Gref has decided to play with the state in the balls

Savings Bank of Russia may return the ten-year subordinated loan of 500 billion rubles in advance - in 2010. But if the Central Bank to lower interest rates on the loan, the largest Russian bank promises to lower mortgage rates. This was stated by head of the bank, German Gref, after a meeting of the supervisory board. Recall that a subordinated (subord) credit - $ 500 billion rubles - for 10 years at 8% per annum was granted by the major shareholder of Sberbank - the Bank of Russia - at the end of 2008. This was done under the Act further support the Russian financial system. Other banks under this law received subordy of the National Welfare Fund, the Ministry of Finance placed on deposit with Vnesheconombank. This year, in late winter in the State Duma introduced a draft law, which offers lower interest rates on loans provided by Sberbank to 4.75% to 8%. Gref emphasized the timeliness of financial assistance to banks at the height of the crisis in autumn 2008. "We would have lived quietly and without this credit, but substantially reduced their lending to the economy ... This decision prevented a number of bankruptcies", - Gref said. But today the situation has improved considerably, the Savings Bank can raise funds on the market at prices substantially lower than the rate of 8% subordinated loan securities. Gref said that Sberbank will be able to fully repay a subordinated loan in the current year - in this case, the bank's capital adequacy ratio will fall from the current 23% to 12.5%, remains within the norm of the Central Bank. "We are satisfied with any decision: a rate cut, and then we can reduce their interest rates on loans or loan repayment, if the Central Bank will agree to it ... The ball on the side of the authorities", - Gref said. As a result of amendments to the legislation since March 20, almost fixed rates on loans to individuals. "Thus, the mortgage we go to long-term loans at fixed rates. In this situation, we really need a stabilizing liability. If the rate on the subordinated loan was reduced, it would be a good basis to reduce our mortgage rates", - Gref said . However, the director of department of the Central Bank's operations in the financial market, Sergei Shvetsov, earlier said that the Bank of Russia against the rate cut on subordinated loan to Sberbank, since this could create a negative precedent.