Official: Russia can set up bank bailout agent without budget funds

MOSCOW, May 22 (PRIME) -- Possible creation of the government’s agent for bailouts of all Russian troubled banks will not require budget investments, but a final decision on its establishment has not been made yet, Deputy Finance Minister Alexei Moiseyev told reporters Friday.

“To be efficient, the bank bailout agent should certainly have a capital. The form and sources of this capital are now being discussed, spending of the budget funds is not assumed,” Moiseyev said.

At present, the Deposit Insurance Agency (DIA) each time chooses a particular bank to bail out troubled banks.

Moiseyev said earlier that the government could convert bank Rossiysky Capital, a DIA affiliate, into the bank bailout agent.

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