The creation of a system of banks run by the Central Bank (CB) categorically contradicts any logic and any laws of the development of the financial sector, because the regulator can not and should not, of course, be the owner of its own banking system, "Kostin said (his words were passed by Bloomberg) .
In his opinion, the Central Bank is unlikely to be able to withdraw from the capitals of banks, despite statements about the temporary nature of this measure. "Due to international restrictions and requirements for Basel, I think that investment capital will not come to the banking sector today. It just will not come, "- explained the president of VTB.
Until recently, financial rehabilitation of banks was carried out by the Deposit Insurance Agency (DIA). The central bank allocated loans to him at a reduced rate, and the DIA transferred these funds to banks with a minimum premium (as a rule, 0.5 and 0.51% per annum, respectively), and they placed money at market rates - usually in OFZ. Under IFRS, this created a profit - the income from the difference in rates for the entire term can be taken into account immediately - and allowed to close the hole in the capital. Well, according to the Russian Accounting Standards, sanitized banks should not comply with the Central Bank's standards and may not disclose them. In addition, funds could be issued to maintain liquidity.
The pioneer of this scheme was Kostin: VTB received 295 billion rubles. for 10 years for the rehabilitation of the Bank of Moscow. At the end of 2014, the term was extended to 15 years, which brought VTB income of 99 billion rubles.
Disadvantages of this scheme - a very long treatment, sanatoriums could use the money to solve their own problems. In addition, as the market rates declined, the treatment became more expensive: in order to close a hole of the same size, a large amount or a term was required.
Last summer, Central Bank leaders began to talk about the fact that the old mechanism is inefficient and is too expensive. Chairman of the Central Bank Elvira Nabiullina announced a new mechanism, under which the Central Bank becomes the sanatorium. For this purpose, the regulator established the Fund for the Consolidation of the Banking Sector - it will capitalize banks, which will be required to comply with the standards.
The first project of the fund in late August was the bank "FC Otkrytie" together with the well-healed bank "Trust" (together with them Rosgosstrakh withdrew to the fund). In September, the Central Bank took Binbank to the fund together with Binbank Digital and Growth Bank (it was sanated by Binbank).
Binbank owner Mikail Shishkhanov said in an interview with Vedomosti that he did not expect a readjustment under the new scheme: "We prepared a plan for the sanitation according to the old mechanism, they considered it all summer ." "Now, even abstracting from Binbank, I can say: yes, in the falling market the old mechanism of sanation does not work," Shishkhanov admitted.
The financial recovery of FC Opening may take three years, Mikhail Zadornov, who will head the sanated bank, told Vedomosti. Together with it, a whole team of VTB 24, which is being merged with VTB, will transfer to the new state bank. After the readjustment is completed, the regulator intends to make FC Opening and Binbank public and place their shares on the exchange, Nabiullina told Russia 24.
The Central Bank may indeed face difficulties in selling banks because of their large size, says expert "Expert RA" Lyudmila Kozhekina: "In this connection, the range of potential buyers is limited to Russian large financial and industrial groups and banks." According to her, banks that have passed the procedure of financial recovery are also of little interest to foreign investors. "At the same time, in conditions of weak lending dynamics and relatively low profitability of the banking sector, the rehabilitation period planned by the Consolidation Fund may not be sufficient for a full recovery of banks and access to an attractive profitability for investors," Kozhekina said. If the Central Bank and can sell the banks, it's only a loss, she sums up.
"Estimates of the timing of sales of rehabilitated banks by the regulator are more conservative in our country than the forecasts of the Central Bank - about 5-7 years. Transactions on full-scale privatization of this scale in the financial sector of Russia have not yet occurred, so the Central Bank will have to set a precedent, which in itself is not easy, "says ACRA analyst Cyril Lukashuk.
The banking business is the least attractive for investments around the world - and in Russia in particular, which will make it difficult for the Central Bank to search for an investor, he added: "This is really connected with tightening of regulation of banks and lowering of interest rates, which makes banking business less profitable."
The new mechanism of sanitation hinders competition between banks, Lukashuk believes: "This is due not only to the activities of the Consolidation Fund, but also to the expansion of the business of state-owned banks as a whole." Heads of the Central Bank personally persuaded former clients of the "Discovery" to return money to the bank and attracted new ones.
Given the size of the banks transferred to the Central Bank, most likely there was no alternative to sanitation by anyone other than the state: the workload on the capital of a potential sanatorium was too high, Kozhekina admits.
The mechanism of readjustment may be necessary for the regulator for other large banks, said at the beginning of November Deputy Chairman of the Central Bank Dmitry Tulin.