Russian Government makes $44 Billion available to major banks
Published: 17 September, 2008, 08:09
The Russian Government has agreed to load approximately $44 Billion to Russia’s 3 largest banks – Sberbank, VTB, and GazpromBank.
The Ministry of Finance has noted that the loans to the 3 major banks are capable of insuring the liquidity of the system and added that other measures to ensure liquidity are being looked at.
The loans are for a 3 month period. Sberbank can access 754 Billion Rubles, VTB 268.5 Billion, and Gazprombank 103.9 Billion.
The announcement comes after Tuesday saw overnight $US Libor rates double, and with Russian companies estimated to be carrying as much as $45 Billion dollars worth of debt which needs refinancing by the end of the year.
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RTS and Micex halt trade for second day as initial recovery turns sourWednesday has seen the Russian indices initially recover some of the ground they lost in Tuesdays massive slump, before a further wave of selling saw a renewed slump, with the Micex and RTS calling a trading halt shortly after 1200 Moscow time. |
