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Russia c.bank: Otkritie to repay debts via inter-bank borrowing
September 22, 2017 / 1:00 PM / 3 months ago

Russia c.bank: Otkritie to repay debts via inter-bank borrowing

MOSCOW, Sept 22 (Reuters) - The Russian Central Bank said on Friday it expected troubled lender Otkritie to pay back the debt it owed to the regulator by borrowing on the interbank market.

Otkritie owed the central bank 1 trillion roubles ($17.38 billion) as of the end of August, the central bank said in a monthly report on banking sector liquidity.

The lender borrowed two thirds of the money through repurchase agreement operations - known as repo - with the central bank, the report said.

The central bank said Otkritie had to borrow via repo after it suffered an outflow of clients’ deposits and struggled to borrow on the interbank market after a rating downgrade.

In late August, the central bank said it would rescue Otkritie, launching one of the biggest banking bail-outs in its history. ($1 = 57.5437 roubles) (Reporting by Elena Fabrichnaya; Writing by Andrey Ostroukh; Editing by Jack Stubbs)

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