service credit rating Standard Poor `s preparing to publish an analysis of the prospects of debt repayment after a default in the banking sectors in Kazakhstan, Russia and Ukraine (KRU), which indicated the prolonged nature of the repayment of debts of banks in these countries. “We expect that the average level of debt repayment by banks KRU, allowing a default and the full cycle of recession will be less than 40% - says the report .- NBU in 2008 and 9 months of 2009 completed the elimination of 11 banks and said that the weighted average return duty on all categories of creditors was 37%. According to SP, these data refer only to the liquidated banks, and taking into account the institutions receiving financial assistance or producing a forced restructuring, it should be somewhat higher.

The SP believes that the low rate of debt repayment problem banks was due to the withdrawal of liquid assets of credit institutions of their management and shareholders long before the announcement of default or the introduction of transitional administrations. The main problems the agency sees the lack of creditors, and manipulating real information reporting by banks: “We believe that the effectiveness of the return to creditors adversely affect such factors as lack of transparency in decision-making interim managers. Their solutions are often the result of intrigues and the struggle between influential groups interests. All this is directly related to the weaknesses of banking regulation and supervision, we have witnessed over many years and which hinder the improvement of banks” ratings of the three countries under consideration. ” Private Records SP made five banks: “Ukraine”, “Nadra”, Prominvestbank and institutions that have completed the restructuring of Eurobonds - Alfa-Bank and FUIB.

The National Bank considered evaluation method SP inadequate. “There are banks, of which you did not ask a single asset, there are those, of whom brought much more than 40%. It”s hard to talk about” average temperature for the hospital, “- said the head of crisis management NBU Yuri Petrov .- We derive the 4 banks in the normal work and fully return the funds to creditors. And of the two banks as soon derive the interim administration. Unsuccessful administration of two other banks forces in the near future to apply for their elimination, as well as the assets were withdrawn and no prospects for their recovery. “If we are 3 months working with a bank from which the assets are withdrawn, he was almost one hundred percent is the elimination - he explained .- In considering the introduction of administration, we look at the assets. If they are not there, then our proposal to the board - just to eliminate” .

Head of analysis of financial markets, ING Bank Ukraine Alexander Pecheritsyn confident that with regard to Ukraine SP again used the pessimistic scenario. “The rating agencies were burned on an assessment of the international financial companies that went bankrupt, and to exaggerate, - he said .- Of course, adversely affect ratings on Ukrainian political instability and the inability to predict the decisions of state officials.” However analysts do not consider the negative examples of technical defaults in carrying out the restructuring of Eurobonds. “They reach the projected repayment schedule”, - said Alexander Pecheritsynb13.

Ruslan Black

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