The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements
Published:
8 July 2004 y., Thursday
The Russian central bank on Wednesday moved to stem the country's growing financial crisis by cutting minimum reserve requirements and pledging support for a takeover of the troubled Guta Bank by the state-controlled Vneshtorgbank.Sergei Ignatiev, the central bank governor, told the Russian parliament that his institution would provide support for a takeover of Guta, which became the most high-profile victim of the payment difficulties when it suspended operations on Tuesday.
Guta, which is owned by Guta Group, a holding company controlled by tycoon Yury Guschin, said it had approved the takeover plan, as hopes rose that depositors would be able to withdraw money again from its branches around the country by next week.
Mr Ignatiev played down suggestions of a crisis or the risk of default, and denied reports there was a "black list" of other institutions likely to be closed by regulators.
Šaltinis:
ft.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Reform of the banking system was one of the key themes at this year's World Economic Forum in Davos, with bankers coming in for a lot of criticism.
more »
Small firms have been hard hit by the economic crisis, and so must be given incentives and support, including easier access to credit, help with innovation, tax breaks and less red tape, MEPs on Parliament's Special Committee on the Financial, Economic and Social Crisis (CRIS), and experts agreed at a workshop on Monday.
more »
The elections and investiture of Porfirio Lobo as President of Honduras have cleared the way for the EU to restore normal relations with the Central American country and negotiations for signing a bi-regional Association Agreement may soon resume.
more »
The European Commission has approved applications from Lithuania for assistance under the European Globalisation Adjustment Fund (EGF).
more »
The European Commission has decided to refer Italy to the European Court of Justice (ECJ) on the basis of Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) for failing to comply with a Commission decision of July 2008.
more »
The EBRD is helping to strengthen the financial sector in Bosnia-Herzegovina (BiH) with a €50 million credit line to the Deposit Insurance Agency of Bosnia and Herzegovina (DIA), the Bank’s first investment in a deposit insurance entity.
more »
In its first investment in the natural resources sector in Bosnia and Herzegovina, the EBRD is providing a €17 million sovereign loan to finance the gasification of the Central Bosnia Canton.
more »
The EBRD is increasing the availability of financing to private businesses in Armenia with a $5 million credit line and a $3 million trade finance facility to ArmSwissBank for small and medium companies (SMEs).
more »
On January 27 the European Commission assessed the action taken by Lithuania, Malta, Latvia and Hungary in response to recommendations proposed by the Commission and endorsed by the Council in July 2009 in respect to the correction of their respective budget deficits.
more »
EUROSTAT announced that Lithuania’s GDP rose by 6.1 % in the 3rd quarter of 2009 versus the previous quarter.
more »