Russia has adopted a law on the allocation of up to 1 trillion rubles for capitalization of banks using federal loan bonds. Today it was approved in the first reading by deputies of the State Duma.
According to the law, in the exercise of the federal budget in 2014 the Russian government has the right to carry out asset contribution to assets of the Deposit Insurance Agency in order to increase the capitalization of Russian banks by up to 1 trillion rubles using the transfer of federal loan bonds.
The authors of the law think it will increase the total expenditures of the federal budget, the amount of government domestic borrowing and the upper state internal debt limit as of January 1, according to Gazeta.ru.
Earlier, Minister of Finance of the RF Anton Siluanov said that to receive support through the DIA, banks will be selected according to their system, their importance for the region, the volume of deposits and capital needs.
For her part, the head of the Accounting Chamber, Tatyana Golikova, drew attention to the fact that recapitalizing the banks by 1 trillion rubles with FLO will put the budget deficit in 2014 at 0.85% to 1% of GDP.
