The Bank of Russia approved amendments to the participation plan of the Central Bank in the implementation of measures on prevention of bankruptcy of OJSC Bank “Financial Corporation OTKRITIE”. The plan provides for the acquisition by the Bank of Russia to the additional issue of ordinary shares of the Bank in the amount 456,2 billion.
“The recapitalization will allow the Bank to cover the negative difference between the value of the assets and liabilities of the Bank in the amount of 189,1 billion, to provide the Bank with financial assistance of PJSC IC “Rosgosstrakh” (42.2 billion rubles) and non-state pension funds (42.9 billion rubles), belonging to the banking group. In addition, in the framework of the capital increase will be allocated 182 billion to form a new capital of PJSC Bank “FC Opening”, an umbrella organization of the banking group”, – stated in the message of the CBR.
According to the regulator, the implementation of these measures will ensure compliance with the Bank’s adequacy of own funds (capital) (H1 8%) on an individual basis subject to the minimum allowances capital requirements (the overhead of maintaining capital adequacy (1,875% from 01.01.2018) and surcharges for systemic importance (0,65% from 01.01.2018).
Given the fact that in the framework of the implementation of measures to improve the financial sustainability of assets members of the banking group concentrated on the Bank’s balance sheet, for the period of implementation of the plan of participation of Bank of Russia in the implementation of measures on prevention of bankruptcy against the Bank can be decided on the establishment of individual values of the required ratios, limiting the risks of concentration on an individual basis (the ratio of maximum risk per borrower or group of related borrowers (N6) the norm of maximum risk on Bank related person (a group of Bank-related entities) (H25).
The Bank’s capital does not imply the provision of financial assistance to Bank PJSC Bank “TRUST”. Prior to the approval of the financial rehabilitation plan of PJSC Bank “TRUST”, a part of the banking group and measures on prevention of bankruptcy which are carried out with the participation of GK “Agency on insurance of contributions”, the calculation of the required ratios of the Bank on a consolidated basis will fully take into account the negative capital of PJSC Bank “TRUST”.
In January of 2018, the Bank will give the plan the return of funds, previously placed by the Bank of Russia the Bank in the form of deposits to provide Bank liquidity.