29 Nov 2018 09:42

VTB reduces debt to CBR to 150 bln rubles, aims to fully repay in Q1

MOSCOW. Nov 29 (Interfax) - VTB has reduced its debt to the Central Bank of Russia (CBR) that is secured by assets to 150 billion rubles and plans to completely repay it in the first quarter of 2019, the state bank's senior vice president Dmitry Olyunin told reporters on the sidelines of VTB Capital's Russia Calling! forum.

"We did in fact borrow quite a lot from the Central Bank, and in a completely standard regime - under 312-P. I want to note that now the amount of this borrowing has decreased considerably; only about 150 billion rubles remains. We expect to completely curtail this dependence soon, probably by the end of the first quarter," Olyunin said.

VTB's debt to the CBR stood at about 350 billion rubles at the beginning of November, Olyunin said earlier. The bank borrowed this money to cover a liquidity gap due to the growth of its loan portfolio. VTB reported in its IFRS financial statement for the third quarter that 350.2 billion rubles borrowed from the CBR is secured by a loan portfolio of 454.6 billion rubles.