Thursday, July 8, 2004. Page 1.
Nervous Depositors Make Run on Banks
By Denis Maternovsky
Staff Writer
§
Igor Tabakov / MT
People lining up Wednesday afternoon to withdraw money from one of Alfa Bank's automated teller machines on Stary Arbat.
Rumor fueled fear and fear fueled panic, sparking the biggest run on Russian banks since the 1998 crisis.
Spooked by the closure Tuesday of mid-sized Guta and reports that top-tier Alfa was on the ropes, depositors descended on banks in droves Wednesday, intensifying a trend that has seen an estimated $5 billion, or about 10 percent of all household savings, taken out of the system in the last two months.
"It's like 1998 all over again," Nikolai, a travel agency manager in his mid-40s, said as he squeezed into a packed Alfa Express branch near Sokol metro station. "I don't have much money here, but I am going to cash out just to be safe."
After three bank closures in as many months -- each bigger than the last -- intervention and reassurance by the Central Bank was not enough to calm growing concerns that a full-fledged crisis was in the making.
Hit hardest of all was Alfa, the nation's largest private bank.
mehr:
hxxp://www.themoscowtimes.com/stories/2004/07/08/002.html
Putin Aide: Russia in Crisis Run on Banks
Thu Jul 8, 2004 01:43 PM ET
By Darya Korsunskaya
MOSCOW (Reuters) - Russia's largest private bank acted to stop a run on deposits on Thursday as President Vladimir Putin's economic adviser said the country's banking industry was in crisis and blamed the government.
Alfa-Bank imposed a 10 percent commission on depositors who want to withdraw cash early as authorities fought to prevent a run on banks and bring calm to the sector.
Presidential economic adviser Andrei Illarionov made clear he disagreed with Prime Minister Mikhail Fradkov who tried earlier in the day to calm fears that banks were in trouble.
"It is obvious that there is a banking crisis," Interfax news agency quoted Illarionov as saying.
"The July 2004 banking crisis, like any other economic crisis, is a result of authorities' actions."
Alfa Bank said its special 10 percent commission was a temporary measure connected to the "panic on the market and a significant number of those wishing to withdraw their money."
The government and central bank tried to assure depositors with painful memories of a banking collapse six years ago that there was not about to be a repeat.
hxxp://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5622692
CB Takes Action to Help Cash-Crunched Banks
Created: 08.07.2004 13:59 MSK (GMT +3), Updated: 14:05 MSK, 5 hours 47 minutes ago
MosNews
On Wednesday, July 7, the board of directors of the Russian Central Bank made a decision to lower the size of payments that all banks have to make to the Obligatory Reserves’ Fund from 7 percent to 3.5 percent.
This timely decision will allow banks to receive up to 130 billion rubles ($4.3 billion) in cash before the end of the week, Garegin Tosunyan, the president of the Association of Russian Banks, said today. Tosunyan spoke at a press conference which was organized by the Association of Russia’s Managers. The Prime-Tass economic news agency quoted him as saying that the Central Bank’s decision is a “titanic shift” in the right direction. Tosunyan also noted that the Association of Russian banks has been trying to convince the Central Bank to lower the size of obligatory payments for almost two years. He also pointed out in Europe this quota amounts to two percent, and so even with the current decrease to 3.5 percent, the Central Bank still has some way to go.
hxxp://www.mosnews.com/money/2004/07/08/cbnormative.shtml
Update 3: Russian Bank Tries to Reassure Country
07.07.2004, 08:14 AM
Russia's Central Bank chief tried to reassure the country on Wednesday that its banking sector was sound, and announced that the Bank was involved in a talks aimed at rescuing the first major banking casualty from the brink of collapse.
Central Bank Chairman Sergei Ignatyev said that state-owned Vneshtorgbank was in negotiations to buy the troubled Guta Bank, a day after Guta Bank suspended operations.
Guta Bank's troubles - revealed Tuesday when clients arrived to find the operations suspension notices taped to the doors of some branches - stoked fears that a liquidity crisis that has troubled the country's smaller banks is spreading to the sector's major players.
hxxp://www.forbes.com/home/feeds/ap/2004/07/07/ap1445430.html
Diese oben stehenden Artikel sind extrem wichtig für das Gold. Russland repräsentiert eine Nation von Depotinhabern mit einem hohem Bewußtsein für das Gold unter seiner Bevölkerung. Angenommen das die Depotinhaber ihr Kapital zurück bekommen können, dann werden sie es mit Sicherheit bei keiner anderen Bank einzahlen.
Mit den letzten Erinnerungen über einem beinahe wertlosen Rubel, werden die Russen nicht ihre Währung halten wenn die Atmosphäre die von einer Krise ist. Für die russischen Authoritäten die über eine Bankenkrise diskutieren, während sie die Regierung beschuldigen ist genügend Grund gegeben um eine Krise zu verursachen. Dieses neben einem schwachen US-$ reicht aus um das Gold bald über $529 steigen zu lassen.
Russland ist einzigartig in seinem Retail Bankensystem für das Gold. Es ist ein Ort wo die Beschaffung von Goldmünzen von den Depotinhabern nicht nur aktiv sondern normal bei dem Tagesgeschäft von der Bank ist.
Nervous Depositors Make Run on Banks
By Denis Maternovsky
Staff Writer
§
Igor Tabakov / MT
People lining up Wednesday afternoon to withdraw money from one of Alfa Bank's automated teller machines on Stary Arbat.
Rumor fueled fear and fear fueled panic, sparking the biggest run on Russian banks since the 1998 crisis.
Spooked by the closure Tuesday of mid-sized Guta and reports that top-tier Alfa was on the ropes, depositors descended on banks in droves Wednesday, intensifying a trend that has seen an estimated $5 billion, or about 10 percent of all household savings, taken out of the system in the last two months.
"It's like 1998 all over again," Nikolai, a travel agency manager in his mid-40s, said as he squeezed into a packed Alfa Express branch near Sokol metro station. "I don't have much money here, but I am going to cash out just to be safe."
After three bank closures in as many months -- each bigger than the last -- intervention and reassurance by the Central Bank was not enough to calm growing concerns that a full-fledged crisis was in the making.
Hit hardest of all was Alfa, the nation's largest private bank.
mehr:
hxxp://www.themoscowtimes.com/stories/2004/07/08/002.html
Putin Aide: Russia in Crisis Run on Banks
Thu Jul 8, 2004 01:43 PM ET
By Darya Korsunskaya
MOSCOW (Reuters) - Russia's largest private bank acted to stop a run on deposits on Thursday as President Vladimir Putin's economic adviser said the country's banking industry was in crisis and blamed the government.
Alfa-Bank imposed a 10 percent commission on depositors who want to withdraw cash early as authorities fought to prevent a run on banks and bring calm to the sector.
Presidential economic adviser Andrei Illarionov made clear he disagreed with Prime Minister Mikhail Fradkov who tried earlier in the day to calm fears that banks were in trouble.
"It is obvious that there is a banking crisis," Interfax news agency quoted Illarionov as saying.
"The July 2004 banking crisis, like any other economic crisis, is a result of authorities' actions."
Alfa Bank said its special 10 percent commission was a temporary measure connected to the "panic on the market and a significant number of those wishing to withdraw their money."
The government and central bank tried to assure depositors with painful memories of a banking collapse six years ago that there was not about to be a repeat.
hxxp://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5622692
CB Takes Action to Help Cash-Crunched Banks
Created: 08.07.2004 13:59 MSK (GMT +3), Updated: 14:05 MSK, 5 hours 47 minutes ago
MosNews
On Wednesday, July 7, the board of directors of the Russian Central Bank made a decision to lower the size of payments that all banks have to make to the Obligatory Reserves’ Fund from 7 percent to 3.5 percent.
This timely decision will allow banks to receive up to 130 billion rubles ($4.3 billion) in cash before the end of the week, Garegin Tosunyan, the president of the Association of Russian Banks, said today. Tosunyan spoke at a press conference which was organized by the Association of Russia’s Managers. The Prime-Tass economic news agency quoted him as saying that the Central Bank’s decision is a “titanic shift” in the right direction. Tosunyan also noted that the Association of Russian banks has been trying to convince the Central Bank to lower the size of obligatory payments for almost two years. He also pointed out in Europe this quota amounts to two percent, and so even with the current decrease to 3.5 percent, the Central Bank still has some way to go.
hxxp://www.mosnews.com/money/2004/07/08/cbnormative.shtml
Update 3: Russian Bank Tries to Reassure Country
07.07.2004, 08:14 AM
Russia's Central Bank chief tried to reassure the country on Wednesday that its banking sector was sound, and announced that the Bank was involved in a talks aimed at rescuing the first major banking casualty from the brink of collapse.
Central Bank Chairman Sergei Ignatyev said that state-owned Vneshtorgbank was in negotiations to buy the troubled Guta Bank, a day after Guta Bank suspended operations.
Guta Bank's troubles - revealed Tuesday when clients arrived to find the operations suspension notices taped to the doors of some branches - stoked fears that a liquidity crisis that has troubled the country's smaller banks is spreading to the sector's major players.
hxxp://www.forbes.com/home/feeds/ap/2004/07/07/ap1445430.html
Diese oben stehenden Artikel sind extrem wichtig für das Gold. Russland repräsentiert eine Nation von Depotinhabern mit einem hohem Bewußtsein für das Gold unter seiner Bevölkerung. Angenommen das die Depotinhaber ihr Kapital zurück bekommen können, dann werden sie es mit Sicherheit bei keiner anderen Bank einzahlen.
Mit den letzten Erinnerungen über einem beinahe wertlosen Rubel, werden die Russen nicht ihre Währung halten wenn die Atmosphäre die von einer Krise ist. Für die russischen Authoritäten die über eine Bankenkrise diskutieren, während sie die Regierung beschuldigen ist genügend Grund gegeben um eine Krise zu verursachen. Dieses neben einem schwachen US-$ reicht aus um das Gold bald über $529 steigen zu lassen.
Russland ist einzigartig in seinem Retail Bankensystem für das Gold. Es ist ein Ort wo die Beschaffung von Goldmünzen von den Depotinhabern nicht nur aktiv sondern normal bei dem Tagesgeschäft von der Bank ist.
