RIA NOVOSTI. The capital of state-run Rosselkhozbank would be increased by Rub 40 bln until the end of 2012, Finance Minister Anton Siluanov said.
“Together with Duma members we’ll be preparing amendments for the second reading (of the 2012 budget — editorial note) in order to bump up Rosselkhozbank’s capitalization by up to Rub 40 bln," he told journalists after a President-chaired meeting.
“This has been driven by the fact that under the circumstances Rosselkhozbank needs a helping hand. The money will be provided to raise rural lending and will improve the bank’s balance sheet. With the help of Duma members we’ll draft such amendments today or tomorrow," said the minister.
For the record, a day before Rosselkhozbank said that its current capital is sufficient only to maintain the credit portfolio and a cash injection is needed to raise financial support to the agricultural sector. Starting 2000 Rosselkhozbank has been annually provided with government support through cash injections into the capital to help the bank ramp up lending to the agricultural sector. Last time funds (Rub 40 bln) were injected into the bank in 2011.
As of October 1, 2012 the bank’s capital adequacy ratio equaled 13.61% while the
