(Source: http://msk.ros-spravka.ru/catalog)

Central Bank approved credit lines worth 600 billion rubles for several vital Russian banks.

The financing is necessary for the banks to be able to function properly according to the standards of short-term liquidity introduced in January 2016. This was said by the chairman of Bank of Russia Elvira Nabiullina in an interview to Reuters. “We are ready to give credits to other banks too if they come to us for help”, TASS quotes.

Yet the banks that receive the credit lines are not specified. The head of the regulator also touched on the question of “Vneshekonombank”. “We are currently looking into the ways this bank can function. We need to find a new way for it to function as an institution. The question that remains is will the bank be a traditional commercial bank or not? Judging by the answer we will make the decision about their banking license”, she said, adding that in case “Vneshekonombank” becomes a traditional credit organization, “it must be regulated and looked after in an appropriate manner”.

Nabuillina also mentioned that Central Bank has all the necessary measures in case of further decline of prices of oil. “We can use interest rate; we can increase the amount of monetary refinancing; in case we have a threat to our financial stability we can create currency interventions on the market”, Nabiullina summed up.

On the 20th of October 2015 Central Bank has announced a list of vital banks that are obliged to observe the indicator of short-term liquidity according to the set of rules “Bazel-3”. The banks mentioned were Sberbank, Gazprombank, VTB, Alfa Bank, Otkritie, Rosbank, Promsvyazbank, Raiffeisen Bank, Unicredit and Rosselkhozbank.