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RUSSIA'S ECONOMY

Financial recovery of B&N Bank to last 6-8 months — Central Bank

Russia’s Central Bank will take ownership of at least a 75% stake in B&N Bank after the financial recovery procedure

© Mikhail Pochuev/TASS

MOSCOW, September 21. /TASS/. Financial recovery of B&N Bank with use of resources of the Banking Sector Consolidation Fund (BSCF) will last from six to eight months and will be broken down into two phases, the Bank of Russia said on Thursday.

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The first stage will last from one to three months, with a temporary administration to appraise the financial standing of the bank "and form required provisions for possible losses, and perform property revaluation," the regulator said.

The second stage will last from three to five months and the financial recovery plan will be approved at that time. It will be implemented by the management company of the BSCF, the Central Bank said.

"The temporary administration issues shares, the nominal value of which should meet the new amount of equity value. This additional issuance is acquired by the Bank of Russia, following which the Bank of Russia becomes a shareholder with the ownership of at least 75% of ordinary shares," the Central Bank said.

Following the activities of the temporary administration, the rights of the present shareholders will be restored, while the share of the bank’s ordinary stock in their ownership will not exceed 25%. However, if the bank’s capital is negative, "the present shareholders will fully lose ownership rights," the regulator said.

Funds outflow

Deputy Chairman of the Bank of Russia Vasily Pozdyshev said the outflow of funds from individuals and legal entities from B&N Bank amounted to 56 bln rubles ($964.1 mln) in September. "We started discussing the need of having a plan for increase of financial stability of the bank last fall," the official said.

"In September, the outflow from B&N Bank reached 56 bln rubles ($964.1 mln), it includes deposits of individuals and legal entities. In general, however, all other banks of the group do not have a significant impact on the liquidity situation," Pozdyshev said.

"The situation where the decision would be backtracked is impossible. The Central Bank cannot afford to make a decision, make it public, guarantee citizens, creditors and counterparties solvency and financial support to one of the largest banking groups through the Banking Sector Consolidation Fund and then due to some circumstances backtrack the decision," Pozdyshev said.

Effect on Russia’s banking sector

Russia’s Deputy Finance Minister Aleksei Moiseev assumes that the rehabilitation of B&N Bank will require considerable funds, though he does not expect it to affect the country’s banking sector.

"This will be estimated by the supervisory department of the Bank of Russia," he said, adding that "taking into account the size of the bank, the funds will probably be considerable as well."

When asked how the bank’s rehabilitation will affect Russia’s banking sector he said: "It will not."

Liquidity shortage

According to Pozdyshev, B&N Bank has liquidity shortage now but it is not as large as it was with Otkritie Bank.

"Comparing to the previous situation with Otkritie, the bank has liquidity shortage but it is not so huge. The question is, how long it will last," Pozdyshev said.

B&N Bank has many sources for liquidity, the official added.

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