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  Tuesday, August 20, 2019
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Russian authorities have invested almost 400 billion rubles ($11.2 billion)
Russian authorities have invested almost 400 billion rubles ($11.2 billion) in the financial recovery of domestic banks to date, a Central Bank senior official said on Wednesday.

"The state has invested, rather than spent, just under 400 billion rubles, including federal budget funds allocated to the Deposit Insurance Agency and Central Bank loans, ensuring the solvency of liabilities worth over 400 billion rubles, " Mikhail Sukhov, director of the credit institutions' licensing and financial recovery department, said.

Sukhov said the figure included support provided by the Central Bank to the new owners of troubled banks KIT-Finance, Svyaz-Bank and Globex.

Finance Minister Alexei Kudrin said in early February the Russian government was planning to allocate $40 billion in 2008 to recapitalize the domestic banking system amid the ongoing global financial crisis.

Kudrin said last year the Russian government had granted Russian banks subordinated loans worth 900 billion rubles ($25 billion).

He also said support of the banking system was a key component of the government's anti-crisis policy.


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