17 Mar 2020 16:31

Sberbank can access around 3 trillion rubles liquidity at any time if need be, but doesn't see dramatic problems so far

MOSCOW. March 17 (Interfax) - Sberbank is better prepared than anyone for a crisis and can draw upon liquidity of 3 trillion ruble at any moment, but it does not see any dramatic problems at present, Sberbank head Herman Gref said during a conference call on Tuesday.

"We're optimistic for now. I think that the wave of panic should end in the coming weeks, and we should be able to assess how the situation will develop further in mid-April. We can see the situation in the sectors; we can see which sectors there will be a problem in. Of course, it's the oil sector, haulage, the tourist industry [...] But, nevertheless, I think that with joint efforts - the government has voiced a whole range of measures - we will be able to overcome this situation," Gref said.

He said that Sberbank was considering three scenarios of development of the crisis due to the coronavirus, and the bank comes through all of them smoothly without recourse to external support.

"Our resources are more than enough, both in foreign currency and rubles. The available amount of liquidity is approximately 3 trillion rubles. To be honest, I'm not sensing a serious, dramatic problem that might happen to us. It will be more difficult for a number of banks, their sufficiency level is entirely different, the flexibility level is different. The level of digitalization of services is different. In that regard, we are better prepared for this crisis than anyone," Gref said.