Almost six months it took the Central Bank to negotiate with the largest creditors of Peresvet Bank. As it became known to Kommersant, as of April 13, all 28 participants in these negotiations gave their consent to convert 85% of the bank's debt obligations to them into equity. However, experts doubt that with so many sanatoriums their actions will be coordinated.
About the fact that all the creditors agreed on bail-in within the procedure of financial recovery of "Peresvet", "Kommersant" told several sources. "At the meeting of creditors, everyone agreed with the proposed scheme," one of the meeting participants told Kommersant. "All banks agreed, as well as state-owned companies," another interlocutor of Kommersant said from among the creditors. Thus, Rosselkhozbank, Sovcombank, Otkryt Bank, Svyaz-Bank, Binbank and Zenit, as well as Inter RAO and RusHydro, approved their participation in bail-in creditors.
In all these organizations, Kommersant confirmed their consent to participate in the bail-in, some officially. "Yes, we agree and we very much want this procedure to take place," Mikail Shishkhanov said. "This is truly the first experience on the market." "The bank confirms its participation," the press service of Sviaz-Bank said. Press services of other organizations have either refrained from commenting, or reported that the issue is still under discussion. "The meeting of the Board of Directors on this issue is being held in absentia today, therefore we will be able to report the results only tomorrow morning," explained Kommersant, for example, in the press service of Inter RAO. "The board of directors of RusHydro plans to consider this issue in the near future," RusHydro was told. However, sources of Kommersant in all companies and banks of creditors confirmed the fact of reaching agreements. The Central Bank did not respond to a request from Kommersant.
"Peresvet" by 49% belongs to the Russian Orthodox Church and is included in the top 50 Russian banks. According to the annual accounts, the "hole" in the balance sheet of the bank as of January 1, 2017 amounted to 50.1 billion rubles. Taking into account events after the reporting date. The share of overdue debt as of January 1, 2017 amounted to 80.2% of the loan portfolio, compared with 0.95% a year earlier.
Earlier it was reported that the 28 largest creditors of the bank with the balance of funds as of November 1 in the amount of 61.93 billion rubles. Convert 85% of these funds (52.6 billion rubles.) Into a subordinated loan (accounted for in equity) at 0.51% for a period of 15 years (see "Kommersant" on November 15, 2016). On the same terms, 90% (18.6 billion rubles) of debt is converted to the four largest shareholders of the bank with a volume of funds of 20.6 billion rubles. Another 35 billion rubles. Will allocate for the rehabilitation of the Central Bank: the bank-sanatorium will be the bank of RRDB belonging to Rosneft. Thus, it is planned to spend 106 billion rubles to save Peresvet, which is more than five times the bank's capital and the volume of deposits in it.
In the bank "Peresvet" since October last year, the temporary administration of the Central Bank operated (see "Kommersant" on October 24, 2016), and in February it was replaced by the temporary administration of the Deposit Insurance Agency. "One of the main tasks is to carry out a set of measures aimed at reaching agreements with the bank's creditors with a view to converting its monetary obligations into subordinated bonds convertible into ordinary shares," the state corporation reported .- The acquisition of these bonds should be made before April 14, 2017 Year inclusive ".
Although the bail-in mechanism has already been applied in Russian practice (in 2015, the Tavrichesky and Fondervisbank banks were sanitized), in both cases the debt of one large creditor was converted into the capital of the rescued bank. On such a scale, as in the case of Peresvet, this mechanism will be applied for the first time. "Bail-in gives creditors a chance to cut losses," said Alexander Danilov, senior director of financial institutions at Fitch Ratings. "However, much will depend on whether the new management can build a normal banking business." To predict the success of the process in the event that it is necessary to negotiate with 28 shareholders is rather difficult, experts argue. "The shareholders will have to agree on the impact on the management of the bank, otherwise there is a risk that the process will be ineffective," said Yegor Grigorenko, partner of the consulting company Bain and Company. "Bail-in works with the participation of no more than two or three partners who take on Themselves an operational role and pull the whole syndicate on themselves. "