https://pshan.livejournal.com/216244.html

https://pshan.livejournal.com/216244.html

https://pshan.livejournal.com/216056.html

https://pshan.livejournal.com/215562.html

МОСКВА, 25 мар (Рейтер) - Структурный дефицит ликвидности в банковской системе РФ сменится профицитом со второго полугодия 2016 года из-за финансирования расходов бюджета, сказал замминистра финансов Алексей Моисеев, добавив, что в этой ситуации нельзя допускать отрицательных процентных ставок на межбанковском рынке.

"Когда тратится резервный фонд, то мы продаем доллары и евро на открытом рынке, чего мы не делаем и не планируем делать, в любом случае мы увидим увеличение чистого (предложения ликвидности) в системе", - сказал замминистра.

"Я думаю, что ждать осталось недолго, исходя из планируемого начала расходов. Я думаю, что начиная со второй половины года мы увидим это", - добавил он.

Моисеев считает, что нельзя допускать отрицательных процентных ставок на межбанковском рынке при профиците ликвидности и излишки рублей необходимо абсорбировать.

"Риски возникновения отрицательных процентных ставок при профиците ликвидности очень высоки", - сказал Моисеев.

"Расходывание резервного фонда это по сути бесплатное предоставление средств банковской системе... посмотрите, как в 2010 году резко упали ставки через два квартала после начала расходования, ситуация с ликвидностью улучшится радикальным образом", - сказал он журналистам.

"Очень плохо, когда в открытой экономике складывается ситуация отрицательных процентных ставок в реальном исчислении - это нас может привести, если ситуацию не контроливать, в 2006-2007 год, когда инфляция будет 15 процентов, а ставка - 2 процента, и это приводит к формированию пузырей и неприятностям, которые мы должны избегать", - сказал Моисеев.

https://pshan.livejournal.com/215337.html

МОСКВА, 25 мар (Рейтер) - Структурный дефицит ликвидности в банковской системе РФ сменится профицитом со второго полугодия 2016 года из-за финансирования расходов бюджета, сказал замминистра финансов Алексей Моисеев, добавив, что в этой ситуации нельзя допускать отрицательных процентных ставок на межбанковском рынке.

"Когда тратится резервный фонд, то мы продаем доллары и евро на открытом рынке, чего мы не делаем и не планируем делать, в любом случае мы увидим увеличение чистого (предложения ликвидности) в системе", - сказал замминистра.

"Я думаю, что ждать осталось недолго, исходя из планируемого начала расходов. Я думаю, что начиная со второй половины года мы увидим это", - добавил он.

Моисеев считает, что нельзя допускать отрицательных процентных ставок на межбанковском рынке при профиците ликвидности и излишки рублей необходимо абсорбировать.

"Риски возникновения отрицательных процентных ставок при профиците ликвидности очень высоки", - сказал Моисеев.

"Расходывание резервного фонда это по сути бесплатное предоставление средств банковской системе... посмотрите, как в 2010 году резко упали ставки через два квартала после начала расходования, ситуация с ликвидностью улучшится радикальным образом", - сказал он журналистам.

"Очень плохо, когда в открытой экономике складывается ситуация отрицательных процентных ставок в реальном исчислении - это нас может привести, если ситуацию не контроливать, в 2006-2007 год, когда инфляция будет 15 процентов, а ставка - 2 процента, и это приводит к формированию пузырей и неприятностям, которые мы должны избегать", - сказал Моисеев.

https://pshan.livejournal.com/215337.html

2016-03-25 07:43:40.902 GMT

By Andrey Biryukov and Evgenia Pismennaya

(Bloomberg) -- Russia hasn’t been able to line up a

suitable lead manager for a planned $3 billion Eurobond because

of U.S. and European Union pressure on major banks not to

participate, meaning the high-profile sale is likely to be

delayed or even shelved, senior officials said.

Only two Western banks are still interested in helping sell

the bond, one of the officials said, speaking on condition of

anonymity. Another official said Russia so far hasn’t been able

to find a bank big enough to successfully lead the issue that

would be willing to participate, despite sending out requests

for bids to about two dozen major banks earlier this year.

Relying on Russian banks could deter western investors,

since the country’s main lenders are subject to U.S. and EU

sanctions. Russia isn’t confident that Chinese banks could

successfully lead the offering aimed mainly at buyers in Europe

and the U.S., the second official said.

Investor Concern

A prominent underwriter is important for the Kremlin but

pressure on banks from the U.S. and EU proved stronger than the

government expected, the official said. Warnings from the U.S.

and EU to lenders to stay away from organizing the deal have

also raised concerns among investors about the risk of falling

afoul of sanctions if they buy the debt.

The Russian government itself is not subject to sanctions,

but the EU earlier this month said banks should be “mindful” of

the risks that a bond sale wouldn’t ultimately benefit

sanctioned entities, such as state-owned lenders.

“It was to be expected that international banks are

refusing to participate in our issue,” said Pavel Medvedev,

Russia’s financial ombudsman. “Until we make peace with the rest

of the world, no one is going to do us any favors and work with

Russia. For banks, this is dangerous -- they could face

punishment.”

Facing a sharp drop in budget revenue because of plunging

oil prices, Russia is scrambling to find ways to cover a

widening budget deficit. In addition to the bond issue, the

government is planning to sell stakes in some major state

companies and hoping to draw western banks as consultants later

this year.

One senior official said the government had been hoping to

use the Eurobond sale to show that Russia could still borrow

even amid sanctions. In addition, while the $3 billion planned

offering would cover only a relatively limited part of the

deficit, it would bring much-needed foreign currency, which is

in short supply now with export revenue plunging, the official

said.

March Deadline

As recently as last week, Finance Minister Anton Siluanov

said he was confident there would be strong demand for the

Eurobond issue this year. On March 1, department head Konstantin

Vyshkovsky said the ministry would chose banks to organize the

deal by the end of March, Interfax reported.

That’s now unlikely, according to the officials.

Siluanov said Thursday that there had never been a firm

deadline, other than the mandate to go to market before the end

of the year.

“One of the main reasons why they still want to issue

Eurobonds, even though it is clearly very difficult and may be

more expensive than they expected before, it is to test the

markets,” Liza Ermolenko, a London-based analyst at Capital

Economics Ltd., said. “This $3 billion is very small compared to

Russia’s deficit. They will still cover most of the deficit by

using the Reserve Fund and domestic borrowing.”

--With assistance from Anna Andrianova, Ksenia Galouchko and

Ilya Arkhipov.

https://pshan.livejournal.com/215243.html

2016-03-25 07:43:40.902 GMT

By Andrey Biryukov and Evgenia Pismennaya

(Bloomberg) -- Russia hasn’t been able to line up a

suitable lead manager for a planned $3 billion Eurobond because

of U.S. and European Union pressure on major banks not to

participate, meaning the high-profile sale is likely to be

delayed or even shelved, senior officials said.

Only two Western banks are still interested in helping sell

the bond, one of the officials said, speaking on condition of

anonymity. Another official said Russia so far hasn’t been able

to find a bank big enough to successfully lead the issue that

would be willing to participate, despite sending out requests

for bids to about two dozen major banks earlier this year.

Relying on Russian banks could deter western investors,

since the country’s main lenders are subject to U.S. and EU

sanctions. Russia isn’t confident that Chinese banks could

successfully lead the offering aimed mainly at buyers in Europe

and the U.S., the second official said.

Investor Concern

A prominent underwriter is important for the Kremlin but

pressure on banks from the U.S. and EU proved stronger than the

government expected, the official said. Warnings from the U.S.

and EU to lenders to stay away from organizing the deal have

also raised concerns among investors about the risk of falling

afoul of sanctions if they buy the debt.

The Russian government itself is not subject to sanctions,

but the EU earlier this month said banks should be “mindful” of

the risks that a bond sale wouldn’t ultimately benefit

sanctioned entities, such as state-owned lenders.

“It was to be expected that international banks are

refusing to participate in our issue,” said Pavel Medvedev,

Russia’s financial ombudsman. “Until we make peace with the rest

of the world, no one is going to do us any favors and work with

Russia. For banks, this is dangerous -- they could face

punishment.”

Facing a sharp drop in budget revenue because of plunging

oil prices, Russia is scrambling to find ways to cover a

widening budget deficit. In addition to the bond issue, the

government is planning to sell stakes in some major state

companies and hoping to draw western banks as consultants later

this year.

One senior official said the government had been hoping to

use the Eurobond sale to show that Russia could still borrow

even amid sanctions. In addition, while the $3 billion planned

offering would cover only a relatively limited part of the

deficit, it would bring much-needed foreign currency, which is

in short supply now with export revenue plunging, the official

said.

March Deadline

As recently as last week, Finance Minister Anton Siluanov

said he was confident there would be strong demand for the

Eurobond issue this year. On March 1, department head Konstantin

Vyshkovsky said the ministry would chose banks to organize the

deal by the end of March, Interfax reported.

That’s now unlikely, according to the officials.

Siluanov said Thursday that there had never been a firm

deadline, other than the mandate to go to market before the end

of the year.

“One of the main reasons why they still want to issue

Eurobonds, even though it is clearly very difficult and may be

more expensive than they expected before, it is to test the

markets,” Liza Ermolenko, a London-based analyst at Capital

Economics Ltd., said. “This $3 billion is very small compared to

Russia’s deficit. They will still cover most of the deficit by

using the Reserve Fund and domestic borrowing.”

--With assistance from Anna Andrianova, Ksenia Galouchko and

Ilya Arkhipov.

https://pshan.livejournal.com/215243.html

https://pshan.livejournal.com/214981.html

https://pshan.livejournal.com/214981.html