Russen leicht in Panik wegen mögl. Bankenkrise: Zinssatz f. Tagesgeld bei 20%

verfasst von kingsolomon, 09.06.2004, 18:40

-->Russian rates soar on bank risk fears
June 8 2004 23:28

Banks are limiting their lending to each other due to uncertainty about the central bank's efforts to clean up the system, writes Päivi Munter Russian interbank interest rates soared and the domestic bond market ground to a halt on Tuesday, hit by continued uncertainty about the central bank's next move in its quest to clean up the banking system.

Overnight interest rates breached 20 per cent at one point, compared with a recent norm of 2 to 3 per cent as banks limited lending to each other, fearing exposure to risky counterparties..... In the first move of its kind, the central bank recently revoked the licence of Sodbiznesbank, a small retail institution, under new money-laundering regulations. Fears of a wider crackdown spread after KreditTrust, another Russian bank, on Friday said that it was seeking liquidation, although it later reversed its plan.

Russia's record of financial crises, such as the government's debt default five years ago, did little to sooth the market's nerves."There are rumours that one of the major Russian banks will be affected by the actions of the central bank"...... This has fuelled hysteria. People immediately recalled the events in 1998 and have started to close their credit lines."..... According to some estimates, as many as two-thirds of Russia's nearly 1,300 banks do not perform actual banking services and should be closed........ The problem is that many banks are too small, while ownership is opaque at best. In many cases it is not clear who the owners are and what is their relation to the clients they are lending to."........ The Russian Central Bank on Monday pledged to pump liquidity into the system to shield the money market from the turbulence. The amount of cash in the banking system has fallen in recent months as the central bank has sought to mop up liquidity to limit inflationary pressures. This adds to the risk that it could freeze if the authorities' actions spark a full-blown crisis of confidence.

Thread gesperrt

 

gesamter Thread:

• Russen leicht in Panik wegen mögl. Bankenkrise: Zinssatz f. Tagesgeld bei 20% - kingsolomon, 09.06.2004, 18:40