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VTB raises loan from Central Bank secured with gold

 
18 March 2013

VTB raises loan from Central Bank secured with gold © RIAN

VTB Bank has become the first Russian bank to join a new Bank of Russia refinancing programme and sign a loan deal secured with bullion gold.

Earlier this month, VTB provided 100 gold bullion bars with a total weight of 1.2 tonnes to the Bank of Russia as collateral for a loan. The Bank of Russia offered a credit line of up to RUB 1.6 billion.

The Bank of Russia has launched new instruments as part of expanding its refinancing programme. Gold secured loans are extended under its Regulation No 362-P On Extending Gold-secured Bank of Russia Loans to Credit Institutions. The VTB deal shows that this instrument helps lenders manage their liquidity more efficiently.

 
 
 
 
Herbert Moos, Deputy President and Chairman of VTB Bank Management Board
«I am confident that other credit institutions will follow suit, as they are definitely interested in using the latest Bank of Russia refinancing instruments.»
Herbert Moos,
Deputy President and Chairman of VTB Bank Management Board

“We are pleased to be the first large Russian bank to sign this deal, which is unique for the Russian market,” Herbert Moos, Deputy President and Chairman of VTB Bank Management Board, said. “I am confident that other credit institutions will follow suit, as they are definitely interested in using the latest Bank of Russia refinancing instruments.”  


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