The Federal Treasury and the state off-budget funds have been restricted with regards to the selection of banks they can deposit their funds in.
Large Organizations Do not Strive to Participate in Auctions for Placing Public Funds
"This has to do with the start of the transition towards a structural liquidity surplus that should allow banks to successfully operate without public funds," the situation was commented on by Daniil Nametkin, Deputy Head of the Department for Expert Analytics of the Analytical Center in an interview for a Rossiyskaya Gazeta correspondent. As a result, the Federal Treasury tightened regulations for banks that are authorized to employ public funds. In order to qualify, such banks now need to have at least 250 billion rubles in capital as well as the Analytical Credit Rating Agency rating of at least A+ on the national scale, the expert explained.
This has significantly reduced the number of banks that can get state deposits, seeing how there are only 7 major banks in the country that have a capital of more than 250 billion rubles, the analyst believes. "However, they took their time to get the required rating," Mr. Nametkin said. " As of late 2016, only Gazprombank and Alfa-Bank met all the requirements of the Federal Treasury, which once again highlighted the fact that financial organizations do not really need to take part in auctions to place public funds."