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Russian central bank increases estimated cost of rescuing Otkritie, B&N Bank

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Russian central bank increases estimated cost of rescuing Otkritie, B&N Bank

The Central Bank of the Russian Federation has increased the estimated cost of rescuing Otkritie Financial Corp. Bank and B&N Bank to around 820 billion rubles, Reuters reported.

"In general and in total, the financial rehabilitation of one banking group will require around 450 billion rubles, and the second around 350-370 billion rubles," central bank Deputy Chairman Vasily Pozdyshev told Russian state television in an interview.

Initially, it was predicted that Otkritie's balance sheet hole was between 250 billion rubles and 400 billion rubles, while B&N Bank may need between 250 billion rubles and 350 billion rubles in additional financing.

Meanwhile, the lenders have seen their liquidity improve under central bank management, Pozdyshev said, adding that "outflows have stopped."

As of Oct. 12, US$1 was equivalent to 57.73 Russian rubles.