The Central Bank will continue to lend to the sinking Deposit Insurance Agency

The DIA has already taken the CBR loans at 1.7 trillion rubles for payments to depositors and reorganization of commercial banks. Without the support of the Central Bank it is not able to cope with its work.
The Deposit Insurance Agency (DIA), which borrowed more than 500 billion rubles from the Central Bank. On payments to depositors of collapsed banks and more than a trillion for the rehabilitation of banks, will be able to prolong the term of these loans. The renewal period is five years. Corresponding amendments were supported by the State Duma committee on the financial market, the agency "Prime" transferred. The chairman of the committee, Anatoly Aksakov, confirmed this to Vedomosti. According to him, the amendments bring the norms of the law on securities and deposit insurance in line. The Central Bank allocates a loan for five years, and the rehabilitation can last 10 and prolongation is objectively necessary, he points out: working with the bankruptcy of bankrupt banks and replenishing the deposit insurance fund with bank payments takes time.

The question of money for sanitation is not so acute, since these funds (1.2 trillion rubles.) DIA transferred to the sanatorium banks and will receive them back in 10-15 years. However, there were cases when the final amount required for the rehabilitation was not final - some banks applied for additional funds: we know only two cases when these applications were satisfied - they are the Bank of Moscow and Mosoblbank, reminds analyst S & P Sergei Voronenko. But the loans attracted to payments to depositors will be more difficult to return to the agency.

The Deposit Insurance Fund was emptied in the second half of 2015, two years after the Central Bank began a massive clearing of the banking sector. In 2013, DIA paid 103.9 billion rubles for payments to affected depositors, 202.4 billion rubles in 2014, and 369.2 billion rubles in 2015. Last year, insurance payments and at all doubled to 663.4 billion rubles. - an absolute record for DIA. There are no such funds in the fund - by July 2015 it was only 30.9 billion rubles. Then it was decided to finance insurance payments at the expense of the Central Bank. As a result, the DIA limit on the regulator's loans now stands at 820 billion rubles, of which, as of January 1, the agency has selected 549 billion rubles. (Loans are issued for five years).

In 2016, the fund received 660.6 billion rubles, of which 474 billion was for loans to the Central Bank (see infographics). And the fund's expenses amounted to 669.5 billion. The most significant source of replenishment of the fund is insurance premiums of banks for participation in the deposit insurance system. In 2017, the volume of insurance premiums of banks can reach 120-130 billion rubles., The press service of the DIA reported. To better fill the fund, the DIA has repeatedly raised rates and can continue in 2017.

"Rates on deposits are falling, rates of insurance premiums are rising. For foreign currency deposits, the DIA already accounts for half of the depositors' income, 18% for rubles. This is more than the income tax rate, "- complains the chief analyst of the Savings Bank, Mikhail Matovnikov (the state bank - the largest payer of the fund). He believes that the stage when contributions to the deposit insurance system stimulated bank savings, passed and the DIA turns into an element of taxation.

ASV will use the prolongation, says Fitch analyst Alexander Danilov (in the DIA this question was left unanswered). Moreover, the agency will continue to borrow from the Central Bank, as the Central Bank chairman Elvira Nabiullina said at the beginning of the year that the Central Bank had only half way to clear the banking sector, he continues, which means that it will be necessary to pay insurance to depositors of closed banks. At the same time, fees from banks do not cover the costs of payments, states Danilov: "It is very likely that the DIA will take several hundred billion rubles more." It can not be ruled out that the limit will be increased: with the current intensity of revocation of licenses, unselected funds can last for 1-2 years, unless there are outrageous cases, says Olga Ulyanova, an analyst at Moody's.

DIA will begin to settle with the Central Bank when the system enters a stable state, and fees from banks will exceed payments, concludes Danilov.