Genbank gets chance to join OFZ recapitalization program
MOSCOW. Jan 27 (Interfax) - The Russian authorities have agreed to the requests of Crimea's leadership and Genbank will be able to receive support in the form of recapitalization through OFZ federal bonds.
The board of the Deposit Insurance Agency (DIA) approved the relevant changes to the recapitalization program on Tuesday.
"Under the changes that were made, banks that meet the requirements for the procedure [for placement of OFZ with banks] and have at least 20% of all internal structural divisions of banks in a constituent member of the Russian Federation that is subject to international sanctions relating to restrictions on investment, provision of services and trade will be allowed to participate in measures to increase capitalization," the DIA said in a press release.
Such regions that have been hit by sanctions are currently Crimea and Sevastopol.