by Tatiana Voronova and Darya Korsunskaya
    MOSCOW, February 12 (More Bank) – Russia will reduce
spectacular the estimate of the sum she thought she was recovering
of a bad bank constituted at the
following the bankruptcy of three major financial institutions,
according to three sources aware of the new calculations made for
the central bank.
    The latter has spent more than 40 billion
dollars (35.5 billion euros) to bail out Otkritie, B & N and
Promsviazbank and hoped to recover 40% to 60% of their 2,000
billion rubles (€ 27 billion) of assets transferred
at the Trust Bank, the bad bank.
    The Bank of Russia, main shareholder of the structure
only 20%, as a result
an overstatement of the origin of the assets in question, following
calculations compiled by Trust Bank officials say
the sources.
    A spokesperson for Trust Bank told More Bank that the
percentage recovered was still under evaluation. The
central bank for its part did not respond to the solicitations
    "The real recovery rate will barely exceed 20% and it will be
undoubtedly lower, "said one of the sources." These assets have
been overvalued at first. "
    A second source tables it on a recovery rate
from 10% to 20%.
    Such a revision may undermine confidence in the
central bank and could herald a surge in
weakness of the banking sector, which is suffering the fallout from
Western sanctions imposed on Russia as a result of
Ukraine's annexation of Ukraine in 2014 and the
lower oil prices.
    Outside the quartering of doubtful assets in Trust
Bank, former subsidiary of banking group Otkritie, healthy assets
of B & N and Otkritie were merged into a new
entity named FC Otkritie, that the Bank of Russia
sell in two to three years.
    Promsviazbank has retained its healthy assets and has been
reoriented as a bank for the defense sector.
    Russian Direct Investment Fund, the Russian sovereign fund,
is a minority shareholder in the "bad bank" with the aim of
prepare the sale of its assets.
    The Bank of Russia knew that the assets had been
overvalued when they have been included in the Trust Bank balance sheet,
said Vassili Pozdichev, deputy governor of the bank
    "When these assets were added to the balance sheet, we said
right away that many of them had been overvalued
three or four times, "he explained." We have them when
even integrated in the balance sheet because it is better to have assets, even
overvalued, than accept nothing in the balance sheet ".

 (With Christian Lowe
Wilfrid Exbrayat for French service, edited by Patrick