we conduct planned work on obtaining a rating of an ACRE,” added Sales. A group of “Opening”, which includes the Bank “FC Opening”, controls NPF “LUKOIL-Garant” and NPF electric power industry.
The representative of another large financial group Safmar, including, in particular, Binbank (no rating ACRES), NPF “Safmar” and NPF “Trust”, claims that the pension funds of the group did not hold retirement savings in deposits and current accounts of the Bank. The press service of the Bank said that does not disclose information about whether there is money in the Bank other pension Fund. Also, it said that b & n plans to obtain a rating of an ACRE, but the timing refused to comment.
Deputy financial Director of ROSBANK Alexander Ovchinnikov confirmed the presence of NPF funds in liabilities of credit institutions, but said he was “relatively small” and outflows related to the entry into force of the new regulatory norms, the Bank does not expect, since the Bank is in the process of obtaining a rating of an ACRE.
According to the representative of a large pension Fund, the problem is not technical in nature. Two rating agencies — it is not enough for our financial market, he States.