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Bank of Russia to create 'bad debts' bank — source

March 26, 11:52 UTC+3

The bank will be created on the basis of Rost Bank and Trust Bank undergoing financial rehabilitation

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MOSCOW, March 26. /TASS/. A "bad debts" bank will be created on the basis of Rost Bank and Trust Bank undergoing financial rehabilitation by the Bank of Russia through the banking sector consolidation fund, a source in the financial and economic block of the government told TASS on Monday.

"Most probably, it is so but the Central Bank should announce that," the source said.

The Bank of Russia introduced temporary administration in Rost Bank and Trust Bank from March 15, with administration functions vested in the Management Company of the Banking Sector Consolidation Fund for smooth operation of customer services and discharge of existing obligations by banks.

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