Fixed Income. Russian Banks - August RAS Data Reveals Redistribution of Deposits
Russian banks reported their August RAS data on Monday. None of the largest privately owned banks (Alfa Bank, Credit Bank of Moscow, Promsvyazbank and BINBANK) saw major outflows of client funds that could pose systemic risks at this point (albeit some sustained retail deposit outflows). Meanwhile, it appears that the failure of Otkritie FC Bank and the news flow preceding the introduction of temporary administration in late August was responsible for some redistribution of deposits within the system (effectively a flight to quality). Earlier today, the CBR announced that BINBANK's financial rehabilitation would be structured in a similar way to Otkritie FC Bank's. CBR intervention at BINBANK, coming weeks after the resolution of the Otkritie FC Bank situation, raises the risk of near-term volatility with regard to client funds. Still, given BINBANK's size (1.3% of the sector's total assets), serious sector-wide instability is hard to imagine.
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