Decision regarding’s recovery to be made this week, Evgeniy Bolotin hopes

19 November 2008 (09:02)

‘ is trying hard to attract a new investor that would be willing to deal in its financial recovery. According to the federal bill, the decision to this extent must be made by the Bank of Russia and it is to be carried out by the Deposit Insurance Agency; everything normally gets finalized within a fortnight. I believe the final decision will be taken this week, and I hope that the authorities do decide that needs this financial recovery,’ Ural Banking Union’s Deputy Chairman Evgeniy Bolotin said to’s reporters.

The bank’s website featured the news related to’s placing its applications with the Bank of Russia and the Deposit Insurance Agency on November 11, 2008. The bank needs some financial aid to be able to pay its business and private customers again. The website also stated that the bank was negotiating with a few groups of investors for financial support they could provide alongside with the Deposit Insurance Agency.

‘In case the Central Bank chooses to annul’s license, all the depositors will start getting all of their money back from the Deposit Insurance Agency no later than two weeks after this sad event. All the sums will be paid in full, except for deposits exceeding 700,000 RUR: this is the upper compensation limit,’ Bolotin added.

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