"We expect that the subordinated debt of FC Otkritie to the Deposit Insurance Agency will be written off," Deputy Finance Minister and member of the Supervisory Board of ASV Alexei Moiseyev told Vedomosti. DIA provided the bank with 65.2 billion rubles. under the program of capitalization of banks through federal loan bonds (OFZ) in 2015. Most banks, including FC Opening, took into account state support as subordinated loans - this money should be returned. In the case of FC Opening, in 2025-2034.
Announcing the reorganization of FC Opening, the Central Bank immediately warned: the money may not return. If the capital adequacy of the bank falls below the threshold values - 5.125% for perpetual bonds and 2% for the remaining subordinated debt, the debt will be written off. There will not be any exceptions: everything will be written off regardless of when these requirements were formed, the regulator warned.
DIA debt is written off if the standard falls below 2%. Therefore, if the Ministry of Finance is preparing to write off the debt, other subordinated obligations of FC Otkritie are waiting for the same. When a trigger occurs, the requirements of the DIA are converted into shares, and they will be written off if a negative equity is found in the bank, Vasily Pozdyshev, deputy chairman of the Central Bank, explained to Reuters.
The bank has 79 billion rubles. subordinated debt and another 42 billion perpetual subordinated bonds, follows from its accounts.
The debt to the DIA will start to be written off with a decrease in the capital of FC Otkritie by about 130 billion rubles, Fitch analyst Alexander Danilov estimated, which is very likely given the estimates given by the regulator: the reorganization of the Otkritie group could cost 250-400 billion rubles.
For DIA and the Ministry of Finance, which financed the program of capitalization of banks, this will not be the first losses, but the biggest. In December 2016, Tatfondbank, which was controlled by the Republic of Tatarstan, was deprived of its license, and received 1.4 billion rubles under the state program. The same amount was received by Genbank, which is undergoing a sanation procedure, its capital will be written off, a representative of the Central Bank told Vedomosti. Another participant of the program, the bank Peresvet, is sanitized, he received OFZ for 100 million rubles.
Loss of funds can not only the DIA and the holders of the eternal bonds of FC Opening, but also its former shareholders. The Central Bank reported that it will own at least 75% of the bank, and its former owners - no more than 25%. In case of negative capital, the previous owners will lose their shares. Through the "Opening Holding" 66.64% of the bank owns Vadim Belyaev, VTB, IFD and ICT groups, Ruben Aganbegyan, Alexander Mamut.
The loss of VTB from the investment in the "Opening Holding", if the capital of FC Opening will be written off, will not exceed 10 billion rubles., Said on Thursday the president of the state bank Andrei Kostin. He said that VTB is ready to consider the purchase of FC Opening after its readjustment by the Fund for the Consolidation of the Banking Sector. "To incur losses, the value of the holding or the value of its assets must seriously change. Either the holding will go bankrupt, then we generally will write everything off, but it's too early to talk about it. But there are small amounts, "Kostin said (quoted by Interfax).
Representatives of the ICT group and the IFD-Capital group refused to comment on the possible losses in connection with the reorganization of FC Otkritie. The representative of the DIA declined to comment.
The written off "Trust"
What is now the capital of FC Opening, it is not known - the bank's statements for August have not yet been published. But at the bank "Trust", which sanitizes "Otkryt Holding", according to the results of August, the hole in the capital grew many times. And although the bank, in principle, stopped disclosing the accounts (the last one was published as of July 1), and the terms of disclosure for August have not yet arrived, the data on its capital appeared yesterday in the Single Federal Register of Information on the Facts of Legal Entities. For a month, the hole in the "Trust" grew by 203 billion rubles. almost to 317 billion rubles. On questions about how this happened, the representative of the "Holding Company" did not respond and recommended to apply to the CB press service. The representative of the regulator did not respond to the request.
Now the bank has a negative capital almost with the value of its assets - they amounted to 331.7 billion rubles. according to the results of June, says Danilov: "For two months, that the bank does not publish the reports, something clearly has happened to its balance - some kind of circuitry. Perhaps, there were assets that had to be depreciated and reserved. Perhaps, the deal was affected with interest. " A person close to FC Opening, does not exclude that assets could be transferred from the balance of FC Opening to the balance of Trust.
VTB pondered the purchase of FC Opening
It is unlikely that the "Trust" found old problems that had to be recognized urgently, as the bank was evaluated in the calculation of funds for rehabilitation and it has a schedule for creating reserves, says Raiffeisenbank analyst Denis Poryvay. Perhaps the problems of the "Trust" began in the period when FC "Otkrytie" had an outflow of funds and "Trust" carried out transactions with him, he argues. According to him, this could be the issuance of new loans, but it is unlikely that Trust could issue bad loans for such amount, which it was required to reserve urgently: they could be transferred from the balance of FC Otkritie.