Sunday, October 23, 2016

“Closest distance” lit a red light – Kommersant

on Friday, the situation in the associated with the Russian Orthodox Church (ROC) the Bank “Peresvet” was officially recognized as problematic. Key attributes for this are the introduction to the Bank temporary administration of the Central Bank and the moratorium on payments to creditors. According to respondents ‘ b ‘ market participants, economic reason to sanitize the pot a bit. The main argument can only be a salvation to the reputation of its main shareholder.

on Friday, the Central Bank announced the introduction of temporary administration in the Bank “Peresvet” (41-e a place on size of assets, amounted to 197.6 billion rubles) in connection with satisfaction of claims of creditors on monetary obligations in time over seven days. The purpose of the traditional “survey of the financial situation”. This decision was taken after the 14th of October has information about the disappearance of the head of Bank Alexander Shvets (the Bank itself denied it), and depositors started to withdraw funds. This was preceded by the publication of a report by Fitch Ratings that the quality of the loan portfolio raises questions. Questions about the quality of loans on Saturday confirmed and the Central Bank. “The problem, according to preliminary data, linked to taken by the Bank of high risk through active lending projects in the construction industry faced in recent years with a serious drop in de mand,”— quoted “Interfax” the press-service of the Bank of Russia.

at the same time, the Bank declared a moratorium on satisfaction of creditors ‘ claims that the law is insured, which will begin insurance payments to depositors-natural persons. On October 1, the volume of savings in the Bank amounted to 22 billion rubles.

the Main owner of the Bank “Peresvet”, according to the website of the Central Bank, is the Russian Orthodox Church (ROC) with a share of 49.7%. The second largest co-owner (24,4%) — chamber of Commerce. Another 12.4% of the head of Bank Alexander Shvets. Other owners — minority owners with shares less than 5%.

Active growth of the assets of the Bank “Peresvet” began in April 2012 when the financial and economic management of the ROC has bought a 19.9% stake in the Bank “Peresvet” Moscow oil trader Vitaly Savvina, increasing its share to nearly control. According to Slon. EN, when Patriarch Kirill, the Bank began a rapid growth of deposits of enterprises, among which was a state – or quasicontractual: “Transneft”, “daughter” of Russian Railways, RUSNANO, several “daughters” of “Gazprom”, the Fund of assistance to reforming housing and communal services, OGK-1. On October 1, 2016, the volume of funds of corporate clients exceeded 77 billion rubles. Among the clients of “overexposure” could be private pension funds (see reference).

If the situation fails to improve, the number of victims may be, and holders of bonds “Peresvet”. In circulation on the market of its securities, to 28.5 billion rubles, according to IFRS the Bank for the first half of 2016, all of its securities included in the Lombard list of the Central Bank. On Friday on the background of the actions of the regulator, the yield of Bank bonds maturing June 22, 2017 soared from 51.23% to 224,77% during trading on the Moscow exchange. The price of this issue has fallen from 82,59% to 49.55% of the nominal value. However, still not to zero. According to the analyst of Raiffeisenbank Denis Breaking, “the market has not completely lost faith in the prospects for the Bank hopes that the Bank will be saved, although the economic reason for this, according to the statements of the Bank, a little”. On the market there have been examples of license revocation and the larger volume of deposits with banks, sa ys Mr. Poryvai. In addition, he recalls, “until now, there was not a single case where a Bank was saved after the announcement of the moratorium and the beginning of payments to depositors” (see table on this page).

According to the information of Kommersant’s sources familiar with the situation, the amount of holes in the Bank tens of billions of rubles, which at times exceeds the insured liability ASV, which further plays against the decision on reorganization of the Bank. “In fact, the only argument in discussions with the Central Bank is the reputation of the shareholder. The license of the Bank of the ROC faces reputational scandal,” said one of the sources of Kommersant familiar with the situation. “The Central Bank continues consultations with shareholders and creditors of the Bank”,— said on Saturday the regulator.

the Central Bank has already demonstrated to the market that high is not always the basis for the rescue of the Bank. In particular, the demonstration was an example of Russia, which, despite the fact that hung tens of billions of rubles influential persons, the license was revoked. However, the situation is the situation different and it is possible that the fundamental decision by the Bank “Peresvet” may be taken at a level higher than the Central Bank. In the Russian Orthodox Church did not comment on the situation in the Bank.

Some nuance of the situation and that the Bank has been tested for stability by the Central Bank when receiving capital support in the form of OFZs. “Peresvet” was among the five credit institutions, which in the end of 2015, the Ministry of Finance decided to allocate balances from this program. Still with the banks that received Federal loan bonds, that has not happened. Unreliable, according to the Central Bank, applicants in the program of recapitalization through Federal loan bonds simply did not get. Thus, the Bank faces a difficult choice: to suspend the licence — is to recognize that the rating of the Bank for OFZ was conducted properly. To save the Bank with such problems, which, obviously, was not formed yesterday and not coincidentally, would mean to depart from the key principles of rehabilitation. The Bank of Russia did not comment on the transfer of Federal loan bonds the Bank “Peresvet”.

Yulia Lokshina


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