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Currency loans for Murmansk banks

Post a Comment 06.10.2008 – 22:38 | Permalink |  Print This Post |

Evgeniy Fedorov, Head of Economic Policy Committee of the State Duma, announced that crisis-proof package was taken in the first reading. He added that list of tools aimed to support the market will be soon enlarged. The Central Bank of the Russian Federation has increased the types of loans that will definitely be an opportunity for medium banks to overcome crisis situations.

As Mr Fedorov noticed, one of the adopted law projects entitles Vnesheconombank to give currency loans to Russian organizations and banks for the repayment of foreign loans they have taken out before September 28, 2008.

According to the Head of Committee, administration bill has to encourage dealings on the interbank credit market. The minimum interest rate is set 5% points higher than LIBOR interest rate (London InterBank Offered Rate) on the day of credit accommodation.

The second administration bill enlarges the rights of Centrobank and allows to give 6-month loans without any collateral to Russian organizations which have rating of the credit rating agencies. Nowadays there are 116 rating banks in Russia. Terms and conditions of such credits will be determined by the Board of Directors of the Central Bank of the Russian Federation.

MBNEWS asked Murmansk bankers to comment on this government initiative. Representatives of Murmansk banks are looking forward for such laws but think this process will take too much time many banks do not have. Although laws give an opportunity to take out credits, officials will choose the bank to give it.