State-owned billions appeared in Genbank, one of the few working in the Crimea, at the beginning of the year, follows from its accounts. In February, about 20 billion rubles appeared on the account, where the funds of non-profit organizations in federal ownership are reflected, says Fitch analyst Alexander Danilov. On this account, in particular, funds taken from the Deposit Insurance Agency (DIA) are taken into account. "Most likely in the case of Genbank it is also the agency's money at a preferential rate so that it can earn profits and restore capital," says Danilov. He has a negative bank - minus 5.36 billion rubles.
A representative of DIA confirmed to Vedomosti that in February the state corporation granted the bank funds: 11.3 billion rubles. for 15 years to cover the imbalance, 4.87 billion for 15 years to increase capitalization and 4.1 billion for 6 years to maintain liquidity.
The Central Bank refused this method of banking recovery a year ago. Last summer, a law was adopted that added a new scheme for sanitation: the Central Bank is engaged in it itself - through its Fund for Consolidation of the Banking Sector (FSSS). This will make it possible to reduce the cost of sanation by 25-30% and return this money more quickly, save the market from banks that have worked for years with negative capital and do not comply with the standards, and list the advantages of the new scheme by the regulator's managers. Analysis of the Central Bank shows that investors sometimes use the balance of sanitized banks to place bad debts, and the funds received for rehabilitation are sent to their own projects, Elvira Nabiullina, chairman of the Central Bank, said, complaining that tighter control does not solve the problem.
After the adoption of the law, the rehabilitation was carried out under a new mechanism (FC Otkritie, Binbank, Promsvyazbank, etc.). Only the sanation of Genbank, announced by the Central Bank in August 2017, went the old fashion, although the law was already in effect.
This bank in 2014, one of the first to go to work in the Crimea, he participated in the payment of insurance to local investors. Perhaps this explains the choice of the mechanism of reorganization and the investor - it was Sobinbank, the "daughter" of Yuri Kovalchuk, who got under the sanction of the bank, and his partners.
A representative of the Central Bank then told Vedomosti that attracting an investor would prevent Genbank from losing financial stability and its own funds. According to him, Sobinbank did not ask for financial support, since it has sufficient own resources.
But something went wrong. In January, Genbank reported that the rehabilitation plan provides for financial assistance from the DIA "in an amount sufficient to ensure the restoration of its financial situation." And this week the Central Bank announced that it approved the change in the plan of financial recovery of Genbank: it can not comply with the standards for 10 years - until 2029, and its sanatorum planned the growth of the loan portfolio and the formation of the securities portfolio that "will be used as a source of repayment of obligations bank "to the DIA and the formation of capital.
Neither the Central Bank, nor the DIA on the allocation of a loan was not reported, Genbank did not disclose its amount. Representatives of the Central Bank and Sobinbank did not answer the questions.
Half of Genbank's assets are also placed in the Central Bank - 21.9 billion out of 42.6 billion rubles. as of August 1, follows from its accounts. The difference in rates helps the bank to earn and replenish capital. The portfolio of securities of the bank is 11.9 billion rubles, loans - 5 billion rubles. "The bank has an operating income: for half a year it has almost 1 billion rubles. plus interest income plus commission income. These are good indicators, and the Central Bank gave the Bank a lot of time, in theory, Genbank should have enough money to solve problems and earn new capital, if nothing changes with rates, "says Danilov.
Obviously, the Central Bank decided to use the old scheme because of fears of sanctions, the former regulator's employee notes, wondering why they did not disclose that they were providing a soft loan. "There is a sanction risk: FSCS is a separate organization, Western partners could include it in the sanctions lists, this is a smaller scale than include, for example, the DIA or the Central Bank. The latter also owns shares of Sberbank, "says Tertychny Law partner Ivan Tertychny. In addition, along with the Federal Security Service under the sanctions, the banks that he is now sanitizing - the group "FC Opening", Binbank, "Growth Bank", etc., could enter, he concludes.