Under Armour posting higher, American Airlines on an upswing, Medtronic dips.
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On top of this, the central bank has imposed more stringent rules on related party lending which cancel out many advantages of a pocket bank.
We were step-by-step getting rid of our financial business which was a remnant of the s, when it was essential to do it," Fedun told Reuters last week. Ironically, the buyer was Otkritie and under the deal Fedun ended up with a 4 percent stake in the group before the bailout. Fedun has turned his back on the banking business. Life became harder for the pocket banks in January when the central bank introduced new rules on related-party lending.
These limit a bank's exposure to its shareholders to 20 percent of its capital. Loans to a single borrower or group of connected borrowers are capped at 25 percent.
The more capital banks have to set aside to comply with these rules, the less scope they have for issuing loans, pressuring margins. Vasily Pozdyshev, deputy central bank governor, described banks' practice of lending to businesses linked to their own shareholders as the "the birth trauma of the Russian banking system". The new rules, he said in an interview published this week, "have hit private Russian banks hard".
Toxic property loans have been particularly problematic. Growth in real estate prices stalled after the global financial crisis, forcing some developers into bankruptcy.
Banks took over buildings that were offered as collateral on the loans, but have struggled to sell them. Two real estate sources said the portfolio comprised assets that Safmar acquired when its businesses rescued struggling Russian banks and inherited their loan books, including physical assets that had been seized from borrowers in default.
Market players say the central bank purge will generally make the sector healthier, but it is creating difficulties for some small and medium-sized business customers. Moynov told Reuters some dealers could not get loans from the big state banks because they are too small, so they are turning to more aggressive private banks. For example, there is one dealer lacking million roubles. E-mail Password Remember Forgot password? Add to my list.
Central bank purge deepens doubts over Russia's "pocket bank" phenomenon. You can enter multiple email addresses separated by commas Message: Stocks mentioned in the article. Two further sources, one in the banking sector and another close to the government, said Rosneftegaz does not have the full billion roubles available, so it might possibly finance only a portion of the buyback.
Rosneft's spokesman Mikhail Leontyev denied that there was such a plan. For those who are unwell, we can explain: Rosneftegaz is a seller, not a buyer," he said. According to a research note released by Raiffeisenbank on Tuesday, Rosneftegaz held the equivalent of billion roubles in cash at the end of , split between roubles and foreign currency, from dividends paid by state-controlled firms in which it has stakes, including Gazprom and InterRAO.
Interfax news agency reported on Monday that Sechin is expected to be re-elected for the post again. Russian officials have said Rosneft has the funds to buy the The Russian currency market is usually highly sensitive to conversions of large amounts of foreign currencies into roubles. A fourth financial source familiar with privatisations said the state budget would receive only roubles from Rosneftegaz after the deal.
Ksenia Yudayeva, a first deputy central bank governor, told reporters on Tuesday there were different options for Rosneft buying back its own shares. She declined to elaborate but added, "It is unlikely it the deal will have very significant consequences, it won't have any too strong consequences for the forex market ".
Rosneft said in a written comment that it operates in the domestic currency market "strictly in accordance" with current legislation.
Only works well taxwise if all criteria are met including the 3 year employment rule.
She declined to elaborate but added, "It is unlikely it the deal will have very significant consequences, it won't have any too strong consequences for the forex market ". Stocks mentioned in the article.