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Report: Otkritie Holding asked to return Bank Trust's bailout funds

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Report: Otkritie Holding asked to return Bank Trust's bailout funds

The Russian Deposit Insurance Agency asked Otkritie Holding JSC to return 28 billion Russian rubles the company received to finance the bailout of National Bank Trust PJSC, Vedomosti reported Dec. 21.

Otkritie Holding reportedly wanted to fulfill the request and asked Trust, where the funds are held, to transfer the money to the DIA, but the payment was not made due to "the uncoordinated actions of the DIA and the central bank," the company said.

The initial bailout for National Bank Trust was launched by the central bank at the end of December 2014. Otkritie Financial Corp. Bank, controlled by Otkritie Holding at the time, was selected to oversee the financial recovery of Trust. In August 2017, the central bank launched a financial rehabilitation procedure for Otkritie Bank, with the rescue plan also including National Bank Trust. Otkritie Holding owes Trust a total of 228 billion rubles, the central bank's deputy head Vasily Pozdyshev was cited by Vedomosti as saying.

As of Dec. 21, US$1 was equivalent to 58.55 Russian rubles.