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Report: VEB units face 75B Russian rubles in outflows

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Report: VEB units face 75B Russian rubles in outflows

units andInterregional Bank forSettlements of the Telecommunications & Postal Services havebeen excluded from the Russian central bank's list of lenders in which assetmanagers can deposit pension savings as well as temporarily unused resourcesunder military mortgage plans, a move set to trigger an outflow of billions ofRussian rubles from the banks, Kommersantreported Oct. 4.

Vnesheconombanksaid the central bank's decision was made taking into account the 2015auditor's qualified report including projections for the two banks. Sourcesfamiliar with the matter told the newspaper that it could also be a result oflong, but unsuccessful negotiations with VEB regarding the recapitalization ofthe two banks. The central bank had reportedly asked the parent to carry outcapital hikes at the units by March 1, 2016. The recapitalization of Globex wascompleted only in August, while a capital increase for Sviaz-Bank, althoughapproved, has still not been completed.

VEBsaid that the outflow of deposits due to the exclusion from the central bank'slist will not be critical for the group and will be replaced with marketresources. It also added it expects the two banks to make it to the list againby the end of 2016. Kommersantestimates that over 75 billion Russian rubles could be withdrawn by assetmanagers from the two banks, mainly from Sviaz-Bank, following the regulator'sdecision.

As of Oct. 3, US$1 wasequivalent to 62.37 Russian rubles.