Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    New Central Bank credit of RUB 180 billion will suffice for the DepositInsuranceAgency (DIA)until the end ofthe year, TASS was told on the sidelines of the International Financial Congress by Yury Isaev, head of the Agency.

    “Should we need any more money, we will ask the Central Bank for it. Sofar, webelievewehaveenoughfinancingforthe estimated horizon. Asforme, I believe that, with such a (credit) limit, we should be able to exist until the end of the year,”he said.

    Atthesametime, Mr. Isaevdidnotruleoutthat, bytheyear’send, the DIA might need new credit from the Bank of Russia. “This (possibletimetorequestnewcredit – Ed.) will depend on the burden shouldered by the Fund. It would be pointless to try to assess this, because there are no plans for revoking licences. Let’s see what actually happens,” Mr. Isaev added.

    As stated previously, on June 24, the DIA Board of Directors approved an increase from RUB 179 billion to RUB 180 billion of a tranche from the Central Bank of the Russian Federation to replenish the Deposit Insurance Fund (DIF). The initial credit facility received from the Central Bank was RUB 110 billion, but this was later increased to RUB 250 billion and in March 2016 to RUB 420 billion. Out of this sum, the DIA has already utilised RUB 358 billion.