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Commercial banks to get loans through Vnesheconombank
RBC, 07.10.2008, Moscow 16:18:19.Russia's Central Bank will extend a subordinated loan worth RUB 500bn (approx. USD 19.1bn) directly to Sberbank, Deputy PM and Finance Minister Alexei Kudrin was cited by the Vesti TV channel as saying today, following the presidential meeting on the financial crisis. The remaining loans for a total of RUB 450bn (approx. USD 17.19bn), however, are to be offered to VTB, the Russian Agricultural Bank, and other banks through the Bank for Development and Foreign Economic Affairs (Vnesheconombank). The money is to be allocated from the budget, Kudrin said, adding that Russia's international reserves would not be used for that purpose. The minister explained that any commercial bank with an appropriate rating would be able to secure a loan worth 15 percent of its authorized capital. To obtain such a loan, however, the bank will need to take out a loan worth 30 percent of the authorized capital from its shareholders. The Central Bank will grant loans in several tranches during the year, Kudrin noted.
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