Russia's Sberbank may be allowed to write off 150 billion roubles (US$2 billion) in a subordinated loan from the central bank as part of the ...
Russia's Sberbank may be allowed to write off 150 billion roubles in a subordinated loan from the central bank as part of the state's support for its biggest bank during the COVID-19 crisis.
Three sources, speaking on condition of anonymity, told Reuters the finance ministry had agreed that the loan, which was agreed a decade ago, could be upgraded to boost Sberbank's capital and may be even written off.The sources include a banker close to Sberbank's supervisory board, a person close to the government and another source close to all sides involved in the discussions - the central bank, the finance ministry and Sberbank itself.
Sberbank, which is being used to deliver state cash to help individuals and businesses survive the impact of the pandemic, has not received direct financial support but, in common with its peers, has enjoyed a temporary relaxation of some supervision rules. Under the scheme, the loan is to be moved from the less secure Tier 2 to Sberbank's Tier 1 capital, a security net essential to allowing the bank to absorb bad loans and continue lending.
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