Bank of Bad Debts may come back to Russia

Bank of bad debts will exist in form of an agency.

27.Mar.15 1:53 PM
By Abigail Richards
Photo bankist.ru

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Bank of Bad Debts may come back to Russia

Prime Minister of Russian federation ordered Ministry of Finance working out new project of bank of bad debt creation. It will be based on Russian Fund of Direct Investments and Vnesheconombank.

It should be noted that this question has already been discussed on March 18th during meeting with Dmitry Medvedev. The same topic arose in several days at a meeting of the Government Commission on Economic Development and Integration. According to available information Ministry of Finance representatives has officially confirmed the fact that they have received such order.

Special report made by Ministry of Finance experts has been forwarded to government of Russian federation at the beginning of the previous month. Tis report offered creation of bad debt bank in form of an independent agency. New institution was revised as a separate structure which will deal with enterprises and their lenders. However the main problem was that Russian still didn’t have such kind of institute at that time. At the same time there is still no clear understanding if such institute is necessary for the country and Russian citizens in general. This is why the government will revise new version of the project in the nearest future.

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