Board of Directors of the Bank of Russia approved the modified plan for the participation of the State Corporation "Deposit Insurance Agency" in preventing the bankruptcy of JSCB "Soyuz", said the Department of External and Public Relations CB.

In order to strengthen the financial condition of the proposal the agency would be implemented by the bank recapitalization additional issue of shares and subordinated to attract deposits, and also taken steps to restructure the balance sheet.

ASV will recapitalize the bank in the performance of 19 January 2010 the interim administration functions of the Bank in accordance with Federal law "On additional measures to strengthen the stability of the banking system in the period up to December 31, 2011" by reducing its share capital to 1 ruble, followed by increase tof865 billion rubles.

The additional issue of shares of JSCB "Soyuz" will be purchased ASV (50% plus 1 share) and Ingosstrakh (included in the group of companies "Bazel Oleg Deripaska, who oversaw the bank before commencement of reorganization).

Implementation approved by the board of directors of Bank of Russia activities will significantly improve the performance of the financial state of the bank, including the quality of its assets, and create conditions for further development of JSCB "Soyuz" as a financially sound credit institution, the statement says.

Total readjustment procedure were 18 banks, three of them were eliminated. 15 other banks have to pay the arrears amounting to 29 billion rubles, while for a period of crisis, these banks have issued loans to 130 billion rubles, said the head of DIA, Alexander Turbanov reporters in November. However, seven banks have already begun to enter the economic performance of Central Bank regulations. Already in January for the first time the bank will, in respect of which the readjustment procedure will zaveoshena, predicted the head of the DIA.
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