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Fin ministry: Cbank may write off OFZ debt of Otkritie FC Bank

September 12, 2017 | Prime

The central bank may write off the debt of Otkritie Financial Corporation (FC) Bank on OFZ government bonds if the bank loses capital after the authority’s estimation, Deputy Finance Minister Alexei Moiseyev told reporters on Tuesday.

“I expect it (the OFZ debt) to be written off, but it depends on conclusions on condition of the bank by the central bank,” Moiseyev said.

“But my expectations are that the general procedure of this type includes a write-off of the instrument if a bank loses its capital,” he said.

The central bank announced a bailout of Otkritie FC Bank in late August, applying for the first time a new mechanism of majority stake acquisition in the bank with money of the banking sector consolidation fund.

In May 2015, the Deposit Insurance Agency (DIA) transferred 65.2 billion rubles to Petrocommerce Bank, which later became part of Otkritie FC Bank, and to the latter bank itself under the program of raising capitals of domestic banks through OFZ federal bonds.

Company: Otkritie Bank

Full company namePublic Joint Stock Company Bank "Financial Corporation Otkritie"
Country of riskRussia
Country of registrationRussia
IndustryBanks

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