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Russian regulator approves Otkritie Corporation for Bank Trust’s financial recovery

December 26, 2014, 11:54 UTC+3
The Deposit Insurance Agency will grant Bank Trust 99 billion rubles ($1.9 billion) in financial aid for ten years through a loan from the Central Bank
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© Sergei Savostyanov/TASS

MOSCOW, December 26. /TASS/. The Central Bank of Russia has approved Otkritie financial corporation for the financial recovery of retail bank Trust, the regulator said on Friday.

As part of the financial rehabilitation program, the Deposit Insurance Agency will grant Bank Trust 99 billion rubles ($1.9 billion) in financial aid for ten years through a loan from the Central Bank.

The funds will be used to cover imbalances between the fair value of the bank’s assets and the cost of its liabilities.

Simultaneously, the Deposit Insurance Agency will give Otkritie a loan of up to 28 billion rubles ($530 million) with a six-year maturity to maintain Bank Trust’s liquidity.

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