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Date: 5 months ago   Category: Finances

"Dollar investors won't suffer from sanctions". Kostin's words have understood differently


Andrey Kostin has promised that clients of VTB with dollar accounts won't suffer even if the bank will face new tight restrictions. However media differently interpreted the words of the banker Foto: Andrey of Makhonin/TASS Even if VTB will fall under sanctions, dollar deposits of clients won't suffer. The president — the chairman of the board of VTB Andrey Kostin has told about mechanisms of protection against risks in an interview of Business FM. "The bank has very big reserves on cash dollars today. We have specially prepared. And, of course, there are schemes at which our clients will be able to pass into other banks if there is a need. Rubles can receive here, dollars can receive in other banks" — Kostin has told. The head of VTB spoke about the same also in an interview of Bloomberg. However someone has heard in his statements that there is a lot of dollars and will be enough for all, and someone has paid attention to a phrase about a possibility of the transfer to other banks or convertings in rubles at the rate. Fears of the last are clear, the partner of lawyer bureau A2 Mikhail Aleksandrov:mikhail Alexandrov says the partner of lawyer bureau A2 "Is provided by rules of the contract, and the investor on it expects that he opens a currency deposit and receives back the currency, but not a ruble equivalent. It more than logically because all know that rates on currency deposits are lower, than on ruble deposits. For example, I have opened a currency deposit and I receive for it 2,5% per annum, and then say to me that you receive rubles and still a question, at what course back. Respectively, I then think and what prevented to open for me then a ruble contribution and to receive on it not 2,5% per annum, and, for example, 8%". The chief of analytical management of Bank of corporate financing Maxim Osadchiy is sure that state banks are ready to any turn sobytiy:maksy Osadchiy the chief of analytical management of Bank of corporate financing "At worst VTB considers such option that investors haven't suffered, the population hasn't suffered. Obvious option: dollar deposits are converted into rubles and transferred to the banks which haven't fallen under sanctions, and further there is the return converting again. In this case investors shouldn't suffer. This option is considered. Taking into account already existing turbulence in the Russian financial market it is quite natural that VTB increases a liquidity pillow for settling with clients. Anyway support will be given in an intense situation by the Central bank which did it in the conditions of currency crisis of 2014, in December, for example, the tool of a currency repo has begun to work actively, that is banks received necessary currency liquidity. Currency volume at the Central bank after all rather decent. I will remind that the international reserves of the Central bank for August 31 make 460,6 billion dollars, there is quite enough. For comparison I will call the volume not of dollar, but currency deposits in all Russian banks. It for August 1 88,2 billion dollars. Compare: 460,6 billion dollars of the international reserves and 88,2 billion dollars

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