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'Bad debts' bank may be set up in Russia

February 27, 14:48 UTC+3 MOSCOW

The regulator discusses an option of spinning off a special bank for consolidation of bad debts

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© Alexandr Demyanchuk/TASS

MOSCOW, February 27. /TASS/. A bank for consolidation of bad debts will be founded based on a credit institution undergoing financial recovery through the Banking Sector Consolidation Fund created by the Bank of Russia, Deputy Finance Minister Alexei Moiseev said on Tuesday.

"The 'bad debts' bank will be created inside the Central Bank, rather than inside Otkritie [bank]. It is indeed suggested that one of banks subjected to financial recovery by the Central Bank will be the "bad assets" bank, Moiseev said.

The regulator discusses an option of spinning off a special bank for consolidation of bad debts. Otkritie bank undergoing financial rehabilitation announced earlier its plans to transfer toxic assets into a special purpose vehicle.

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