Reform of the mechanism for recovery of financial institutions will allow you to save money and even to support the ruble
First Deputy Prime Minister Igor Shuvalov on Wednesday evening held a meeting on the development of banking sanctions, which was attended by the heads of the Bank of Russia, Ministry of Finance, Ministry of economic development and Agency on insurance of contributions (ASV). During the meeting, the Deputy Prime Minister spoke about a new Foundation for the Bank of sanctions which will actually abolish the activity of the ASV in this direction and will allow the Central Bank to save significant money, told “Izvestia” three Federal officials. After hearing all points of view, first Deputy Prime Minister instructed to develop a coherent position. According to “Izvestia”, the Ministry of economic development, the Ministry of Finance and the Central Bank have no significant disagreement on this issue.
According to informed sources, the discussion after the meeting, there are only nuances (including the extent and form of participation ASV in the rehabilitation of banks), and the overall model was approved by first Deputy Prime Minister.
The Secretariat of first Deputy Prime Minister “news” confirmed the meeting, which was held on behalf of the Chairman of the government Dmitry Medvedev.
— Examined the issue of transition from “debt” to the “joint” mechanism of improvement of the credit organizations in order to implement the instructions of the President of Russia. The assignment of the further development of organizational and managerial issues of a new mechanism with the aim of developing a compromise, — reported in the Secretariat.
As reported by Deputy Finance Minister Alexey Moiseev, at a meeting with Igor Shuvalov final decisions on the issue of improving the mechanism of financial recovery of banks were taken.
— The whole idea of joint capture was supported. The details will be worked out, ” he explained.
The intention to create the special Fund for consolidation of the banking sector Bank of Russia Chairman Elvira Nabiullina said at the end of June. Now the mechanism of renovation of roads and insufficiently effective: the controller spends on it significant funds, and banks-sanatory often investing in their own projects. According to the latest available data, on March 1, DIA participates in the rehabilitation of 30 banks, rehabilitation 26 is carried out with the involvement of investors. More than 785 billion was allocated for the rehabilitation of the banks, which it was agreed to keep. Through its initiatives, the Central Bank of the Russian Federation proposes to create a special Fund which will directly enter the capital of troubled banks, sanitize them, and then sell on the market. Although this sale is likely and will imply a discount, but even with the write-down of the asset the Central Bank will lose considerably less money than under the current mechanism of sanctions, told “Izvestia”, close to the regulator source.
With this reform, which significantly changes the functionality of the ASV, the Agency did not agree. They wanted to continue the curation of the mechanism of sanctions or at least to participate in the management of the new Fund. Without the initiation of competition on selection of motels ASV is actually monofono guarantees Bank deposits.
The argument against the initiative of the Central Bank in the Agency put forward the thesis that the world is not a common practice when a regulator combines the functions of banking supervision and regulation and redevelopments.
— In world practice there are different forms, however, rehabilitation is usually funded by the government. In Russia, they are financed by the Central Bank. Therefore the conflict of interests here, between the different parts of the Bank of Russia held a “Chinese wall”, which guarantees the independence of decision-making in each block, explained the regulator close to the source.
— It was even more than a meeting and exchange of views. Positions different, in a month you need to work out a solution with the least risk and the greatest benefits. If the parties to the compromise will not come, the meeting can pass on the level of the Prime Minister, said another source.
As explained by an analyst GK “ALOR” Kirill Yakovenko, DIA is not enough money for payments, it is credited to the Central Bank and the regulator is already about 350 billion roubles.
— There are calculations showing that if the Central Bank itself was engaged in reorganization, the cost would be less than 20-30%. It would make a good, tangible savings on the current budget deficit, ” he said.
The banker, who requested anonymity, did not understand why it is impossible to give ASV the right to participate in the equity of the reorganized banks.
— ASV has long been engaged in financial restructuring of banks, — he said. — Why when you are already working to change the structure responsible for sanitation, is unclear. The resolution mechanism proposed by the Central Bank, it seems effective. DIA could implement it in practice.
The logic of reforming of the mechanism of sanctions is quite simple: the Central Bank will be able to save significant money and more effectively to restore the health of the banking system. However, in addition to banking and macroeconomic logic is, admits the chief economist BCS Vladimir Tikhomirov. According to him, indirectly, such harmonization will reduce the pressure on the ruble due to the deceleration of the transition from deficit to surplus liquidity in the banking sector, which, according to the calculations of the Central Bank, could happen early next year.
— By reducing the liquidity that the Central Bank provides to the Bank bailout, it reduces the amount of liquidity issued to the banks. Of course, this is a factor that slows down the transition to surplus liquidity. In a situation of surplus liquidity pressure on the ruble will increase, ” he explained.
Phone of the General Director of DIA Yuri Isaev at the time of writing was off. The press service of the DIA has not responded to the request of “Izvestia”.
