“From working on state contracts of the banks required to have capital of 300 million rubles

In addition, the Russian government has obliged these banks to have appropriate credit rating

Photo: Reuters

– The government introduces requirements for banks working with state contracts, to have own funds of not less than 300 million rubles, said Russian Prime Minister Dmitry Medvedev.

“Well, one more document that I signed, it introduces additional requirements for banks that participate in the execution of public contracts. Their reliability should not cause any doubt, because the system of public procurement is very significant for the country and should be under control,” he said, opening the meeting with Deputy Prime Ministers on Monday.

“There are two mandatory requirements. First, this Bank must be own funds of not less than 300 million rubles. And, secondly, the appropriate credit rating – the one on this document is considered to be minimally adequate,” – said Medvedev.

According to him, such banks subject to the new requirements at the beginning of March in the area is 130.

Thus, to maintain equal opportunities for the market in the segment of Bank guarantees, the government imposes a transition period for these requirements until January 1, 2020. During this time, the banks with lower ratings to improve their performance and to obtain all required capabilities.

“So this is also one of the important documents, which should increase the confidence of entrepreneurs to the banking system, and improve actions related to the negotiation and execution of state contracts, as well as control over how this happens”, – concluded Medvedev.

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