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More Russian banks may undergo financial rehabilitation - Central Bank official

October 12, 4:58 UTC+3

Deputy governor of the Russian Central Bank Vasily Pozdyshev added that there is no threat to the stability of the entire banking system

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Deputy governor of the Russian Central Bank Vasily Pozdyshev

Deputy governor of the Russian Central Bank Vasily Pozdyshev

© Valery Sharifulin/TASS

MOSCOW, October 12. /TASS/. Financial rehabilitation of other Russian banks is possible but it will not tell on the stability of the country’s banking system, deputy governor of the Russian Central Bank Vasily Pozdyshev said on Thursday.

"Further reorganizations are possible… Not a single bank is guaranteed against that," he said in an interview with the Rossiya-24 television channel. "There is no threat to the stability of the entire banking system."

He reminded that licenses have been withdrawn from 350 credit organizations in the past four years. "From the point of view of these banks’ share in the banking system, the figures are very small - about 1-1.5% of the banking system’s assets we protect a year," he noted.

He said he is confident that Russia’s financial system is stable, despite the financial rehabilitation of a number of banks, including such big ones as B&N Bank and Otkritie. "Despite the decision to carry out financial rehabilitation even of big banks, the financial system is operating smoothly. The Bank of Russia has all the instruments to maintain this stability and we saw it in August and September," he stressed.

Pozdyshev added that a sum of 800-820 billion rubles ($13.83-$14.18 billion) will be needed to conduct financial rehabilitation of B&N Bank and Bank Otkritie.

"In general, about 450 billion rubles ($7.78 billion) will be needed for financial rehabilitation of one banking group, and about 350-370 billion rubles ($6.05-$6.39 billion) - for financial rehabilitation of the other group," he said.

In August and September, the Bank of Russia announced financial rehabilitation first of the bank Otkritie and then B&N Bank through a new mechanism - the Banking Sector Consolidation Fund. Financial rehabilitation of these banks is expected to take about a year. Once the process is over they will be sold to another investor. In July, the Central Bank revoked the license from Bank Yugra, then ranked among Russia’s top-30 banks.

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