Vienna / Moscow. In Russia, the events over heels in the previous week, the central bank had to rescue the ailing Trust Bank from bankruptcy. Now it has been found that the bailout is not enough. Instead of the original 30 billion rubles are now 99 billion. Rubles (1.6 billion euros) is required. In addition to the Otkritie Bank, which is to take over the business of the Trust Bank, received a cash injection of billions of rubles. This rescue costs the equivalent of two billion euro increase. To finance the gold and foreign exchange reserves of the central bank are used. However, the processes involved in the Trust Bank are likely to be just the beginning. Finance Minister Anton Siluanow expected in 2015. Another bank crash
blame are the low price of oil, the Western sanctions against Russia for the operations in eastern Ukraine and the Crimea and the massive collapse of the ruble. All of tears not only banks but also many companies into the abyss. The rating agency Standard & amp; Poor’s threatens Russia with a downgrade to junk status
lending rates at 20 percent
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It is expected in mid-January will announce its decision the Agency. Russia is actually downgraded expensive for the country again borrowing. In the fight against the ruble decline the Russian central bank raised its key interest rate to 17 percent. Thus, the interest rates on loans in Russia have risen more than 20 percent, the situation for companies doing difficult, said the Russian economy minister, Alexei Ulyukayev.
Since the beginning of the ruble has about 50 percent of the value of the dollar lost and euro. . According to Finance Minister Anton Siluanow economic output could shrink by four percent next year, should oil prices remain at the current level of around 60Dollar per barrel
As explosive the situation is also reflected by the following data: In Total have Russian companies and banks accumulated a debt of 490 billion euros converted abroad. It must be repaid next year EUR 82 billion. How do you want to be seen. Because by the sanctions have Russian state companies only have limited access to Western capital markets. At the same time make international investors to the stock market in Moscow a wide berth. During the crisis, the Russian stock market crashed. Now the Russian Central Bank has announced that it will support companies with high debt abroad in repayment.
Russian President, Vladimir Putin, is confident of victory despite the turmoil. He is convinced that his country can survive a longer crisis. In support of the ruble had this year to spend 80 billion US dollars, the Russian Central Bank. Thus, the gold and foreign exchange reserves have fallen to their lowest level in four years. But the central bank still has reserves of 399 billion dollars. This will be used to support the economy.
impact on Austria
The crisis in Russia also has an impact on Austrian companies and banks. The rating agency Moody’s has in the previous week, the RZB and several Raiffeisen banks in Austria downgraded Raiffeisen Bank International (RBI). This was justified by the increased risks in Russia. Because so far included the Moscow subsidiary of RBI to the main income charms abroad. This year, the RBI but recorded a net loss for the first time in history. This impacts because of the lower dividend payments on the Raiffeisen banks.
The rating agency Moody’s threatens with a credit downgrade of Bank Austria. Even for this included the Russia-daughter in the past to important income charms.
The listed IMMOFInanz now struck in mid-December alarm. The decline of the Russian currency could reduce “more clearly than before” the profits in the coming quarters, IMMOFInanz said at the time. Therefore, it is unclear whether the shareholders receive a dividend for the current financial year 2014/15. IMMOFInanz operates five shopping centers in Moscow. In the previous week IMMOFInanz offered to the local tenants support against the ruble decay.
In Russia there is panic buying more and more. In St. Petersburg, the authorities have now even rationed the sale of the subway tokens. The chips are hoarded, as from 1 January, prices for subway rides to be raised.
For the Russian banks operating is the situation getting worse. The central bank has already saved the Trust Bank from bankruptcy. Well it turns out that the rescue costs are much higher than was previously thought. The finance minister expected in 2015. Another bank crash. The rating agency Standard & amp; Poor’s threatens Russia with a downgrade to junk status.
(“Die Presse”, print edition, 29.12.2014)
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