ANNOUNCEMENT 22 Jul 2009

In July 2009, the government of the Russian Federation announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 22 Jul 2009 | Removal date: open ended
Still in force

State loan

On 22 July 2009 entered into force Federal Law of 17 July 2009 N 168-FZ. It stipulates that the state Vnesheconombank may provide subordinated loans without collateral to Russian credit organisations. Loans may be issued until 31 December 2010. The loan maturity is up to 31 December 2020. The interest rate is set at 9.5 percent.
The total amount of subordinated loans granted by Vnesheconombank shall not exceed

  • 50 percent of the value of the capital of the credit applicant calculated as of the 1st day of the month of submission to Vnesheconombank of the loan application, and
  • 300 percent of the amount of funds received by the credit organisation after October 1, 2008 from third parties in the form of subordinated credits (loans), and/or
  • the contribution to the charter capital of this credit organisation, in its part that exceeds 15 percent of the value of own funds (capital) of the credit recipient, calculated as of 1 October 2008.

 

 

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
N/A