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Banks to enjoy simplified debt refinancing procedure

A simplified procedure has been introduced for russian banks seeking to refinance their debts. They will now be able to do so by pledging promissory notes and receivables from strategic backbone organizations to the Bank of Russia.

The decision was made by the Central Bank's board of directors, the regulator's press and public relations department announced today. With this in mind, the banks will be able to refinance their debts without having to provide information on the companies indebted to them.

As reported earlier, among Russia's strategic backbone organizations are automobile industry companies, retail chains, military and industry complex companies, as well as transportation and wood processing enterprises.

Source: Financial News
Date: 12.02.2009 [219]

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