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Report: Otkritie reveals 350B ruble hole in balance sheet

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Report: Otkritie reveals 350B ruble hole in balance sheet

Otkritie Financial Corp. Bank on Oct. 10 revealed that there is a 350 billion Russian ruble hole in its balance sheet, the Financial Times reported the same day.

As of Oct. 1, the Russian lender's balance sheet showed negative capital of 189 billion rubles, up from 158 billion rubles in September, while the balance sheet hole of National Bank TRUST PJSC, which Otkritie is absorbing with money from the Central Bank of the Russian Federation, also to 157 billion rubles from 99 billion rubles over the same period, the FT added.

The banks' capital dropped as a result of creating additional reserves, their security portfolio losing value and their funneling of money to insurer PAO Rosgosstrakh, which Otkritie is also absorbing, the newspaper said, citing Otkritie Managing Director Alexander Dmitriev.

The central bank previously said it found that Otkritie, which it rescued in August, had a balance sheet hole of between 250 billion rubles and 400 billion rubles.

As of Oct. 10, US$1 was equivalent to 57.89 Russian rubles.