Report: Sberbank to pay 70 bln rbl to deposit insurance fund in 2018

MOSCOW, Dec 22 (PRIME) -- Russia’s top bank Sberbank will pay 70 billion rubles to the deposit insurance fund of the Deposit Insurance Agency (DIA) in 2018, CEO German Gref said in an interview to Rossiya 24 television channel broadcast late on Thursday.

The bank’s payments to the DIA were increased this year again. “Next year Sberbank’s Sberbank will reach 70 billion rubles. We will pay 50% of the fund’s money. So, the whole feast is on us,” he said.

“But if we go deeper, bailouts of all these banks, the need of huge spending of central bank’s money, and nationalization as one of the negative consequences of this – all this is significantly better than allowing these banks and many of their clients to go bankrupt.

“Let’s suppose that our three largest banks go bankrupt. Just imagine the consequences of this, the level of destabilization of the economy…In this regard, (a bailout) is a rational action, though very expensive, for which we all pay ultimately. As it is the DIA who spends the money.”

(58.5596 rubles – U.S. $1)

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