First loans

The first three... VEB approves first subordinated loans: Alpha-bank, NOMOS-BANK and Khanty-Mansiyskiy Bank will receive 17 milliard Roubles

State aid to banks

Vneshekonombank has approved first subordinated loans totalling 17 milliard Roubles. The happy “troika” includes Alpha-bank, NOMOS-BANK and Khanty-Mansiyskiy Bank.

Vneshekonombank Supervisory Board has approved loans to Alpha-bank for 10.2 milliard Roubles, NOMOS-BANK — for 4.9 milliard Roubles, and Khanty-Mansiyskiy Bank — for 2 milliard Roubles, announced VEB Chairman Vladimir Dmitriyev.

Three weeks ago he mentioned that VEB had received applications for subordinated loans for approximately 90 milliard Roubles from 30 banks from TOP-100. Such loans for capital replenishment can be extended to banks’ shareholders provided that the shareholders add the equal amount to the capital of their bank.

“The Bank has obtained a loan to be repaid on maturity, the rate is still unknown”, — said a NOMOS-BANK press service representative. Following the conversion of money into own capital, the funds will be used for lending to small and medium business, affordable housing construction projects, energy and timber processing projects“, he specified.

The largest VEB loan went to VTB, which received approval of its application totalling $713 million (nearly 20 milliard Roubles) for refinancing foreign loans, said Dmitriyev. VTB needs the total of $950 million for refinancing foreign loans. However, VTB will repay 25% of that amount on its own. “These funds are intended for redemption of bonds and several loans”, — VTB press service noted without specifying which exactly liabilities would be refinanced or the terms and maturity of the loan.

VEB has received applications from banks and companies for foreign loans refinancing for a total amount of $78 milliard, of which $28 falls on banks, mentioned Dmitriyev.

There are those who are not ready to turn to VEB for loans. Shareholders of some banks have admitted that they do not have own funds for increasing capital. Some shareholders were able to increase capital on their own.

On some occasions foreign loans are refinanced with the help of foreign shareholders.

“We have not applied for a loan for refinancing foreign loans because some time ago we received 5 milliard Roubles from our shareholder for debt refinancement and regional network development.”, — informed a press service representative at NOMOS-BANK, which received help from its Czech shareholders — Russia Finance Corporation acting in the interest of PPF Group.

VEB expects that its charter capital will increase by several hundred milliard Roubles in conjunction with additional functions related to stabilizing situation in the financial market, projects Dmitriyev.