Kommersant learned of the consent of creditors “overexposure” to rescue the Bank

All of the major creditors of the troubled Bank “Peresvet” has reached agreements on the rescue of a credit institution. About it reports “Kommersant” with reference to sources close to the negotiations on the reorganization of the Bank among its largest creditors.

According to interlocutors of Agency, in General, the mechanism of financial rehabilitation of the Bank is agreed upon, all major lenders gave their consent. Among those who endorsed their participation in the reorganization, the agricultural Bank, Sovcombank, Bank “Otkrytie”, Svyaz-Bank, Binbank and the Bank “Zenit” and company “inter RAO” and “RusHydro”.

We are talking about the procedure of bail-in (conversion of debt in the Bank capital) for a given mechanism in the rescue of the Bank involves not only the government and the Bank-sanator, but the Bank’s creditors, list the balances and deposits, as well as the bondholders. Converting your requirements to a Bank in subordinated bonds, they freeze your funds in it, while increasing its capital and promoting healing.

Negotiations on reorganization “overexposure” through the mechanism of bail-in was the end of October 2016. In February, sources close to the Bank, reported that the reorganization of the “Peresvet” the scheme is still in question. Interviewees were told that the procedure of bail-in on the current terms (15 years at a rate of 0.51% per annum) is expressed lenders concentrated about 71 billion rubles requirements. According to the Central Bank at the end of 2016, for the salvation of the “Peresvet” required 106 billion rubles.

“Kommersant” recalls that time when all agreements have to be reached, ends on April 14.