Specialized agencies generally supported the idea of CBR exchange bank resolution mechanism
Specialized agencies at a meeting with First Deputy Prime Minister Igor Shuvalov as a whole supported the CBR exchange bank resolution mechanism, the bill Bank of Russia plans to finalize in the month reported "Interfax" Ministry of Economic Development.
"CBA proposal is conceptually supported. Within a month, a draft law will be completed from the point of view of the interests of the departments – the Ministry of Finance and Ministry of Economic Development – as well as the integration of the accumulated practice ASV (Deposit Insurance Agency)"- the ministry said.
Also, as reported by news agency Deputy Finance Minister Alexei Moiseev, the final decision on the improvement of the credit organizations of the mechanism of financial improvement of the meeting was not accepted. "The whole idea was supported by the joint-stock redevelopment. Details will be worked", – he said.
The representative of the Secretariat of First Deputy Prime Minister Shuvalov told "Interfax"That on the instructions of Prime Minister Igor Shuvalov held a meeting on improving the mechanism of the financial rehabilitation of credit institutions.
"The question of the transition from "debt" to "Joint Stock" the mechanism of recovery of credit institutions in order to implement the instructions of President of the Russian Federation. Instructed about the further development of organizational and managerial issues of a new mechanism to work out a compromise", – said the source.
Earlier, the source said "Interfax"That the Bank of Russia has developed a draft law, according to which the regulator can establish Ltd. "Fund Management Company of consolidation of the banking sector" for bank resolution. During the reorganization the Bank of Russia will be able to independently generated by the fund and the management company to invest in the capital of the rehabilitated banks. The Management Company will be entitled to carry out trust management of shares (stakes) of credit institutions transmitted by the Bank of Russia; mutual funds, the founder of trust management which can only be the Bank of Russia; rights (claims) on subordinated loans, deposits, loans and bank guarantees.
banking sector consolidation fund will be formed from the Bank of Russia funds, these funds are separate from the rest of the property of the Central Bank. The fund is formed from the contributions mandated by the Central Bank Board of Directors. For financial recovery of banks, according to the prepared draft law, the Central Bank shall have the right from the fund to buy stocks (shares) Curative credit institutions to provide subordinated loans (deposits, bond issues) to provide loans, deposits, bank guarantee rehabilitated banks and the banks of the sanatorium, sell or transfer in trust management of shares (stakes) in the rehabilitated banks. It is assumed that the management company will be involved in the assessment of the financial condition of banks for rehabilitation purposes, it will also act as the provisional administration of the rehabilitated banks management.
Organizational structure, system of a payment management company will be determined by the Board of Directors of the Bank of Russia and its leader will be appointed head of the Central Bank, and the board of directors – forming a solution of the Central Bank Board of Directors. Profit management company with the exception of the approved cost estimates to the Bank of Russia.
According to sources, "Interfax"Central Bank before voicing the idea of creating a fund under his control for bank resolution, secured the support of the country’s top leadership. Chairman of the Bank of Russia Elvira Nabiullina June 27 sent a letter to the head of the state, which sets out the proposals of the Central Bank on this matter. President imposed a positive resolution to the letter asking Prime Minister Dmitry Medvedev, and at that time the head of his administration Sergei Ivanov to support the proposals of the Central Bank, said a source familiar with the document. Pursuant to these instructions the President First Deputy Prime Minister Igor Shuvalov instructed the Ministry of Finance and Ministry of Economic Development with the participation of the Central Bank to study the issue and submit a draft report to the President on 20 July.
According to Deputy Minister of Economic Development of the Russian Federation Nikolai Podguzova, Ministry of Economic Development and Ministry of Finance has conceptually supported the proposals of the regulator, but noted the need to discuss the details of the bill.
The head of the Central Bank of the Russian Federation Elvira Nabiullina announced plans to change the readjustment mechanism in the banking congress on 30 June. She stated that the Bank of Russia is ready to take on more responsibility for performance sanations, speaking not only as the main source of funding, but also as the main organizer of this process.
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