The interest rate can still affect lending

Reduction of rates by the Bank of Russia may yet stimulate the growth of lending in Russia is convinced that Central Bank chairman Sergei Ignatiev. This point of view, he said today at a briefing when asked about the impact of interest rate policy of the Central Bank on the dynamics of lending. At the same time, he did not answer the question about the possibility of further rate reductions CB at the next board meeting, citing the fact that this will be a collective decision. Ignatieff only confirmed that the meeting of the Board of Directors of the Central Bank's rates will be held next Monday, May 31. Also at this meeting with media representatives Ignatieff said that the Bank of Russia considers that a slight decrease in rates on subordinated loans to banks may and drew attention to the fact that the yield on them should be comparable with the yield on government borrowing in rubles, "The government is under 7, 5% and then gives private banks at a lower rate - it would have already been directly subsidizing "- said Ignatieff. He noted that the decision should be common to all loan recipients. "The rate cut is possible, but not much (...) I believe that the rate may be reduced as interest rates on ruble-denominated markets are smaller - up to about that level and it can be reduced," - said the head of the Central Bank. However, he believes that the solution must necessarily be the same for all recipients of these loans. "It's important to not face any discrimination, to banks that have received loans had no additional benefits to those who have not received them," - called on Ignatieff, adding that he understands that doing so is difficult. Recall that the maximum subordinated debt crisis was the Savings Bank - 500 billion rubles. Last week he returned to 200 billion rubles of this amount. The second-largest state aid received VTB - at 200 billion rubles. In addition, state subordinated loans were provided to Gazprombank, Bank of Moscow and Russian Agricultural Bank, as well as a number of private banks, totaling over 400 billion rubles. Bank of Russia Chairman Sergei Ignatiev forecast in May a small net outflow of private capital from Russia. "Most likely, in May will be a small net outflow of private capital - judging by the dynamics of our foreign exchange intervention," - said Ignatieff. He sees no reason to argue that the exit of investors from the assets denominated in euros, amid the collapse of the European currency could lead to a substantial inflow of capital into emerging markets. "While this is not happening. I doubt that this is possible," - said the chairman of the Central Bank.