Run auf die Banken in Russland
FlorianPascale : Run auf die Banken in Russland
Nervous Depositors Make Run on Banks
By Denis Maternovsky
Igor Tabakov / MT
People lining up Wednesday afternoon to withdraw money from one of Alfa Bank's automated teller machines on Stary Arbat.
Rumor fueled fear and fear fueled panic, sparking the biggest run on Russian banks since the 1998 crisis.
Spooked by the closure Tuesday of mid-sized Guta and reports that top-tier Alfa was on the ropes, depositors descended on banks in droves Wednesday, intensifying a trend that has seen an estimated $5 billion, or about 10 percent of all household savings, taken out of the system in the last two months.
"It's like 1998 all over again," Nikolai, a travel agency manager in his mid-40s, said as he squeezed into a packed Alfa Express branch near Sokol metro station. "I don't have much money here, but I am going to cash out just to be safe."
After three bank closures in as many months -- each bigger than the last -- intervention and reassurance by the Central Bank was not enough to calm growing concerns that a full-fledged crisis was in the making.
Hit hardest of all was Alfa, the nation's largest private bank.
Putin Aide: Russia in Crisis Run on Banks
Thu Jul 8, 2004 01:43 PM ET
By Darya Korsunskaya
MOSCOW (Reuters) - Russia's largest private bank acted to stop a run on deposits on Thursday as President Vladimir Putin's economic adviser said the country's banking industry was in crisis and blamed the government.
Alfa-Bank imposed a 10 percent commission on depositors who want to withdraw cash early as authorities fought to prevent a run on banks and bring calm to the sector.
Presidential economic adviser Andrei Illarionov made clear he disagreed with Prime Minister Mikhail Fradkov who tried earlier in the day to calm fears that banks were in trouble.
"It is obvious that there is a banking crisis," Interfax news agency quoted Illarionov as saying.
"The July 2004 banking crisis, like any other economic crisis, is a result of authorities' actions."
Alfa Bank said its special 10 percent commission was a temporary measure connected to the "panic on the market and a significant number of those wishing to withdraw their money."
The government and central bank tried to assure depositors with painful memories of a banking collapse six years ago that there was not about to be a repeat.
CB Takes Action to Help Cash-Crunched Banks
Created: 08.07.2004 13:59 MSK (GMT +3), Updated: 14:05 MSK, 5 hours 47 minutes ago
On Wednesday, July 7, the board of directors of the Russian Central Bank made a decision to lower the size of payments that all banks have to make to the Obligatory Reserves? Fund from 7 percent to 3.5 percent.
This timely decision will allow banks to receive up to 130 billion rubles ($4.3 billion) in cash before the end of the week, Garegin Tosunyan, the president of the Association of Russian Banks, said today. Tosunyan spoke at a press conference which was organized by the Association of Russia?s Managers. The Prime-Tass economic news agency quoted him as saying that the Central Bank?s decision is a ?titanic shift? in the right direction. Tosunyan also noted that the Association of Russian banks has been trying to convince the Central Bank to lower the size of obligatory payments for almost two years. He also pointed out in Europe this quota amounts to two percent, and so even with the current decrease to 3.5 percent, the Central Bank still has some way to go.
Update 3: Russian Bank Tries to Reassure Country
07.07.2004, 08:14 AM
Russia's Central Bank chief tried to reassure the country on Wednesday that its banking sector was sound, and announced that the Bank was involved in a talks aimed at rescuing the first major banking casualty from the brink of collapse.
Central Bank Chairman Sergei Ignatyev said that state-owned Vneshtorgbank was in negotiations to buy the troubled Guta Bank, a day after Guta Bank suspended operations.
Guta Bank's troubles - revealed Tuesday when clients arrived to find the operations suspension notices taped to the doors of some branches - stoked fears that a liquidity crisis that has troubled the country's smaller banks is spreading to the sector's major players.
Diese oben stehenden Artikel sind extrem wichtig für das Gold. Russland repräsentiert eine Nation von Depotinhabern mit einem hohem Bewußtsein für das Gold unter seiner Bevölkerung. Angenommen das die Depotinhaber ihr Kapital zurück bekommen können, dann werden sie es mit Sicherheit bei keiner anderen Bank einzahlen.
Mit den letzten Erinnerungen über einem beinahe wertlosen Rubel, werden die Russen nicht ihre Währung halten wenn die Atmosphäre die von einer Krise ist. Für die russischen Authoritäten die über eine Bankenkrise diskutieren, während sie die Regierung beschuldigen ist genügend Grund gegeben um eine Krise zu verursachen. Dieses neben einem schwachen US-$ reicht aus um das Gold bald über $529 steigen zu lassen.
Russland ist einzigartig in seinem Retail Bankensystem für das Gold. Es ist ein Ort wo die Beschaffung von Goldmünzen von den Depotinhabern nicht nur aktiv sondern normal bei dem Tagesgeschäft von der Bank ist.
FlorianPascale : Alfa Bank Bonds Fall to Record Low on Russia Banki
July 7 (Bloomberg) -- Bonds of Alfa Bank, Russia's largest privately owned lender, plunged to a record after Guta Bank, Russia's 22nd-largest bank by assets, yesterday halted withdrawals at its branches in Moscow.
Alfa Bank, which is controlled by Mikhail Fridman, Russia's sixth-richest man, denied the bank was having financial problems in a statement e-mailed to news agencies yesterday.
``The market is shaking with rumors about the state of health of Alfa Bank among others,'' said Piotr Piecha, a bond trader at Trust Investment Bank in Moscow.
Russia's banking system is facing its worst crisis since 1998, when the government defaulted on $40 billion of debt, prompting the collapse of some of the country's largest lenders.
Alfa's dollar-denominated bond due 2005 bond fell 3.5 cents on the dollar to 97 cents, according to Deutsche Bank AG prices at 10:06 a.m. in London. They fell 2 cents yesterday.
Bonds of OAO Sberbank, Russia's largest state-controlled bank, also fell. The dollar-denominated note due 2006 slumped 0.9 cents to 97.75.
FlorianPascale : Russian banking crisis looms
From correspondents in London
July 8, 2004
RUSSIA'S central bank may cut reserve requirements for the second time in a month after another lender closed its doors yesterday to depositors, sparking fears of a looming banking crisis.
The bank would consider lowering the reserve requirement at a board meeting last night, chairman Sergei Ignatiev told parliament yesterday.
The central bank cut mandatory reserve requirements for banks to 7per cent from 9per cent for corporate deposits on June15 after two Moscow-based banks missed interest payments by early June.
The central bank is attempting to ward off the country's first banking crisis since 1998, when the government defaulted on $US40 billion in debt, wiping out many of Russia's largest lenders.
Some banks have cut lending limits to one another following the two defaults, making it difficult for some to meet payments.
FlorianPascale : Alfa Bank Depositors Withdraw $200 Million in 3 Da
July 9 (Bloomberg) -- Alfa Bank, Russia's largest privately owned lender, said retail clients will have pulled out $200 million in three days by the end of today, amid reports in national newspapers this week that the bank was having problems.
The bank is capable of meeting demand from its clients, said Deputy Chief Executive Andrey Kosogov.
``There is money available from shareholders, and this is an additional reserve,'' Kosogov said at a press conference in Moscow. ``It is a large one, and there is an agreement that will allow to use this if necessary.''
Alfa holds $1.2 billion in retail deposits as of today, said bank board member Alexander Gafin.
Alfa and other Russian private banks are facing their biggest test of confidence since 1998, when the government's $40 billion debt default wiped out many of the country's largest lenders. Banks are now struggling to prevent a crisis after the central bank in May shut down OOO Sodbusinessbank amid money-laundering accusations, sparking a squeeze on lending. Consumer bank Guta ceased operations this week.
FlorianPascale : Illarionov: Central Bank Fueled Crisis
Friday, July 9, 2004. Page 1.
The "socialist" policies of the Central Bank are provoking the current instability and panic in the banking sector and could topple the whole financial system if left unchecked, President Vladimir Putin's top economic adviser warned on Thursday.
"All the actions by the Central Bank in recent months could only lead to a banking crisis," Andrei Illarionov told reporters. "It seems that the word 'crisis' is banned, but we have to call things what they are, and this is a banking crisis."
An Alfa Bank employee explaining the 10 percent commission Thursday to a worried client at Alfa's branch at 13 Ulitsa Polyanka.
FlorianPascale : Alfa Owners Contribute $800 Million to Stop Run on
July 9 (Bloomberg) -- Alfa Bank, Russia's largest privately owned lender, said its owners have provided an extra $800 million in capital as a run on private banks poses the biggest test to the country's financial system since the meltdown of 1998.
Customer withdrawals will reach $200 million by the end of today after a three-day run, the bank said earlier. That amounts to 14 percent of the lender's deposits, according to Bloomberg calculations based on bank data. The bank's managers are meeting daily with the country's central bank and government officials, Alfa Bank President Pyotr Aven said.
FlorianPascale : The Road to Hell Is Paved with Good Intentions
Created: 07.07.2004 18:50 MSK (GMT +3), Updated: 18:50 MSK
The Russian banking system is suffering from a very serious case of jitters. Since the Central Bank of Russia recalled the general banking license from Sodbiznesbank on May 13, accusing the bank of money laundering and sponsorship of terrorism, the banking community has been living in constant fear, trying to guess which bank is going to be next. The general sense of dismay and gloomy expectations which pervade the banking community prompted a serious liquidity shortage on the inter-bank loan market and led to crisis situations in a number of banks that were forced to cease or limit their operations.