Russian central bank moves to stem crisis

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.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Commission approves Latvian support scheme for banks

The European Commission has approved under EC Treaty state aid rules a Latvian support scheme to stabilise financial markets by providing guarantees to eligible banks to ensure their access to financing. more »

China celebrates 30 years of reform

Gathering in Beijing, China's political elite gather to celebrate three decades of China's economic reform and market liberalisation. more »

Deals on climate and economy sealed in Brussels

After two days of intense negotiations, European leaders reached agreement on how to achieve the EU’s ambitious climate change goals and endorsed a €200bn plan to revive the flagging EU economy. more »

U.S. Senate blocks auto rescue

Detroit won't get its bailout, as the U.S. Senate blocked the measure to rescue America's big three car makers. more »

MEPs probe reasons behind world food crisis

The world is facing “an acute food crisis”. That was the verdict of a report adopted by MEPs in the Agriculture Committee on 8 December. more »

Commission proposes ways to deliver cheaper and more competitive food prices in Europe

The European Commission has agreed a Communication that aims to improve the functioning of the food supply chain in order to lower prices for consumers. more »

World Bank: 2009 will be grim

The World Bank's 2009 Global Economic Prospects report is projecting world growth will shrink to 0.9 percent next year. more »

Democrats submit auto loan plan

Prospects for a federal aid package to help the US auto industry advanced on Monday. more »

More regulation on the way in shadow of declining economy

A new report from Aite Group LLC explores possible regulatory and legislative responses to the current financial crisis, with particular attention paid to three key topics: consumer lending, risk management and deposit relationships. more »

Market, economic changes make this significant time for ATMs

A new report from Mercator Advisory Group's Retail Banking Practice focuses on the ATM and the multifaceted role it plays in the retail banking market. more »