Russian emitters don’t plan to make borrowings on foreign markets to the end of the year. Andrey Klepach, the deputy minister of Economic Development of RF, made this announcement answering the questions of journalists within the framework of Astana Economic Forum.
Deputy Minister explained the rejection of Russian companies and the state in the whole from foreign borrowings with negative political climate as a result of Ukrainian crisis and a number of sanctions towards Russia. However Klepach noticed that it is early to speak about complete leaving the world borrowing markets, while howling potential on Asian markets exists.
Similar point of view was given by the head of the Ministry of Finance of RF Anton Siluanov, stated that according to the last amendments in the 2014 budget, the Ministry of Finance doesn’t plan to entry the foreign borrowings market because of its negative environment.
Business representatives also incline to rouble fundraising and creating the sources of long-term rouble credits. This has already been stated by the president of VTB Andrey Kostin and the president of JSC Russian Railways Vladimir Yakunin. Yakunin also noted that the company raised all borrowings projected for the current year forecasting the possibility of backset. As a reminder, the deputy head of the department of corporate finance of Russian Railways Pavel Ilyichev stated earlier that for the current year the company is planning to borrow approximately 100 bln. RUB. The half of this amount will be borrowed through the mechanism of infrastructural bonds, and the other half – through other financial instruments. In May the senior president of Russian Railways Vadin Mikhaylov stated that the company doesn’t plan foreign borrowings up to the end of 2014. However the company technically has this opportunity, in spite of the credit ratings reduction from «BBB» to «BBB-» in the current April.
Experts agree that the situation created is challenge to Russian economy and a signal to necessity of upgrading national economy using all internal reserves.
The policy of the Central Bank, focused on the clearance of the banking system from shady credit organizations, has led to that recently more than 30 banks have been being revoked the license. Such bold steps of the largest financial regulator started the law-maker thinking about improving of the return mechanism of the deposit insurance component, of the balance exceeding these resources and about simplification of such procedure for natural persons.
According to the Deposit Insurance Agency («ASV») for the 1st quarter 2014, 51,1% of deposits of Russian citizens stayed within the sum of insurance 700 000 RUB guaranteed for repayment, the rest 48,9% exceed it. Today it is difficult enough to return the balance exceeding insurance settlement.
At the suggestion of «ASV» to the Federal law «About insolvency (bankruptcy) of credit organizations», it is planned to submit amendments, which will provide for possible the entering of the balance of money in the list of creditors' claims, upon applications by depositors, which exceeds the amount of payable insurance benefit. This norm, in case it will be sign off on, will enhance reliability and predictability of the banking system in the eyes of citizens.
Moreover, the innovations suppose to introduce an unified appeal of an depositor, containing both the insurance claim (700 000 RUB) and creditor’s claim in the amount, exceeding this refund, what will simplify and speed up the procedure of repayment. Such applications will be completed by depositors in the bank-agent, where they will receive the insurance benefit. Additional documents, except the passport or another identification document, need not to be provided.
In case the amendments will be soon accepted by the Federal assembly, the new mechanism could come into operation already by the end of this year.
The Information agency Credinform offers to get acquainted with its own independent estimation of financial standing of credit institutions, which could suggest the potential client about the degree of risk of the cooperation with one or another bank of the country.