Category Archives: Finances

Gref reported on the search for quick solutions to the Ukrainian market

Sberbank considers “the most rapid” exit from the Ukrainian market, announced German Gref. March 16, Kiev has imposed sanctions against the “daughter” of Sberbank

President of Sberbank German Gref said that the financial organization is searching for “fastest options” exit from the market of Ukraine, reports “Interfax”.

Gref also called “discriminatory decision” imposed by Kiev, the ban on interbank operations between the Ukrainian “daughter” of the savings Bank and the parent structure.

Last week, Kiev had imposed sanctions for a year against five Ukrainian “daughters” Russian banks. Got to the black list of the financial organizations are forbidden to withdraw funds outside the country. In particular, under the sanctions were the “daughter” of Sberbank, VTB, BM-Bank, Prominvestbank and VS Bank.

Deputy head of the National Bank of Ukraine Ekaterina Rozhkova March 19, said that all banks with Russian state capital are already negotiating about selling. The national Bank of Ukraine in the current conditions, considers sale the best way to leave the Ukrainian market, said Rozhkov.

Monday, March 21, the Bank announced that next week will be taken the final decision on the sale of the Ukrainian Prominvestbank. According to the head of state Corporation Sergey Gor, purchasing subsidiary “actively interested” Hungarian banking group OTP.

According to the NBU, the “daughter” of Russian banks have obligations to physical persons and legal entities of Ukraine to 36 billion UAH (about $1.4 billion).

Russian banks in Ukraine

In late January, the head of the National Bank of Ukraine Valeria Gontareva said in an interview with “New time” that the share of Russian banks in the Ukrainian market decreased “over the past few years” from 15 to 8%. According to Gontareva, the problems of banks with Russian capital appeared due to the fact that they actively lent Donetsk and Lugansk regions.

Now in Ukraine there are seven banks with Russian capital two Bank Sberbank (“Sberbank Ukraine” and PJSC “Vs Bank”), two of the VTB group (VTB Bank and BM Bank), HVB Ukraine (controlled by Vnesheconombank), alpha Bank (enters in “the alpha-Groups”) and Forward the Bank (shareholder of the Bank “Russian standard”).
Five of them — “Sberbank Ukraine”, VTB Bank, BM Bank, Prominvestbank, Alfa-Bank has reduced its assets, shows the report for the third quarter of 2016, according to IFRS. In particular, the savings Bank occupies in the Ukrainian banking system the fourth place in terms of assets (according to the website Banker.ua), has reduced them by nearly 9% from 51.8 billion to 47.2 billion. Alfa-Bank, occupying the fifth place, by 2.8% from 42.4 billion to 41.2 billion hryvnia. BM-Bank — 6.3% — from 3.2 billion to 3 billion. VTB Bank — by 19.1% — from 25.7 billion to 20.6 billion hryvnia.

The share of funds of natural persons in the banks with Russian capital decreased from 9.3% in early 2014 to 5.5% by 2016, the share of legal entities — from 8.3 to 3.3 percent, noted previously, the regulator.

 

Seven questions about the new Bank resolution mechanism: what will change?

Vasily Pozdyshev

Photo: Dmitry Lebedev / Kommersant

The Central Bank announced that prior to the adoption of the new law on reorganization to save failing banks, will not. To flood the market with “free money” regulator not ready, and new investors are able to solve real problems, sees. However, the market has issues, and most of the Central Bank

The details of how the situation will develop with the rehabilitation of problem players in the Russian banking market, on Monday, March 20, at the round table in the state Duma, said the Chairman of the Bank of Russia Vasily Pozdyshev. As followed from his statement, if the Fund act of consolidation of the banking sector will not be accepted, rehabilitation under the old rules (via credit to Agency on insurance of contributions (ASV), and from banks-sanatory) will not be held: no money, no the investors, capable to solve other people’s problems.

“With the old instrument we are no longer able to carry out a new reorganization. First, we will no longer give free money to the extent that such rates and on such terms. Second, we do not see in the market of private investors, who would be able to take responsibility for the new financial problems,” he said.

A bill to Fund the consolidation of the banking sector is now preparing for the second reading in the state Duma. Initially it was assumed that after its adoption loans the sanatory the rehabilitation of problem players will be completely replaced by direct investment in the capital by the Bank of Russia.

The position of the Central Bank Vasily Pozdyshev has strengthened both old and new arguments. At the same time the representative of the Governor for the first time officially commented on the details revealed in the bill the ability to preserve the ability to lend to banks-sanatory.

Why do we need a new concept of rehabilitation?

According to the Deputy Chairman of the Central Bank, concessional lending, used in the old scheme no longer refers to neither monetary policy nor the principles of financial stability. So, to close negative net assets of 10 billion rubles., in the old system you need to issue 15-16 billion rubles, and in the new economic realities of RUB 20 billion and more, he said. The introduction of direct recapitalization of troubled banks by the Bank of Russia will allow to close a hole of 10 billion rubles. equal to the amount allocated to capital.

Whether there will be loans the sanatory?

The Bank does not intend to completely abandon the old approach. “We fully admit that after some amount of time he can also be in demand or in special cases”, — declared Vasily Pozdyshev. With the help of loans, the regulator plans to support investors who purchase shares of reorganized Bank, such as liquidity. He explained that the Fund consolidation may on an equal footing to participate in the rehabilitation of banks with private investors. The terms of the financing will be tough: funds will be allocated on market terms, and not on grace as before. The use of loans by the investor together with the entry for the new Fund consolidation in the capital of the rehabilitated banks will increase the cost of rehabilitation, but in General compared to the old scheme the savings will be at least 30-40%, said Pozdyshev.

Who will manage recovery?

Manage distressed assets in the capital of which will consist of the Central Bank, will deal with the management company (MC), the only founder of a speech by the Bank of Russia. She will assume the responsibilities of the ACB with regard to the prevention of Bank failures. As said Vasily Pozdyshev, the UK will have much more authority in the management of banks than the agencies. “The DIA has no specialized staff for the management of banks or their own funds for this,” he said.

As the Central Bank intends to avoid conflicts of interest?

The regulator has already started the selection of top managers to the management company, although it has not yet been created. According to Vasily Pozdyshev, it is expected that the company will at the initial stage to be 50-60 people.

The leaders of the Central Bank with Supervisory functions will not work in its subsidiary — management company. According to the plan of the Bank of Russia UK will serve as the governing body reorganized the Bank, while the operational management will remain in the Bank.

Will the fate of the banks to decide quickly?

The tool allows to quickly solve the problem of tottering banks, reducing the time of entering into them, to reassure the Central Bank. In particular, it is preparing amendments to the legislation that will impose a moratorium on enforcement of creditors simultaneously with the interim administration. Currently, there are situations when the Central Bank is already reason to introduce an interim administration in the troubled Bank, and the right to a moratorium there. In addition, it is planned that the moratorium could be introduced not only for the payment of money to the creditors, but also on non-monetary claims, for example on the disposal of property.

When and how the rehabilitation will be completed?

However, according to calculations of the Central Bank, with the improvement of the situation in the banking sector in five to seven years it will start to come investors. The selection of buyers of troubled banks have passed through a new procedure of recovery will be carried out through open competition. In it, the plans of the Central Bank will be able to participate, both physical and legal persons. To buy shares in banks after the rehabilitation will not be shareholders, who owned more than 1% of the shares within three months preceding the date of approval of the plan of reorganization.

What will be the DIA?

After the establishment of the Fund the consolidation of the banking sector on the basis of the ASV, the Agency will continue to monitor the recovery of taken them earlier on Bank rehabilitation. The Chairman of the Central Bank noted that the Bank considered the possibility of switching all of the existing sanctions on the Fund consolidation, but found it impossible. “This would lead to significant risks for the financial system,” said Pozdyshev.

How do you assess the innovation market participants?

Track issues, revitalizes the banks in the new approach will be easier, says senior Director Fitch Ratings Alexander Danilov. “Under the current scheme reorganized the player has the right to violate norms without the risk of license revocation for the term of the loan (ten years or more), thus attracting unscrupulous investors who want to unload on him with their distressed assets. A new resolution mechanism that allows to avoid: reorganized the Bank will immediately recapitalized and will comply with all regulations,” he said.

However, corruption risks remain under the new scheme, said managing Director for Bank ratings rating Agency RAEX (Expert RA) Stanislav Volkov. “If the Bank of Russia will control he created a management company, need more external oversight mechanisms to mitigate these risks, which in the new concept are not visible,” — he said. The need for tighter controls and a clear regulatory procedures agreed and the auditor of the accounts chamber Andrey Percan. He reminded that currently establishes a procedure for the selection of investors in anticipation of the reorganization, however, in some cases, as shown by the test chamber, the investor established outside of this procedure. “As a result of Tatfondbank (which itself was a turnaround. — RBC’s) license was revoked. In our view, played a role in the violation of the selection procedures and that the Bank of Russia with a long delay approved the requirements to the investors,” he Percan.

VEB has called a possible buyer for its Ukrainian “daughter”

Photo: Alexander Korolkov / TASS

The head of Vnesheconombank announced that the final decision on the sale of the Ukrainian Prominvestbank will be made next week. A possible buyer can be a Hungarian banking group OTP

Vnesheconombank (VEB) expects to identify a buyer for its Ukrainian “daughter” Prominvestbank next week. About it reports “RIA Novosti” with reference to the head of state Corporation Sergey Gor.

“There are proposals, and we are now discussing. I think that next week we can tell more clearly,” said Gorkov reporters in the Higher school of Economics.

He stressed that the decision to sell takes Vnesheconombank’s Supervisory Board. “We’ll just talk about the final proposals which we will come. I think next week we will leave,” said Gorkov.

According to him, among the possible buyers — Hungarian banking group OTP. The head of VEB said that the OTP “actively interested”, the company always “is long enough take a decision.”

Thursday, March 16, Kiev had imposed sanctions for a year against five Ukrainian “daughters” Russian banks. In particular, the black list includes Sberbank, VTB, BM-Bank, Prominvestbank and VS Bank. These financial organizations are prohibited to withdraw funds outside the country.

Deputy head of the National Bank of Ukraine Ekaterina Rozhkova March 19, said that all banks with Russian state capital are in talks about selling. The national Bank of Ukraine in the current conditions, considers sale the best way to leave the Ukrainian market, said Rozhkov.

According to the NBU, the “daughter” of Russian banks have obligations to physical persons and legal entities of Ukraine 36 billion hryvnia ($1.4 billion).

Russian banks in Ukraine

In late January, the head of the National Bank of Ukraine Valeria Gontareva said in an interview with “New time” that the share of Russian banks in the Ukrainian market decreased “over the past few years” from 15 to 8%. According to Gontareva, the problems of banks with Russian capital appeared due to the fact that they actively lent Donetsk and Lugansk regions.

Now in Ukraine there are seven banks with Russian capital two Bank Sberbank (“Sberbank Ukraine” and PJSC “Vs Bank”), two of the VTB group (VTB Bank and BM Bank), HVB Ukraine (controlled by Vnesheconombank), alpha Bank (enters in “the alpha-Groups”) and Forward the Bank (shareholder of the Bank “Russian standard”).
Five of them — “Sberbank Ukraine”, VTB Bank, BM Bank, Prominvestbank, Alfa-Bank has reduced its assets, shows the report for the third quarter of 2016, according to IFRS. In particular, the savings Bank occupies in the Ukrainian banking system the fourth place in terms of assets (according to the website Banker.ua), has reduced them by nearly 9% from 51.8 billion to 47.2 billion. Alfa-Bank, occupying the fifth place, by 2.8% from 42.4 billion to 41.2 billion hryvnia. BM-Bank — 6.3% — from 3.2 billion to 3 billion. VTB Bank — by 19.1% — from 25.7 billion to 20.6 billion hryvnia.

The share of funds of natural persons in the banks with Russian capital decreased from 9.3% in early 2014 to 5.5% by 2016, the share of legal entities — from 8.3 to 3.3 percent, noted previously, the regulator.

 

The Finance Minister pointed out the real level of the ruble

According to Anton Siluanov, the ruble is now worth 10-12% more than they should based on fundamental values. After the statement of the Minister of the ruble on the stock exchange went down

Anton Siluanov

(Photo: Vladislav Shatilo / RBC)

Overvaluation of the ruble makes the purchase of currency for the needs of the Reserve Fund and other purposes is particularly advantageous, said the head of the Ministry of Finance Anton Siluanov.

“I think he [the ruble] periorale from fundamental values somewhere in the 10-12%”, — said the Minister to journalists (quoted by “RIA Novosti”).

According to Siluanov, in March 2017, the Finance Ministry bought from the Bank for payments on foreign loans of $500 million and is prepared to continue buying foreign currency, while the ruble remains overvalued.

“Now we see that the exchange rate strengthened again, and as we realize that the fundamental values of the rate deviated by 10-12%, now it makes sense to buy foreign currency to meet their current obligations,” said the Minister, noting that before the end of the year the Ministry of Finance can purchase to payments on foreign currency liabilities of up to $1 billion, However, this opportunity, the Ministry of Finance can not use it.

14 Mar 2017 that periorale ruble, said the head of the Ministry Maxim Oreshkin. “The price has deviated from fundamental values, this deviation remains,” — said the Minister, refusing to make a prediction about exactly when the ruble may come in line with fundamentals. According to Oreshkin, this will depend on the balance of payments.

In mid-February, after the dollar fell to a year low in 56,55 RUB, the Minister of economic development expressed confidence that the ruble will soon begin to weaken.

“We believe that strengthening [of the ruble], which we see in the market is short-term and not related to fundamental factors. In General, we expect that in the near future there will be some weakening of the ruble, and then its stabilization,” said Oreshkin February 17, after the President of Russia meeting with the Ministers.

Against this background, statements of the dollar on the same day rose to RUB of 58.55, and in early March its rate rose above 59 rubles. But in the end of last week amid rising world oil prices and increase credit rating Agency S&P forecast the sovereign rating of the Russian ruble again increased significantly. In the end the bidding on Friday, March 17, closed at 57,22 RUB/USD.

On Monday the dollar on the Moscow exchange went up again, reaching around 11:00 GMT 57,28 RUB marks On the background of the news appears the statement Siluanov, the rouble depreciation has accelerated and in about 20 minutes, the dollar rose to RUB 57,4475

“According to our model, at this moment, the revaluation of the ruble relative to oil prices is at its maximum recent levels. This week, however, the spread between actual rate and estimated by our model may remain at high levels due to the proximity of the tax period,” explained analyst at Promsvyazbank Michael Poddubsky.

According to him, the peak of tax payments will have on the 27-28 of March, when will be paid VAT, mineral extraction tax, excise taxes and profit tax, and today, the dollar may consolidate in the range of 57-57,6 RUB.

According to the chief of analytical Department of Bank “Zenith” Vladimir Evstifeeva, the ruble price of a barrel of oil (about 3 thousand rubles), “signals the strong ruble by 8-10%”. However, the imminent weakening of the ruble, the expert is not waiting at least until the fall in world oil prices Brent crude below $50 a barrel.

“At the same time, a further decline in oil prices may discourage hot capital from high-yielding assets is likely, triggering the return of the dollar to the level of 60 rubles”, — said Evstifeev.

Chief analyst of Nordea Bank Olga Lapshin believes that the policy of the Ministry of Finance and Ministry of economic development plays to the ruble was trading closer to the upper boundary of the price range of 57-59 rubles, but the ruble will gravitate to the lower end of the range.

Earlier, the Minister of agriculture of Russia Alexander Tkachev called the strengthening of the ruble, a blow to the Russian economy.

12:25 MSK cost of a barrel of Brent crude on the ICE futures exchange was $51,27 (minus 0.95 per cent to the closing of the previous trading), the exchange rate of the dollar on the Moscow stock exchange reached 57,3625 Euro — 61,725 RUB.

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Central Bank rejected the idea of introducing negative interest rates on foreign currency deposits

Photo: Love Mishina for RBC

The Russian banking community came up with the idea to introduce negative interest rates on deposits in foreign currency. CB, this approach is not supported. As a result, banks may refuse to accept from the public deposits in euros

The Central Bank rejected the proposal of the Association of regional banks to allow credit institutions to enter, at its discretion, negative interest rates on foreign currency deposits. As stated in the official document of the Central Bank, “there can be no assurance that such changes in legislation is justified”.

It is obvious that we are talking about deposits in Euro as formulating a sentence about negative rates, the Association’s representatives referred to the negative rates in the Eurozone. The situation is aggravated by the fact that corporate clients often place their foreign currency funds in demand Deposit accounts that does not allow banks to invest in long-term projects with increased profitability. As a result, the receiving monetary funds of natural and legal persons (in particular exporters receiving income in foreign currency, or companies who need it to make payments to contractors) turns to banks, “relevant interest costs”. This is because rates of return on deposits and accounts they although different (depending on the maturity period, amount, currency, etc.), but in any case positive, including by means of demand.

ECB for the first time set a negative rate in 2014 (when it amounted to -0.10 percent) and since the series reduces it. Now it is -0.4 per cent.

The situation with the placement of dollar deposits is different. “The real interest rate under which you can place the borrowed dollars of client funds is much higher and it continues to grow,” — said the Chairman of the management Board of Nordea Bank Mikhail Polyakov.

Where did the problem

Despite the negative response, the Central Bank stated that “the problem exists”. According to the regulator, currency attracted by Russian banks the funds by the end of 2016 was 26.5 percent. During the year this indicator decreased by 6.7 percentage points, but remained significant. According to “Overview of the banking sector” Central Bank, on March 1, 2017, the company posted in the banks currency (in ruble equivalent) for 10 trillion rubles, of which 7.5 trillion rubles on deposits of 2.5 trillion rubles in settlement and other accounts. Individuals on the same date held in banks currency in 5.5 trillion in ruble equivalent.

Interviewed by RBC analysts are unable to assess what portion of these funds placed in Euro. They pointed out that from Bank to Bank, the ratio of rubles, dollars and euros in the composition of the attracted customer funds may vary greatly. For example, the savings Bank, according to IFRS for the year 2016, the amount of attracted natural persons ‘ funds in euros amounted to (in RUB equivalent) RUB 1.2 trillion, $ 1.9 trillion rubles., in the amount of 8.7 trillion roubles Amount of attracted funds of legal entities in EUR — 0.5 trillion rubles., in the $ 2.5 trillion rubles in rubles and 2.7 trillion rubles.

Photo: Jo Yong-Hak / Reuters

Head of Directorate for work with private clients of Citibank in Russia Mikhail Berner explains the problem of excess liquidity in Euro in the European markets, which include Russian. “Banks have nowhere to place liquidity in euros, and for the means which are on accounts of clients, according to Russian law you have to pay a certain percentage. This creates loss account rather big, it has no income but have expenses”.

Surcharge from customers for the placement of currency in banks could alleviate the problem. “Moving rates to attract foreign currency funds into the negative plane, the Bank could either earn or to force clients to take their money”, — says the analyst of “VTB Capital” Mikhail Nikitin.

Russian bankers also refer to foreign experience. Negative interest rates on client accounts and deposits permitted in a number of European countries — Denmark, Sweden, Switzerland, Germany, Italy, Hungary, etc., and also in Japan. However, this is done to stimulate the conversion of savings into investments amid low, close to zero inflation or deflation.

In Russia the inflation situation is different: at the end of 2016 it was 5.4%, the goal of the Central Bank at the end of 2017 — 4%.

Why the Central Bank against

Commenting on his decision, the Central Bank led two arguments. First, “the practice of setting negative interest rates exist only in certain Eurozone countries and individual operations”; second, it could “lead to the accumulation of large amounts of monetary liquidity outside the banking system”, that is, to the growth of the shadow currency market.

The Central Bank can be other reasons to object to the introduction of negative interest rates on customer foreign currency assets, according to bankers. “In addition to the business component has an image. Many customers, particularly individuals, may perceive negative rates negatively,” — said the Deputy Chairman of the Board of Raiffeisenbank Andrey Stepanenko. Chief analyst of Sberbank Mikhail Matovnikov agree that “the appearance of negative rates — quite a serious negative.”

What will happen next

The banking community can solve the problem on its own. Bankers simply cease to attract liquidity in euros, removing from the line of its products for individuals corresponding deposits, indicate market participants. “As for individuals, the solution may be the termination of attraction of new deposits in euros,” — said RBC Stepanenko, adding that Russia’s Raiffeisenbank sees the opportunity. In his opinion, this strategy can elect other players. As a result of the ability of Russians to diversify their savings will be reduced.

However, while in the banking community there is no consensus on this. Sberbank and Citibank plans at rates refused to comment. “As VTB24 and retail business of VTB Bank, in the short term to adjust the yield on foreign currency deposits is not planned”, — said the representative of VTB group.

To go the same way against legal entities banks will be more difficult. “Good corporate clients is critical for most banks, and to abandon them due to losses against the Euro, no one will. This problem banks will be resolved through the improvement of their treasuries,” said RBC Manager of one of the banks included in the top 30 in terms of assets.

In his opinion, the problem did not appear yesterday, but with proper management of liquidity is solvable. “Most likely, the appeal of the Association in the Bank caused by the surge inflow of liquidity in Euro from customers of specific banks, which they are quite rightly supported with reference to the General a difficult situation in the market.”

It is not excluded, said the interlocutor of RBC, in the last few months the situation was exacerbated by the accumulation of Russian companies on your accounts currency, including euros, to pay foreign debts. In the first quarter of 2017, according to the Central Bank, these payments must be more than 15 billion in dollar equivalent.

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CB spoke about a new way to steal money from Bank cards

The Central Bank has said the emergence of a new way of stealing money from ATMs. If before the fraudsters had to install a special reader, now they have learned to read the cards remotely

The Central Bank of Russia reported about scams invented a new way to steal money from Bank cards through ATMs. This was announced by Deputy head of the main Directorate of security and information protection, Bank of Russia Artem Sychev at the XIX all-Russian banking conference, reports TASS.

According to Sychev, we are talking about a completely new way of embezzlement of funds – the wireless. “We always, when talking about the skimming, noted that the attacker needs to put something on the ATM, and now a new technology has emerged, the wireless” — leads the Agency of his word.

Sychev said that the monitoring Centre and response to computer attacks in the financial sphere FinCert the Bank of Russia informed the banks about a new way of fraud.

In addition, the representative of the Central Bank spoke about receiving information from Interpol about the compromise of a large amount of Russian Bank cards. “Periodically, we receive information about targeted issues. For example, the latest receipt of information from Interpol. A fairly large amount of compromised cards of Russian users on Russian banks,” — said Sychev (quoted by “Interfax”).

He stressed that this information was also brought to the “participating in the information exchange, whose blocks of cards have been exposed by hackers”.

Tinkoff Bank in 2017 will install its ATMs

Oleg Tinkov

Photo: Sergey Fadeichev / TASS

A private ATM network, according to Oleg Tinkov, the Bank will be established in major cities

Already in 2017 in major cities of Russia will be the first private ATMs Tinkoff Bank, said the head of the Board of Directors of the credit institution and owner of a controlling stake in TCS Group Holding (the parent company of Tinkoff Bank) Oleg Tinkov.

“We’ll have our own ATMs. This year we put a number of ATMs. Its ATM network will be in the big cities. We understand where our customers are, where they’re making money, and there will stand for our ATMs,” he told reporters on the sidelines of the fifth round of the all-Russian banking conference (quote via the portal Banki.ru).

Tinkov has refused to name the exact number of ATMs planned to be installed, explaining that while their installation will be carried out in a test mode, and the pace of network development may vary.

In October 2016, Tinkov admitted that the absence of its own ATM network inconvenience to many customers Tinkoff Bank, and therefore its management is considering the possibility of their installation.

“It will not just ATMs, and more. We think over this issue”, — said the banker, adding that the ATMs will help the Bank to provide customers with foreign exchange transactions.

In the same October 2016, Deputy CEO of Sberbank Stanislav Kuznetsov, said that Sberbank plans in 2017 to abandon the use of about 7-8 thousand ATMs. Currently, the network of Sberbank consists of approximately 80 thousand ATMs and self-service terminals, this means that in 2017 can be cleaned every tenth ATM.

Kuznetsov is assured that a program to reduce ATM network is planned “very well” to “not violate the provision of money of the population”.

The media learned about the plan of Visa to allow banks to charge a fee with card holders

Photo: Vladimir Trefilov / RIA Novosti

Since mid-February, Visa has allowed banks ATM owner to take a Commission from the customer for cash withdrawal at ATMs. To this rule the payment systems is forbidden

Since mid-February, Visa has allowed banks ATM owner (the acquirer) to take a Commission from the customer for withdrawing cash from ATMs, said Vedomosti, citing four bankers. To this rule the payment systems is forbidden.

The fee for withdrawing money from the card set by the Bank that issued the card — this allows the client to know exactly how much it will cost using the card, regardless of the ATM of which Bank he uses. If the card holder cash withdrawal is free, this means that the interchange fee is paid by the Bank that issued the card, from its own funds.

The Bank that issued the card, is calculated with the Bank that owns the ATM according to the rules of the payment system. The size of the interbank Commission Mastercard is 0.5% of the transaction amount, Visa — 0,45% + 3 RUB, “the World” — 0,45%.

New Visa rules, write “Vedomosti”, will keep the interchange fee of 0.45% + 3 RUB or to reduce it to 0.25% by adding Commission from the client. The size of this fee is not specified: in the rules it says only that it “fixed” and Visa it may limit.

The new tariff policy Visa can fundamentally change the market, if other systems will alter their rules in a similar way, according to respondents, “Vedomosti” bankers. In this case, the acquiring banks can charge a fee for cash withdrawals on Visa cards.

According to the newspaper “Vedomosti” Mastercard supports this idea and can change their rates in the coming months. However, the official representative of Mastercard payment system declined to comment.

The representative of the national payment system stated that the system has no plans to change current rules that prohibit owners of ATMs may take an additional Commission from cardholders.

The General Director of payment system Visa Catherine Petelin in comments to “Vedomosti” were limited to the message that Visa periodically review tariff policies to meet market changes.

Deputy head of the Federal antitrust system (FAS) Andrey Kashevarov told Vedomosti that “the imposition of unreasonable rates can be signs of violation of the Antimonopoly legislation in terms of imposing” as payment systems Visa and Mastercard dominate the market. However, in order to make final conclusions, the FAS need to perform their activities in other countries.

Central Bank uncovered evidence of insider trading in shares of AFK “Sistema”

Photo: Ekaterina Kuzmina / RBC

The Bank of Russia reported about the identification of the facts of insider trading in shares of AFK “Sistema”. According to the regulator, three employees of the company made transactions with it stock for a few hours before the sharp decline of quotations in connection with the publication of insider information

The Central Bank revealed the facts of illegal use of insider information for transactions with shares of AFK “Sistema”, the regulator reported. We are talking about events of 2014.

In a statement the Central Bank States that three employees AFK “System” — A. N. Buyanov, Nosov N. To. and Goncharuk, A. Y. — in July 2014, a wrongful using of insider information, made transactions with shares of the company. It happened a few hours before the official disclosure of the company’s insider information, which caused decrease in quotations of the shares of Sistema on the stock exchange more than 7%.

The regulator has determined that the transactions with shares were held by employees in their interests “with unlawful use of insider information received”. “These transactions have enabled these individuals to avoid losses, the aggregate amount of which amounted to tens of millions of rubles”, — stated in the message of the Central Bank.

Materials of check are transferred to law enforcement authorities, said the press service of the Central Bank.

The representative of AFK “Sistema” Sergei Kopytov said in a release, the Central Bank facts do not affect the AFK “System” and relate to individuals, former employees of the Corporation. “Despite the fact that the regulator has no claims to Sistema, the Corporation will undertake additional measures to improve corporate governance and transparency activities, including working with insider information. The Corporation will cooperate with state bodies on the facts stated in the release,” — said Kopytov RBC.

In the structure of AFK “System” worked for a long time people with the same surname and initials — Alexander Goncharuk. He was a former minority shareholder AFK “System” and one of the oldest managers of the Corporation. In different years he headed the telecommunications business, the AFC held a post of the President of the Corporation, joined the Board of Directors of the company. According to the newspaper “Vedomosti”, he was involved in the transaction on purchase of “Bashneft” and from 2009 to 2012 was also Chairman of the Board of Directors.

After 2014, the Investigative Committee has indicted the main shareholder AFK Vladimir Yevtushenkov on suspicion of money-laundering (part 4 of. article 174 of the criminal code) in criminal case about theft of shares of enterprises of fuel and energy complex of Bashkortostan, Goncharuk left Russia. According to the source RBC, a top Manager was to be the next accused in this case.

In November 2014 it became known that two weeks before the start of the investigation in the criminal case Goncharuk has reduced the share belonging to him in the AFC with 0,4689% to 0,0008%.

A man named Alexey Buyanov worked at Sistema from 1994 to 2013 he held the post of first Vice-President, where he led the investment portfolio of the company in the financial services industry.

Sberbank called discrimination sanctions against Ukrainian “daughter”

Photo: Nazar Furyk / ZUMA / TASS

Sberbank commented on the sanctions imposed by Ukraine against his “daughter”. A credit institution called the decision politically motivated and discriminatory. The sanctions were earlier, on Thursday, approved Petro Poroshenko

Ukraine’s decision to impose sanctions against Ukrainian “daughter” of the savings Bank (Sberbank) is “discriminatory, politically motivated and not caused by any action that violates the laws of Ukraine”, said RBC received the message of the credit organization. “We are disappointed with the decision of the Ukrainian authorities on the introduction of sanctions against Sberbank of Russia JSC (Ukraine),” — said a credit institution.

As stressed by Sberbank, sanctions against “the physical blocking of the Central office and a number of branches representatives of radical organizations, as well as repeated acts of vandalism against the property of the Bank with the connivance of law enforcement” is “undesirable” for the Ukrainian authorities to the presence of investments of the savings Bank in the country.

The credit institution addressed to the President of Ukraine Petro Poroshenko with a request “to restore law and order, to unlock the Central and other offices of the Bank and to ensure normal conditions for maintenance of banks and their clients several tens of thousands of Ukrainian legal entities and more than a million private clients — citizens of Ukraine”. The statement stressed that the Bank plans to coordinate with the National Bank for further action and hopes for the support of the regulator to restore normal operation of PJSC “Sberbank”.

Yesterday, 15 March, the Council instructed the national Bank of Ukraine and the SBU during the day to prepare proposals on the introduction of sanctions against working in Ukraine banks, in whose capital there is the share of state banks in Russia. Later, the Ukrainian regulator explained that the restrictive measures will be imposed on subsidiaries of Sberbank, VTB, BM-Bank, Prominvestbank and VS Bank. Thursday, March 16, Poroshenko has approved the introduction of sanctions for a period of one year.

The Kremlin, commenting on the introduction of these sanctions, said that he was “concerned” about the situation and if necessary will speak in defense of the “daughters” of Russian banks in Ukraine. The head of VTB Andrey Kostin called sanctions adopted by political motives and damaging the economy of the Ukraine. Costin acknowledged that work in Ukraine to Russian banks becomes more and more difficult, and, it seems, local authorities are pushing them to care.

PJSC “savings Bank” on 15 March imposed temporary limits on the issuance of cash in connection with the lock of the Central office in Kiev. March 16, “daughter” of Russian credit organizations introduced a temporary block on debit transactions on credit cards for individuals.

Russian banks in Ukraine

In late January, the head of the National Bank of Ukraine Valeria Gontareva said in an interview with “New time” that the share of Russian banks in the Ukrainian market decreased “over the past few years” from 15 to 8%. According to Gontareva, the problems of banks with Russian capital appeared due to the fact that they actively lent Donetsk and Lugansk regions.

Now in Ukraine there are seven banks with Russian capital two Bank Sberbank (“Sberbank Ukraine” and PJSC “Vs Bank”), two of the VTB group (VTB Bank and BM Bank), HVB Ukraine (controlled by Vnesheconombank), alpha Bank (enters in “the alpha-Groups”) and Forward the Bank (shareholder of the Bank “Russian standard”).
Five of them — “Sberbank Ukraine”, VTB Bank, BM Bank, Prominvestbank, Alfa-Bank has reduced its assets, shows the report for the third quarter of 2016, according to IFRS. In particular, the savings Bank occupies in the Ukrainian banking system the fourth place in terms of assets (according to the website Banker.ua), has reduced them by nearly 9% from 51.8 billion to 47.2 billion. Alfa-Bank, occupying the fifth place, by 2.8% from 42.4 billion to 41.2 billion hryvnia. BM-Bank — 6.3% — from 3.2 billion to 3 billion. VTB Bank — by 19.1% — from 25.7 billion to 20.6 billion hryvnia.

The share of funds of natural persons in the banks with Russian capital decreased from 9.3% in early 2014 to 5.5% by 2016, the share of legal entities — from 8.3 to 3.3 percent, noted previously, the regulator.

On 10 March, the regulator has promised to initiate sanctions against working in the country banks with Russian capital, if confirmed information about the service their citizens with passports of the breakaway Donetsk and Lugansk national republics.