VTB expecting to receive second tranche from NWF for 150 bln ruble in Q1 2015
MOSCOW. Dec 30 (Interfax) - VTB has confirmed its receipt of the first 100 billion rubles from the National Welfare Fund (NWF) as a subordinated deposit, the second installment of 150 billion rubles is expected before the end of Q1 2015, the state bank said in a statement.
"The purpose of the deposit is to fund sustainable infrastructure projects on the list approved by the Russian Government," the bank said.
"As a result, the bank's capital adequacy ratio under Russian Accounting Standards will exceed 12%," VTB said.
According to the website of the Central Bank, the capital adequacy ratio of VTB on December 1 was 10.24%.
"The 100 billion rubles received by VTB is the first installment of 250 billion rubles that the Government plans to provide to increase VTB's capital and for loans to businesses," the statement said.
"The second installment of 150 billion rubles is expected to be provided by the end of Q1 2015," VTB said.
Last week Finance Minister Anton Siluanov said that the Finance Ministry still has not prepared the list of projects that will be financed by banks receiving money from NWF. Therefore the 100 billion rubles allocated to VTB this year will be invested in federal loan bonds (OFZ). Once the project is ready, the bank will sell the OFZ and invest in the infrastructure projects of Russian Railways (RZD).
The Finance Ministry said on Tuesday that it carried out a closed placement of 103.575 million bonds with a face value of 1,000 rubles maturing on March 30, 2015. Return on the bonds will be the difference between the placement price and the price at which the issue is redeemed. The placement of the OFZ issue was carried out at 96.5481%.
A law stipulates that banks with equity of no less than 100 billion rubles can receive up to 10% of the NWF, which contained almost 400 billion rubles on December 1. Gazprombank is also applying for funds and it may receive 70 billion rubles.