Russia's top gas producer Gazprom and a raft of other major firms have adde...
) and a raft of other major firms have added to calls for the banking sector to use domestic ratings in implementing new financial regulations, saying this would ease pressure on banks and cut lending rates.
The finance ministry says the capital buffers banks require under the rules should be set according to ratings by domestic agencies, while the central bank wants to use its own in-house assessments. Russian Finance Minister Anton Siluanov asked the central bank in July to postpone reforms requiring banks to increase capital buffers under the Basel III rules until domestic ratings can be used in that process, according to a letter seen by Reuters.
In a separate letter to President Vladimir Putin obtained by Reuters, heads of Gazprom, Tatneft, Novatek and Severgroup asked Putin to support the use of domestic ratings as “the best way to reflect the true credit risks of... borrowers”. Russia’s central bank told Reuters it remained committed to its present stance. “Our approach... allows the Russian banking system to free up much more capital to lend to the economy compared to the ratings-based approach.”
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