The Central Bank announced the reorganization of the Fundservicebank 30 April last year. The financial recovery plan of the Bank provided for the loan of the Central Bank at 39 billion rubles for a period of 10 years, and convert them into a subordinated Deposit for a period of 10 years part of the Bank’s liabilities on RUR 27 billion before its largest creditor — the Federal space Agency. The sanator Fundservicebank became Novikombank is a supporting Bank of the state Corporation rostec.
The terms of conversion of money of the Russian space Agency in a subordinated Deposit at the beginning of rehabilitation was not established. Since then it has been almost a year, and Roscosmos has not reissued its funds in subordinated debt. This was told by a source close to the Central Bank, and confirmed to the representative of Roscosmos.
Earlier Kommersant wrote that the Russian Federal space Agency have already converted their funds in a subordinated Deposit.
A source close to Roscosmos, said that a subordinated Deposit is still not decorated because of the lack of government regulation, which must approve a conversion scheme funds. “The delay is technical. It is associated with the reorganization of Roscosmos, the Federal Agency of the state”, he said, zatrudnilisj to specify when the resolution will come.
Thus in the case of Fondservisbank the Central Bank have so far failed to use the mechanism of bail-in, i.e. to rescue the Bank at the expense of its creditors. So far the only successful case of using the bail-in remains the Bank “Tavricheskiy”, which is saved at the expense of his creditor — company “Lenenergo”. The latter had to be converted to subordinated debt deposits in the amount of 12.7 billion rubles.
Novikombank and the Central Bank did not respond to a request . The press service of Roscosmos did not respond to inquiries about the reasons for the delay of conversion. Deputy General Director for economy and Finance of “Roscosmos” Oleg Lobanov said that is now undergoing additional verification of the financial position of Wonderwebby. “In April 2015 at the Bank inspections were made of the DIA, the Central Bank and the Bank, the Central Bank was more upbeat assessment of the problems, Novikombank is the most realistic, so the participation plan assumed that after a year the investor will be able to test again and if negative the actual capital of the Bank is higher, the investor will be able to apply to the Central Bank for additional funding in the amount of up to 20% of the amount allocated for sanitation of Bank”, — Lobanov conveyed through the press service.
A source close to Fondservisbank, said that the Bank plans to seek additional credit for sanitation of Bank. According to him, base Bank of Rostec finds that the alleged hole in the balance of Fondservice was more than he expected.
The Bank also needs funds in capital. His inspection was completed on March 21, reported on its website, the Bank of Russia. According to a source close to the “Rostec”, the regulator has ordered the Bank to accrue reserves for problem loans amounting to tens of billions rubles. According to a source close to the Central Bank, the amount of required reserves is 30-40 billion rubles Earlier, the head of Rostec Sergey Chemezov, said the Corporation is ready to capitalize the Bank, increasing its stake to supercontrols (it is believed that over 75% of the shares, the Corporation now directly and through Rosoboronexport owns 57,68% of the Bank ). According to Fitch’s assessment for recapitalization of the Bank needs at least 6 billion rubles to the third quarter of 2016.
Currently, the mechanism of bail-in is not provided by the Russian legislation, but the debate about how to close the “hole” problem banks is c 2015. Particularly relevant topic amid rising costs, the DIA rehabilitating troubled banks and payments to depositors of banks with revoked license. In December the Agency appealed to the Central Bank with the request to allocate 140 billion rubles to Finance the payment of refunds on deposits. First, the authorities discussed the procedure of applying bail-in only to creditors of companies in January of this year, representatives of the Central Bank and the Finance Ministry began to declare that the deposits of private persons can be forcibly converted into capital of the troubled Russian banks. We are talking about large deposits — over $ 100 mln.
Reform of Roskosmos began in January 2015. She assumes that will be converted from Roscosmos Federal space Agency into a state Corporation. The head of Roscosmos Igor Komarov announced this week that the formation of the state Corporation is planned to be completed following the meeting of the Supervisory Council, which will take place on March 25.
“If funds remain in the lender in the form of Bank liability, then it’s not so bad. The main point of the procedure of the bail-in in Bank had sufficient funds to pay off creditors if needed. The conversion is mostly needed to normalize the situation with adequacy, but for the rehabilitated Bank, there is no need to show it urgently”, — said Deputy General Director of “Interfax-CEA” Alexey Buzdalin.
