Russian PM signs granting 1 tln rbl OFZ bonds to DIA

GORKI, Moscow Region, Dec 29 (PRIME) -- Russian Prime Minister Dmitry Medvedev has signed an order to transfer 1 trillion rubles worth of state fixed-rate OFZ bonds to the Deposit Insurance Agency (DIA) so that it made capital injections into country’s banks, Medvedev said Monday at a meeting with his deputies.

“I have done this to raise capitalization of Russian banks and to increase the stability of the banking system, to raise the volume of loans to the real sector, to protect depositors’ interests, and to support the stability of the financial system as a whole,” Medvedev said.

Authorities must define parameters of all steps to support the country’s financial sector straight after the New Year holidays, the prime minister said.

A list of banks to be supported through the OFZ mechanism will be prepared by Wednesday and will be presented to Medvedev for signing until January 15, First Deputy Prime Minister Igor Shuvalov said.

The government must not change plans in the current conditions of economic instability, Medvedev said.

(52.0343 rubles – U.S. $1)

End