Summary:
- (Out of office, dealing with POTUS visit)
From... Troika Dialogue Russia Market Daily:
Headline: Asset Quality Monitor – July 2009
- Central Bank Data for May show that banks remained unwilling to lend
- Overdue loans continue to rise, but a slower pace
- Deceleration in overdue loan growth in both retail and corporate sectors
- As long as banks are unwilling to lend, the share of overdue loans will continue to rise as perceptions about worsening credit quality outweigh high liquidity, falling inflation and funding rates
Headline: Central Bank Publishes May Banking Sector Data
- Bank Balance sheets continued to contract and posted minor earnings in May
- Central Bank fund dropped $18B USD in May, its role in sector liabilities is high, but gradually subsiding due to customer deposit inflows
- Still no lending – Corporate loans down 2% in May
- Capital has been reduced
- Data shows that bank's ongoing aversion to lending and the contractions of assets on the back of the Central Bank absorbing liquidity, perception of high credit risk continues to be play a negative role
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