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Post by congregatio on Dec 27, 2014 2:49:40 GMT 4
The Russian Central Bank, to the tune of US$530m, is bailing out Trust Bank. The emergency liquidity line’s intent is as life support for one of modern Russia’s more established banks.
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Post by niseag on Dec 28, 2014 7:44:22 GMT 4
News has it that Russia trebled the size of its bailout of troubled lender Trust Bank to Rbs99bn ($1.9bn) on Friday,the authorities also said they would spend Rbs320bn ($5.9bn) propping up two other banks. Anton Siluanov, finance minister, said state-owned VTB, the second-largest lender by assets, could receive Rbs100bn before the end of this year and another Rbs150bn in 2015, while Gazprombank could be allocated Rbs70bn. The central bank said that the state-run Deposit Insurance Agency would provide Trust Bank with up to Rbs99bn. It would give an additional Rbs28bn loan to Bank Otkritie, one of Russia’s largest private lenders, to restructure Trust Bank, with the two then merging by the end of 2020.
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