Category Archives: Finances

Creditors “Peresvet” has agreed to participate in the rescue of the Bank

The part of the creditors of the Bank “Peresvet” has officially agreed to participate in the rescue of the ailing Bank. Now, the Central Bank should take a decision on the launch of the mechanism of bail-in. However, the key problem is to launch the work of the Bank, which stood without movement six months

On Friday, April 14 was the deadline for adoption by the creditors of the Bank “Peresvet” decision to participate in the rescue of a credit institution. According to RBC from sources familiar with the situation in the Bank, consent to conversion of their claims against the Bank into long-term subordinated debt (or, at the option of the Bank, subsequently in its shares) received from the holders of more than 70% of the Bank’s debt to creditors. As previously reported by the RBC, such a condition put forward by the Central Bank. Only upon its compliance with the regulator was ready to allocate with its part of the funds for sanitation “Peresvet” in the amount of 20-30 billion rubles. In fact, the lenders with the support of the Central Bank should hold a saving Bank under the procedure of bail-in (the conversion of short-term claims against the Bank in the long term or its shares).

On 14 April a number of major creditors of RBC have officially confirmed their consent to the conversion (Svyaz-Bank, “Opening”, Binbank) or have made the appropriate public statements. So, this day, approved his participation in the rescue of “Peresvet” group “inter RAO UES” with the claims against the Bank by 16.77 billion rubles. One of the shareholders of the Bank — “Expocentre” (42,3%) — approved the conversion is placed in the Bank funds in the subordinated bonds on March 15. The volume of funds placed in the Bank, was about 12 billion rubles.

Other lenders have refrained from any statements. The exact list with the amounts of claims against the Bank not disclosed, but among the lenders had previously recognized the “RusHydro”, Tatfondbank (license revoked), Zenit Bank, Sovcombank, Bank, investment company O1, NPF “stroycomplex”, Pulkovo airport in St. Petersburg, etc. has Not commented on Friday’s the situation, neither the Central Bank nor the DIA, nor the alleged Bank-sanator — controlled “Rosneft” all-Russian regional development Bank (RRDB).

History

For the first time about the unstable situation in the Bank “Peresvet”, which was part of the top 50 banks in terms of assets, said rating Agency Fitch in late September of last year. Then, the Agency has indicated that the Bank actively credits the company with no signs of real activity. These structures, the Bank has issued about 12 billion rubles, which amounted to about half of its capital.

After the statement by Fitch, the Bank has restricted the issuance of citizens ‘ deposits amount to 100 thousand rubles, or $1.5 thousand in foreign currency. 21 October 2016, the Central Bank imposed a moratorium on satisfaction of creditors “Peresvet”, the Bank appointed a temporary administration and began to assess the prospects of his rehabilitation.

In favor of the rehabilitation of the Bank said the availability of important owners. According to the Central Bank of the Russian Federation at the beginning of March, the main beneficiaries of the Bank — the Russian Orthodox Church (ROC), structures which owns 35.3% of shares of the Bank, chamber of Commerce (40%). No less important was the creditors, including large state-owned companies and banks.

At the end of 2016, “inter RAO UES”, “RusHydro” and the chamber of Commerce appealed to Prime Minister Dmitry Medvedev with a request to support the proposal on reorganization of the Bank. As the nursing home was proposed to the world Bank.

The first step to prepare for bail-in was the decision of the Bank “Peresvet” release of 15-year subordinated bonds at 125 billion rubles with the rate of 0.51% per annum. They will be converted (with the subsequent possible conversion into shares in the Bank) most of the requirements of the Bank’s major creditors (they are the ones who “Peresvet” should more than 500 million rubles.).

Pain points

The voting results not the final step in defining the final destiny of the Bank, told RBC a source close to the Central Bank. Now, according to him, the decision to be taken by the regulator: it will assess the current position of the Bank and recheck the adequacy of funds from creditors to save it after receiving all the documents and only then take a final decision on the allocation of funds for sanitation.

However, this technique, indicate market participants. More importantly, how to do the turnaround “overexposure” to restore its solvency and business.

Key issues the three. The first has to do with the mechanism bail-in. Although he had previously used in Russia when sanitizing Fundservicebank and the Bank “Taurica”, the situation with the “Peresvet” is characterized by a wide range of major lenders participating in the Bank bailout. This complicates the adoption and implementation of the final decision, indicate the lawyers.

“The problem is the use of the mechanism is that the procedure is never legally required, says partner Tertychny Agabalyan Ivan tertychnyy. In such a situation, the Central Bank should clearly specify the order of signing by the lenders documents with the conditions of their participation in the rescue of the Bank. Otherwise, there may be situations when someone of the creditors at the last moment changes his mind and the whole procedure will stop”.

The second important point — whether and how quickly the “Peresvet” to recover after six months of inactivity. “This is the main issue,” says S&P analyst Roman Rybalkin. It is necessary to understand that none of the reorganized Bank was not without work for six months, he said.

The moratorium on satisfaction of creditors and the interim administration of the Central Bank was introduced in the “Peresvet” 21 Oct. Since then, the business of the Bank was frozen. “During this time, the company which served in the Bank, could find other financial partners,” says Rybalkin. “It is important that the new management was able to build a viable business model, and lenders and investors fled after the lifting of the moratorium” — according to senior Director financial institutions Fitch Ratings Alexander Danilov.

On the difficulty of recovery of the customer base the challenges that await Peresvet, not over, continues Rybalkin. “The third problem is that falling interest rates in the financial market. If previously rehabilitated banks could just buy bonds borrowed from Central Bank funds and to make or grant loans, more risky, but now such opportunities are significantly narrowed,” he says.

Indeed, according to the analyst of Raiffeisenbank Denis Breaking return on assets in the banking sector significantly decreased in comparison with the 2016 and 2015. Thus, the total yield of ruble bonds of companies and OFZ bonds and loans at the end of 2016, accounted for 12%, while in the beginning of 2016 was 14%, and in the beginning of 2015 — more than 18%, he said. Directly on bonds (corporate bonds and OFZs) at the end of 2016, the average coupon rate was 9.8% at the beginning of 2016, to 10.8% at the beginning of 2015 — 16%. Change of yield of retail loans was as follows: 16% at end-2016 vs. 18.7% at the end of 2015 and 20.9% at the beginning of 2015 (subject to mortgage). Yield on corporate loans, the estimated Break at the end of 2016 was made of 11.75% at the end of 2015 — of 13.85%, at the beginning of 2015 was 18.8% (considered small and medium business).

In this situation much will depend on the experience and creativity of management of the Bank-the Bank rehabilitation, under whose operational control will pass the reorganized Peresvet, according to market participants. “Plus the Bank that he is strong enough shareholder “Rosneft”, which regularly increases the capital of a credit institution. So, at the end of 2016, structures “Rosneft” has poured into the Bank’s capital of about 88 billion rubles,” — said the head of the group Finance ACRES Kirill Lukashuk. However, the “overexposure” as the world Bank, a fairly specific business model, and the big question is whether to transform the Bank “Peresvet” in the classic Bank with a market business model, says Lukashuk. “With regard to human resources, usually banks-sanatory attract top-management for the rehabilitation, however, we must understand that this is a serious diversion of operational resources from the core activities,” he concludes.

Ratings AKRA will pass issuers in the Lombard list of the Central Bank

For inclusion of securities in the Lombard list of the Central Bank will only accept the ratings Agency of ACRE. The requirements for minimum ratings will be tougher than it is now. For a number of issuers it will complicate the placement of the bonds

Press release “to clarify the approaches to the formation of the Lombard list of the Bank of Russia”, the Central Bank published on Friday, April 14. “Since July 14, 2017 for inclusion in the Lombard list of bonds of constituent entities of the Russian Federation and municipal entities, as well as bonds of legal entities — residents of the Russian Federation… will be required to possess… credit rating no lower than BBB (EN), rated by credit rating Agency of ACRE,” — said in a press release. Previously it was used by the Russian divisions of the big three global rating agencies S&P Global Ratings, Fitch Ratings and Moody’s Investors Service. The ratings of Russian agencies, the Central Bank still for these purposes, ignored.

For inclusion in the Lombard list of securities of foreign issuers, the Central Bank, according to Friday’s press release, will continue to make global ratings of the “big three”, but from July 14 to tighten the requirements for the minimum rating level for inclusion in the Lombard list — from the current level of B+/B1 to BB-/Ba3, depending on the Agency. “All issues of bonds included in the Lombard list, as of July 14, 2017, preserved in the Lombard list, prior to maturity,” reads a press release of the regulator.

The reason for the change is the failure of the “big three” from issuing domestic ratings and the need for their replacement in the regulatory documents of the Central Bank. Earlier, the Bank of Russia has reported that pension funds NPF can keep also only in banks with a rating of an ACRE. Thus, although the Central Bank has now accredited two Russian rating agencies (except for the AKRA’s “Expert RA”), the most important decisions — pension funds and the Lombard list of the Bank of Russia is ready to accept on the basis of only one of them. However, in the future, the Bank of Russia “may consider use in forming the Lombard list of the credit ratings of other credit rating agencies”,-stated in a press release.

The Lombard list of the Central Bank — a list of securities that the Bank of Russia is ready to accept as collateral when providing loans to commercial banks. It is approved by the Board of Directors of the Central Bank. The presence of securities in the Lombard list, and now have at him (or Issuer) of the rating of an ACRE — it is very important for issuers. This increases the liquidity of bonds and the demand for them from investors. If it’s the banks, they are unable to direct refinancing of Bank of Russia under such securities. Other investors in the presence of the specified rating easier to obtain under such securities Bank financing.

The reaction of the competitors

“The use of ratings of Russian agencies for inclusion of securities in the Lombard list of the Central Bank — a landmark decision for the market, in fact, indicate a recognition of the quality and credibility of the Central Bank of the Russian agencies in the key for the regulator the question of refinancing”, — said the head of ACRE Ekaterina Trofimova.

However, a rival Russian Agency “Expert RA” does not lose hope to catch up positions. “The decision of what rating agencies and the level used for inclusion of securities in the Lombard list of the Central Bank, adopted by Board of Directors of the Bank of Russia, and he now leads work to assess the adequacy of our new methodology of rating”, — told RBC, the President of “Expert RA” Dmitry Grishankov. According to him, the process goes pretty quickly and the “Expert RA” expect that they will be able to convince the regulator of the quality of their methodology and in the coming weeks to get a positive conclusion. “The presence of at least two agencies whose ratings are used for these purposes, would make the situation more objective from the point of view of competition”, — said Grishankov.

But, of course, the Central Bank is not ready to believe and rating of an ACRE. As stated in the press release of the regulator, “in addition to the presence of issues (issuers) of securities specified credit rating ACRES in the decision about inclusion of securities in the Lombard list will be considered by the Bank of Russia assessment of the credit quality of securities (credit issuers), the conditions of their placement and circulation, as well as other essential circumstances.” Thus, the quality of the papers after ACRE, the Central Bank intends to double-check yourself.

The value for the market

In General, the Central Bank in the conditions of surplus of liquidity in the market is working on a gradual reduction of the refinancing of banks against securities from the Lombard list — this means that issuers, in principle, it is harder to get into the Lombard list, according to market participants. So, the requirements for international rankings are becoming tougher is not the first time lately. In July 2016, the Central Bank (then used for inclusion of securities in the Lombard list of the ratings of the “big three”) have already raised the minimum requirements from B-/B3 to the current B+/B1 depending on the Agency, remind the representatives of the rating agencies.

The transition on the ratings of an ACRE could make a separate contribution to this. “Set the rating level BBB (EN) from the ACRE is quite high based on it in the Lombard list can get a little less than half of the holders of the ratings of ACRE, which in the future may reduce the number of issues of securities in the Lombard list, about a quarter,” — says the source of RBC familiar with the situation. The current trigger level for the rating was softer. “It’s hard to predict how the situation will develop, I can only say that now the criterion of B+ minimum rating level corresponds to about 60% of the total ratings from S&P,” says the Deputy Director on Bank ratings S&P Sergey Voronenko.

“Some of the aforementioned requirements may be cut off from the Lombard list, in my opinion, no more than 10% of the total number of new releases, mostly by banks and technology companies”, — said the Director of debt capital markets at ROSBANK Anton Kiryukhin. — It is estimated that in terms of the volume of money we are talking about slightly smaller proportion because the largest volumes are issued by major companies with a high rating”.

Considering that while in the Lombard list will be accessible only with a rating of an ACRE, a number of issuers have entered into contracts to ratings from other agencies may face risks and does not get into the Lombard list in the coming year. According to RBC, recently and for the next year contracts with the ACRES entered into a number of sub-Federal issuers, for example the Novgorod oblast. Information about this is contained in a Single information system in the sphere of public procurement. Considering this is a budget structure to Fund new contracts — now with AKRA — they can’t afford. Practically, if the ratings of “Expert RA”, the Central Bank and will not accept for inclusion of securities in the Lombard list in the coming year, this means less interest in their offerings from the market.

“Indeed, the agreements ratings are usually for a year, and that was done listed issuers are not subject to termination without a very good reason, but we expect approval in the near future, the Central Bank of our methodology and a possible imminent adoption by the regulator of our ratings for inclusion of securities in the Lombard list,” says Grishankov.
Operating conditions can be mitigated due to the fact that until July 14, another rating Agency may obtain approval of the Central Bank of its methodology” — agrees Anton Kiryukhin. “But to market a big plus that the new requirements for Lombard list do not relate to the old issues, otherwise the situation for the issuers would have been much harder”, — he concluded.

For 2016, Central Bank head Elvira Nabiullina has earned almost 27 million rubles.

Elvira Nabiullina

Photo: Oleg Yakovlev / RBC

According to the Declaration of her husband, the President of the Bank of Russia owns two apartments in Russia and Jaguar S-Type

The total income of the head of the Central Bank of Russia Elvira Nabiullina in 2016 amounted to little more than 26,94 million rubles, follows from the Declaration of income published on the website of the Moscow city Duma, Deputy of which is spouse Nabiullina Yaroslav Kuzminov.

In 2015, the income Nabiullina was more modest – a total of 24.1 million RUB Thus, the income of the head of the Central Bank grew by almost 3 million rubles.

Under the new Declaration, owned by the head of the Central Bank are still the apartment with an area of 112.2 square meters and the third part of the apartment with an area of 70.6 sq. m (both in Russia), as well as a car Jaguar S-Type 2003 model year.

He Kuzminov, who also holds the post of rector of the Higher school of Economics (HSE), 2016 earned 29,66 million rubles, which is almost 2 million rubles. more than the previous year.

Rector of the HSE also owns a third of the apartments with an area of 70.6 sq. m, house 326,1 sq. m and land plot of 1,470 square meters. All the real estate of the Deputy of the Moscow city Duma is Russia, but his car had not.

Most of the banks complied with the law on Deposit insurance is only partially

The Agency on insurance of contributions revealed that in 2016, less than 15% of the banks can properly form the registers of obligations to depositors in the event of revocation of licenses. Others make mistakes that can affect the period of insurance payments

Photo: Oleg Karsaev / “Kommersant”

Summary data inspections, how well the banks complied with the law “On Deposit insurance” for 2016, published on the website of the Agency on insurance of contributions (ASV).

Such checks ACB conducts annually. Their goal is to evaluate whether accounting obligations to depositors if banks for seven days to form a registry of such commitments (required for payment of insurance compensation on deposits in case of revocation of Bank licenses). Also during the inspection of the DIA assesses the timeliness and completeness of payment of contributions to the Deposit insurance Fund and the quality of information to depositors about the Bank’s participation in Deposit insurance system. This time the audit has been a 63 player in 27 constituent entities of the Russian Federation in all Federal districts.

On the key issue of timely and proper formation of the register of contributors — in 2016 there has been some improvement in the situation. At the end of the year is absolutely true and in time was able to create a registry of 14.5% of the banks of the proven ASV sample, the report indicates the DIA. This is the best indicator for the last five years, when the DIA began to carry out such checks. By the end of 2015 this indicator was at the level of 10.5%, 2014 — 11%, 2013 — at 8.6% 2012 — 13%.

The vast majority of other banks from the current sample allows for irregularities in the formation of the registry. As indicated in the DIA report, this data inconsistency in the registry data of analytical accounting, and the inclusion in the register of information about individual depositors. Notes shall be made in the register of persons not to be included, duplicating the record of depositors, the discrepancy between the information on the size of the Deposit in the registry and in the records of the Bank, incorrect or missing data on depositors, etc. These errors in the report the DIA described as insignificant.

Conventionally, best score

The first point that attracts attention in the statistics ASV, over time the share of banks, is forming the register, not much is changing, and its increase in comparison with 2012 amounted to only 1.5 p. p. Thus, the situation with the formation of the registry over time improves very slightly.

There are several reasons, indicate the banking market participants and experts. “One of these banks does not depend on the change of passport data of citizens over time, for example, in the case of replacement passports age, and not the operational updating of the relevant database of the Federal migration service, which reconciled the banks,” — said Vice-President of FBK Alexey Terekhov. “The second reason — the human factor: wrong data type operating employees, and the bigger the pot, the higher the likelihood of errors,” says a source familiar with the situation around the examination of banks. This factor can not be avoided, he States. “It happens that the banks are not very accurate, for example, for the convenience of VIP-clients, they can open a Deposit by phone, and as a result may occur a mismatch in the dates,” — said Professor HSE Oleg Vyugin, but he calls mistakes unintentionally.

“Deliberate distortion of the registry of unscrupulous bankers also happens, but such cases are rare,” — says Alexey Terekhov. The only such example given in the report of the DIA, — Arksbank. “Arksbank at the time of inspection the current system of registration and the software was allowed to make the register only with significant deviations from the established requirements”, — the document says the Agency. As a result, after the revocation of the license of this Bank in the DIA statements of disagreement with the amount of the indemnity requested more than 39 thousand depositors.

Almost bugs

Although mistakes made by most banks, the ACB in its report, calls the insignificant, the negative effect they have. “First of all errors in the formation of the registry increase the time to fix it the staff of the DIA and as a result, the transmission speed of the registry agent banks, physically conducting payments,” — says Terekhov. ASV is now part of the insurance claim in 14 days, but don’t be error in the registers, it could be less, it would be better for investors, experts say.

For example, in the EU there is a Directive that requires to pay insurance to depositors within 20 days, but gradually, this period will be reduced to seven days by 2024, says the partner at Bain & Company Yegor Grigorenko. And here in the US, he said, “the law does not set a clear deadline, there is a requirement to pay “as soon as possible”, in practice this usually means up to two weeks.”

“With regard to the timing of payments, they are, in my opinion, you need to lengthen. Two weeks is too little, creates a risk of encouraging investors in the pursuit of inflated interest rates on deposits in banks unreliable,” says chief analyst of Sberbank Mikhail Matovnikov.

Authors:
Svetlana Dementyeva, Marina Bozhko

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Kommersant learned of the consent of creditors “overexposure” to rescue the Bank

Major lenders “Peresvet” has agreed to reorganize the Bank, found out “Kommersant”. To reach agreements failed within the prescribed period, which expires this Friday, April 14

All of the major creditors of the troubled Bank “Peresvet” has reached agreements on the rescue of a credit institution. About it reports “Kommersant” with reference to sources close to the negotiations on the reorganization of the Bank among its largest creditors.

According to interlocutors of Agency, in General, the mechanism of financial rehabilitation of the Bank is agreed upon, all major lenders gave their consent. Among those who endorsed their participation in the reorganization, the agricultural Bank, Sovcombank, Bank “Otkrytie”, Svyaz-Bank, Binbank and the Bank “Zenit” and company “inter RAO” and “RusHydro”.

We are talking about the procedure of bail-in (conversion of debt in the Bank capital) for a given mechanism in the rescue of the Bank involves not only the government and the Bank-sanator, but the Bank’s creditors, list the balances and deposits, as well as the bondholders. Converting your requirements to a Bank in subordinated bonds, they freeze your funds in it, while increasing its capital and promoting healing.

Negotiations on reorganization “overexposure” through the mechanism of bail-in was the end of October 2016. In February, RBC sources close to the Bank reported that the reorganization of the “Peresvet” the scheme is still in question. Interviewees were told that the procedure of bail-in on the current terms (15 years at a rate of 0.51% per annum) is expressed lenders concentrated about 71 billion rubles requirements. According to the Central Bank at the end of 2016, for the salvation of the “Peresvet” required 106 billion rubles.

“Kommersant” recalls that time when all agreements have to be reached, ends on April 14.

The maximum rate on deposits in rubles fell to the historical minimum

Photo: Kirill Kuhmar / TASS

The maximum rate on ruble deposits at top 10 Russian banks reached the lowest level in the entire history of observations and made up 7.79%. With 2009, this index does not fall below the 7.85%

The maximum rate on rouble deposits among the top 10 Russian banks fell to a historic low. This follows from the statistics of the Central Bank, published on the regulator’s website.

According to these data, during the first decade of April 2017 the average of the high rates of these credit institutions fell from 8,015% to of 7.798%. This is the lowest figure in the history of calculations — since July 2009.

As can be seen from statistics published by the regulator, to date minimal compared to 7.85% (recorded in June 2011). Thereafter until December 2014 rate mainly increased. In this case the maximum bet is reached 15,635% (in December 2014).

Earlier, on 4 April, the rates on ruble deposits and savings certificates 0,30–1,05 p. p. reduced the savings Bank. Reasons for rate changes was a decrease in the key rate of the Central Bank on March 27, and “market trend to lower interest rates on deposits due to a sharp deceleration in inflation,” said Sberbank. A representative of the credit organization said that this could lead to the achievement of the objectives of the Bank of Russia’s inflation at around 4% in the summer.

The last time interest rates on deposits in rubles 0.05–0.7 p. p. the Central Bank reduced the 15 February 2017. Then the maximum rate of retail ruble deposits opened in Sberbank branch was of 6.15% per annum, and the contribution that open remotely — of 6.65%.

TSB noted the low activity of the financial speculators in the Russian market

Ksenia Yudaeva

Photo: Vladislav Shatilo / RBC

The statistics do not confirm the hypothesis of a massive influx of financial speculators in the Russian market, said first Deputy Chairman of the Central Bank Ksenia Yudaeva. The strengthening of the ruble in the first quarter, she said, has more to do with foreign exchange operations, exporters

Carry trade operations had no significant impact on the strengthening of the ruble in the first quarter of 2017, said first Deputy Chairman of the Bank of Russia Ksenia Yudaeva on the financial stability Forum, the correspondent of RBC. “The strengthening of the ruble that we saw in the first quarter of 2017, primarily due to inflows of foreign currency through the channels of foreign trade, and to a much lesser extent was due to other factors, including carry trade”, she said.

Carry trade is one of the types of financial speculation based on the fact that different countries have different money market rates. Speculators borrow money in a country with a low rate and invest it in a country with a higher.

Yudaeva noted that in many countries, including Russia, improved dynamics of the index of attractiveness of the carry trade mechanism. The growth of this index for Russia, in her words, connected not so much with the change of the interest rate differential, but with the lower volatility of the ruble. “In connection with these changes, the question arose about the volume and potential sustainability of capital inflows into Russia. The statistics do not confirm the hypothesis of a massive flow of carry traders on the Russian market”, — says the first Deputy Chairman of the Central Bank.

According to preliminary estimates of the balance of payments, the surplus on the current account in the first quarter of 2017 amounted to $22.8 billion, capital outflows of $15.4 billion, “the Russian banks, on account of which received export revenue, placed her in the form of foreign assets, mainly deposits of banks-correspondents”, — she added.

Yudaeva also said that Russian economy there are markets where the share of non-residents has been growing recently, in particular, it is increasing in the OFZ market.

“According to statistics, from October 2016, the proportion of non-residents in OFZ increased by 2 percentage points to 29% when data for 6 April 2017. It is unlikely that such growth can be considered high. I would note that the yield of OFZ remain approximately at a constant level from October 2016, despite the fact that the volume of net borrowing Ministry of Finance in this period was quite large. This suggests that the major players in this market are Russian banks, and that competition with foreign players helps to keep government bonds from rising yields, despite the offer”, — said Yudaeva.

A significant part of the inflow of foreign capital into the OFZ market may be quite stable, which is associated with the recovery of the Russian economy and improving investor confidence in policy, says Yudaeva.

To monitor the situation, the Central Bank conducted a survey of foreign investors regarding their strategy for investment in sovereign Russian bonds. “This survey confirmed the hypothesis that there is a significant portion of investors that buy Russian Federal loan bonds, allowing their sale to maturity, and we accept such risks in their policies. To reduce them it is necessary to conduct clear and predictable policy”, — said the first Deputy Chairman. This is important because the situation on the global market remains volatile due to economic and trade policies of the USA and instability in the Chinese economy, Yudaeva concluded.

The Minister of economic development predicted the strengthening of the dollar to RUB 62-68

According to Maxim Oreshkin, the dollar will rise against the ruble in any case, but the decline in world oil prices, its growth rate will be stronger

If the current oil prices the dollar by the end of 2017, according to the forecast of the Minister of economic development Maxim Oreshkin, will grow to about RUB 62

“Active growth of imports and a seasonal deterioration in the balance of payments already in the summer months will lead to the formation of the current account deficit, which will form the prerequisites for the weakening of the ruble”, – said the Minister, speaking at a meeting of the Russian government.

In the case of falling oil prices the ruble, according to Oreshkin, will decline more rapidly and by the end of 2017, the value of the dollar on the exchange could reach $ 68 RUB.

“As for the forecast for 2018 to 2020, in terms of inflation, the current monetary policy will ensure price growth at the target level of 4%. The exchange rate will slightly weaken in nominal terms against the dollar, while in real terms it is somewhat strengthened”, – said Oreshkin.

In the course of trading on the stock exchange ICE cost of a barrel of Brent crude oil on Thursday, April 13, is around $56. The dollar and Euro on the Moscow stock exchange when it traded in the red zone. The value of the dollar at the low was down about 10 kopecks compared to the closing of the previous trading session, the Euro – by about 20 kopecks.

At the beginning of April. advised Russians to think about currency exchange, explaining that his Agency expects a decline of the ruble. “In principle we believe that the moment for the importers and the population, which is preparing for foreign travel, it is very profitable to buy foreign currency”, — said Oreshkin.

5 April 2017 the dollar on the Moscow stock exchange has fallen to a mark of 55.8 rubles, which was an absolute minimum since the beginning of July 2015.

Kommersant learned about the record damage caused by financial crime

Photo: K. Pukhov / Photobank Lori

The damage from the financial crimes among the criminal cases completed in 2016 amounted to a record 201,2 billion. This figure is only growing. The Central Bank considers that it is necessary to change the law

In 2016 the damage from financial crimes has made 201,2 billion rubles — the amount that was able to identify the completion of criminal cases in the financial sphere. This is 76% of the total damage, which amounts to 263 billion rubles, follows from the “Consolidated annual progress report on the implementation efficiency of the state programs of the Russian Federation at the end of 2016”, which was to see “Kommersant”.

According to the publication, from year to year grows not only the damage from financial crimes, but their share in the total volume. For example, in 2015 the amount of damage in this area amounted to 125.5 billion rubles, in 2014 to 53.8 billion rubles

“Kommersant” points out that the greatest amount of losses from financial crimes connected with deliberate bankruptcy of financial institutions. According to the report, their number is also increasing. Over the past two years the Central Bank has revoked the licenses of 217 credit institutions, that became the reason for the increase in the number of such bankruptcies in 2016 to 146 crimes (6.6 per cent).

The report shows that the refund depends on the effectiveness of the Central Bank, the Agency for Deposit insurance and their interaction with MIA. The Ministry believes that interaction is not enough, indicated by the “Kommersant”. According to the representative of the Moi, the Bank informs about the “processes that threaten the stability and possible offences committed by the leadership and management of the credit institution” that does not allow police to take “proactive measures”.

The Central Bank believes that it is necessary to improve the criminal law. The press service of the regulator, the newspaper said that the Central Bank is working out a mechanism which would transmit police documents protected by banking secrecy if we are talking about the insights of the assets.

“This will allow faster to initiate criminal proceedings and to more effectively apply penalties to unscrupulous owners and managers of banks to withdraw their assets,” the Bank of Russia.

In addition, the Central Bank wants to increase the punishment for finishing of Bank to bankruptcy. According to the regulator, it would “solve the problem associated with false reporting” and limit travel abroad before the revocation of the license.

The Ministry of economic development will protect individuals ‘ accounts from erroneous write-offs

Photo: Mikhail Fomichev / TASS

Bankers and bailiffs attended to the problem of incorrect debiting the accounts of citizens on the decisions of the courts. The problem is in different approaches to the identification of persons. to bring them Closer together and thereby eliminate the loss of bona fide customers of banks intends the Ministry of economic development

The existence of the problem of incorrect write-off of funds from Bank accounts of citizens at courts issued writs of execution (alimony, debts on utilities, taxes, debts on private disputes, etc.) pointed out to member banks of the Association of Russian banks (ARB) in a letter to the Federal service of court bailiffs (FSSP, engaged in the execution of court decisions). The treatment of bankers in the FSSP was published on the ARB website.

As stated in the letter, because of the different approaches to the identification of natural persons, bailiffs-performers (identification number of taxpayer, INN) and bankers (passport) to accurately identify the person from whose account the money deducted by the court decision, perhaps not always. As a result of their tools incorrectly you can lose citizens, in respect of which no decision of the courts not handed down.

To resolve the problem, the bankers invited the FSSP to specify in the Executive leaves the full passport details of the debtors. This will eliminate the possibility of erroneous debit, they say.

How is the identification of debtors?

Banks, according to the instructions of the Central Bank No. 153-I “On opening and closing of Bank accounts, accounts on deposits (deposits), Deposit accounts”, carry out the identification of the borrowers on the passport and it contained information. INN is represented by individuals in banks in the optional procedure, explained in the letter.

In the decisions of the same court bailiffs sent to the banks for withdrawal of cash from accounts of physical persons at the courts, passport information, on the contrary, as a rule, are absent. The majority of writs contains INN.

The only common point in the identification of the bankers and bailiffs — full name of the debtor and the date and place of his birth. However, some of the Executive document (court order, the Executive inscription of a notary and notarized the agreement on the payment of alimony), as explained RBC in the FSSP, are required only the presence of full name, date and place of birth are optional information and are indicated if known.

As a result, as indicated in the letter of bankers, they have to identify debtors whose accounts you want to debit the money pursuant to the decisions of the courts, mostly by name, which leads to erroneous deductions.

In the FSSP RBC confirmed the existence of the problem. The representative of the Ministry said that under current law the bailiff is not obliged to provide information on the passport data of the debtor. In addition, it may not have these data at the time the decisions were made.

Frequent mistakes?

RBC surveyed the top 30 banks by volume of attracted funds of citizens. In the savings Bank and Tinkoff Bank, declined to comment. Six banks — Rosselkhozbank, VTB24, Binbank, “AK bars”, “home Loan”, SMP Bank confirmed the existence of the problem. The remaining banks of the top 30 did not respond to a request RBC.

The bankers, who agreed to speak with RBC on the issue of incorrect write-offs, say to assess the scale of the problem is impossible, but recognize that there are such cases.

“Among the various clients of the Bank have not indicated INN when going to the Bank, can meet the full namesake — note and the Bank “home Credit”. In this regard, certain difficulties do sometimes arise. Therefore, the initiative of ARB on the complement of the decisions of the bailiffs full passport data of the debtors, naturally, we support it”. According to the Vice-President, Director of client operations support SMP Bank Tatiana Shatalov, point only to the INN, even in combination with the name of the debtor, can actually lead to mistakes in identification: “for Example, many people was missing, the name can be duplicated,” she explains. In Rosselkhozbank also indicated that banks in the implementation of search of the debtor only name and date of birth have difficulty with clear identification of the client-debtor. “Over a three-year period of cooperation with the bailiffs in the practice of the Bank have been isolated cases of incorrect debiting the account of the individual non-debtor”, — said the representative of the press service of the Bank “AK bars”. “We consider it appropriate to expand the list of mandatory parameters in the order of the judicial police officer-executor, adding data such as the “requisites of the document proving the identity”, — says member of the management Board, head of operations Department, VTB 24 Valery Chulkov.

Photo: Ekaterina Kuzmina / RBC

Who is under attack?

The risk of incorrect debiting the accounts of individuals, the courts issued writs of execution subject to more banks because of their greater client base, indicate the lawyers. “The banks with a small amount of individuals, the probability of having two customers with the same name is much smaller than the largest players of the same Sberbank, Alfa-Bank, VTB and others,” — the chief of legal management SDM-Bank Alexander Golubev.

The presence in the writ of additional parameters for identification, such as addresses, solves the problem not always, indicates the Chairman of the Board, Director of legal Department “the Renaissance the Credit” Sergey Korolev: “the address provided by the citizen when opening a Bank account, may be out of date on the date of receipt of the writ”.

The difficulty lies in the fact that the Bank in addition to the decision of court bailiffs Executive receives documents directly from the plaintiffs by the courts, and they “may contain even more little information to identify the customer,” said Deputy Chairman of the management Board, head of the legal Department Lanta-Bank Dmitry Shevchenko.

According to bankers, theoretically, the Bank can try to claim was. As stated in the letter, he may try to use Internet service “to Find out INN” on the official website of the FTS of Russia. However, this service requires a manual request for each individual. Access to automated service “Information about the was individuals on the basis of full passport data on group request of bodies of Executive power” to the banks, as indicated in their treatment in the FBS, is not available.

What to do in case of wrong debits?

If there is an erroneous debit, responsive customer better quickly, while charged, are first listed by the Bank on account of the police officer, not left to the final recipient. “While the money in the account from the bailiff, the Bank can try in short time to return them to the customer addressed to the bailiff with a request to return the erroneous payment,” says Alexander Golubev.

If the money went to the claimant, he continues, to turn the Bank will have already directly to the creditor, who may not agree to do this voluntarily. “Then the question will be resolved through a court by filing a Bank claim to the claimant on “unjust enrichment,” — said Golubev.

Even more difficult situation when the Bank and the client whose money was debited, not agree with each other that the cancellation was erroneous. In this case, sue would have been the client, explains Golubev. As evidence to the court he will have to provide a Bank statement indicating the wrongfully debited amount, a letter to the Bank with a claim of undue cancellation, the response of the Bank’s refusal to return the funds. “In such a situation the client has a better chance of winning than the Bank, but it will take time,” said the lawyer.

Not prohibited by law, but not necessarily

In the Federal bailiff service ready to solve the problem, but I think that it is possible by legislative changes. In this regard, the Ministry is developing a bill that “will significantly reduce the number of individuals wrongly identified as debtors on enforcement proceedings”, said the representative of the press service of the FSSP.

The Ministry of economic development of RBC confirmed that they are preparing such changes. They will oblige the judicial police officer-executor to make sure for the recovery of funds that the data in the writ “clearly and correctly identify the person to whom they apply.” What data will it be, the answer does not say. But “these changes will allow in the future to remove an erroneous violation of the rights of third parties while collecting a debt, seizure of accounts and traveling abroad,” added the representative of the press service of the Ministry.