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MOSCOW, October 13 (RIA Novosti) - The upper house of Russia's parliament approved on Monday a law on extra measures to support the country's financial system, allowing the issue of subordinated loans to the largest banks and lending to rated Russian banks. The state-owned VEB bank will be allowed to issue the country's largest lending establishments foreign currency loans of up to $50 billion until December 31, 2009 to repay foreign loans taken before September 25, 2008. Russia's largest state-owned bank Sberbank, VTB, and the agricultural bank Rosselkhozbank are mostly concerned. Under amendments to the law on Russia' Central Bank, rated Russian banks will be able to obtain unsecured loans for up to six months. "Today, 116 banks in Russia have the necessary rating for obtaining an unsecured loan for up to six months from... [read full story]
