Deposits outflow from Otkritie Bank beats all rankings

Less than two months have passed since ACRA assigned a rating to the bank, but it can reconsider it.
The Analytical Credit Rating Agency (ACRA) has placed the national rating of FC Otkritie with a "negative" outlook for revision. The agency explains its decision by a significant outflow of client resources in June-July 2017 and the increasing dependence of the bank on the refinancing operations of the Central Bank.

ACRA does this following international agencies. Last week, Moody's warned about a possible downgrade of the bank's ratings, and S & P left the rating of FC Opening in the list "under supervision" due to a possible deterioration of the situation with the bank's liquidity and its market position if the outflow continues in August.

In early July, the bank received an ACBA rating at BBB- with a stable outlook, as long as it is the lowest of all ratings assigned to ACRA by banks, according to agency materials. Low rating limits the "Opening" attraction of budget money, pension savings and Rosvoenipoteka, in addition, it is below the required minimum to include securities in the Lombard list after July 14. Insufficient level of rating forced a number of clients of "Discovery" to withdraw money from the bank, serving as one of the reasons for the outflow of funds in June-July.

In June, the companies withdrew 106 billion rubles from FC Opening. Further - more: in July the companies, mostly state ones, withdrew from the accounts in the bank 323 billion rubles, citizens - 36 billion rubles. Another 263 billion rubles. Took away other banks. According to S & P estimates, only pension funds of FC Otkritie had to return 115 billion rubles. The seizure of at least a portion of corporate deposits was unexpected for S & P analysts. Their loss, "Discovery" compensated, having borrowed in the Central Bank 333 billion rubles. With the help of repo.

Moody's estimated the outflow of client deposits for June-July to 435 billion rubles. Thus, the bank lost 20% of its liabilities.
As a result, the ratio of current liquidity (ratio of highly liquid and unencumbered assets to interbank liabilities and legal entities and individuals) decreased from 28% as of June 1 to 21% as of August 1, "which is significantly worse than that of comparable private banks," ACRA wrote in its Message.

"We placed the" Discovery "rating on the revision, because the outflows of July were significantly higher than our expectations: among them there were not only scheduled repayments within the requirements for placing funds," said Cyril Lukashuk, head of the bank ratings group ACRA. "The bank is increasing its refinancing volumes and will now depend a lot on the position of the Central Bank."
"We are in constant contact with the regulator and feel its support in the conditions of artificially created turbulence in the banking market," Anatoly Predtechensky, managing director of FC Opening, said through the bank's press service. - We believe that the availability of this support, among other things, indicates a high level of the bank's systemic importance. We expect that the agency will take into account this fact with further rating actions. "

The events significantly affect the trading in the shares of the bank on the Moscow Stock Exchange. At the end of the week, the turnover of trading in the shares of FC Otkritie increased sharply. On Thursday, the volume amounted to 2.8 billion rubles, while with paper held only 14 transactions. On Friday, the volume exceeded 16 billion rubles, with a total of 119 deals with paper. The same continued on Monday - in the evening the turnover of trades again rose sharply and amounted to 6.6 billion rubles. (69 transactions). On average, since the beginning of this year, the daily trading volume of the shares of FC Otkritie was only about 4.5 million rubles. "This paper is not particularly interesting to the market, it is low-liquid - few people follow it. At the end of last week, there really was a very large volume with a small number of transactions. It can be assumed that the bargains were made by bidders who knew each other and for some reason did not do it in the mode of negotiating trades, but through a glass, says Maxim Ryabov, a trader in the shares of BCS. It is only the regulator who receives data from the exchange who can say what kind of transactions and whether there was anything suspicious in them, says one of the managers. The representative of FC Otkritie declined to comment. "The Moscow Stock Exchange recorded an increased volume of trading," the press service of the Moscow Stock Exchange confirmed. The representative of the Central Bank did not answer Vedomosti's questions.