Photo: RIA Novosti
Russian President Vladimir Putin signed a law providing for the allocation of the State Corporation “Deposit Insurance Agency” (DIA) 1 trillion rubles. on the recapitalization of banks. The document was published on the official web portal of legal information.
The law provides for the right of the government in the implementation of the budget in 2014 to carry out in order to increase the capitalization of banks contribution to the property of “Deposit Insurance Agency” (DIA) of up to 1 trillion rubles. through the transfer of federal loan bonds.
The draft law on amendments to Article 23 of the Federal Law “On the Federal Budget for 2014 and the planning period of 2015 and 2016″ was received the State Duma on December 19 and approved by the Federation Council on December 25.
Provided DIA funds will be used to buy preferred shares of Russian banks, as well as for placement in banks’ liabilities on subordinated loans .
As previously reported by the head of the Duma Committee on Financial Markets Natalia Burykina, Sberbank will not qualify for capitalization through DIA. It will capitalize the Bank of Russia on the same terms as other banks.
The bill’s authors explained that the additional capitalization of the Russian banking system was required because of the sharp fall in Russian stocks, the depreciation of the national currency and closed access to sources of capital.
On Thursday the head of the Finance Anton Siluanov Explain what the banks get the money. “This should not be the banks that are experiencing difficulties, and should be stable banks. How Come? Because we have due to OFZ [federal loan bonds] is to help existing banks to increase their capacity to expand lending to the economy. Therefore, we now until the end of the year – the DIA, the Central Bank, the government will determine the approach, we have already formed for himself approaches for the selection of banks “, – quotes Siluanova RBC TV .
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