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VEB Gives a Helping Hand to Svyaz-Bank

9 october 2008 года
#Publications
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Pensions will be paid in due time

Komsomolskaya Pravda
Economics
Valery BUTAEV – 09.10.08

 

Svyaz-Bank will be saved, private depositors, corporate customers and those who receive their wages through Svyaz-Bank will have no problems, said yesterday Vnesheconombank Chairman (VEB) Vladimir DMITRIEV.

Just to remind you that besides commercial and telecommunications companies Svyaz-Bank also services the federal post’s accounts, it processes pensions of 14 million Russian pensioners and 400 thousand employees of the Post of Russia receive their salaries on Svyaz-Bank cards. About two weeks ago the bank started to run into problems.

Vladimir Dmitriev said that there were several reasons for the bank’s problems: the bank played too much on the falling stock market and extended long-term credits whereas funds for them were raised for a short period of time. As long as Svyaz-Bank was in a position to raise money on the interbank market everything was okay but due to the financial crisis this source of financing closed… 

Taking into account Svyaz-Bank’s social importance, the Russian authorities took measures to rescue and support it. Now 98% of the banks shares is owned by VEB. It’s pretty interesting that Svyaz-Bank, which until recently has been among Russia’s thirty largest lending institutions, was purchased by VEB for a symbolic sum of 5 thousand rubles. And this is not surprising at all. VEB has already spent 59 billion rubles to settle Svyaz-Bank current debts, having taken a yearly deposit at the Central Bank.

Now VEB’s specialists should find out why and to whom Svyaz-Bank extended credits, and recover these debts. As Vladimir Dmitriev figuratively said, “we wish these credits had been extended to serious companies rather than to a “bogus cooperative”. But according to tentative estimates, it would be difficult to recover 20% to 25% of extended credits. And here VEB relies not only on its experience but also on law enforcement authorities’ assistance.

Meanwhile, Svyaz-Bank’s customers, depositors and employees from the Post of Russia who receive their salary here should not worry about anything. All necessary measures to enable the bank to perform its functions and make payments have already been taken.


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