Analysts: Not all commercial banks Russia lose to the devaluation of the ruble, but people have to

Due to the fact that a number of major banks RF no significant open foreign exchange position, as a result of the devaluation of the ruble to the projected losses will be minimal, analysts believe IG Renaissance Capital. Excerpts from their analytical note site SmartMoney.

Analysts "Renaissance" appreciated the impact of the devaluation of the ruble to the U.S. dollar threatens Russian banking sector in general and in particular the banks whose shares are traded on exchanges (Sberbank, VTB, "Rebirth" Bank "Saint Petersburg" and URSA Bank).

- "Sberbank" prioritize lending - the retail network pharmacies, OPK enterprises and small businesses

Open foreign currency position (different ratio requirements and obligations of a commercial bank in foreign currency - approx. Ed.) Restricted by law. Instructions Bank of Russia sets limits on open positions of each foreign currency (10% of its own funds) and the amount of open foreign currency position ( 25%) - Letters analysts Investbank. - According to the management of all five public banks, these banks are now either do not have open foreign currency positions, or data position is negligible. Thus, if the situation does not change, the potential losses from exchange rate differences should be kept to a minimum. "

Loans in foreign currency increases the risk of deterioration in asset quality, analysts note. Expressed in rubles cost of servicing loans in foreign currency could rise sharply as a result of the devaluation of the ruble, which in turn could lead to an increase in bad debts.

"The positions of Russia in this respect is better than most developing economies, loans in foreign currencies issued by natural persons and legal entities, amount to 11% and 26% of the total loan debt. Among the banks examined the proportion of foreign currency loans is highest among VTB" -- Analysts note the bank.

Contributions of the population - perhaps the most serious risk, believe in the Renaissance. For most Russians, the dollar has traditionally served as one of the most important indicators of stability, and the sharp devaluation of the ruble could trigger a rapid outflow of deposits (as happened in October), and the ruble will cease to be the main currency savings. Banks, the most actively working with private investors ( "Sberbank", "Rebirth") may be the most to lose as a result of a massive withdrawal of money. "However, we do not expect such a turn of events since the recent situation with deposits stabilized" - note the experts.

The dollar investors should be mindful of the exchange rate difference. By investing in U.S. securities Russian banks, investors mostly invested in ruble balances and, consequently, ruble revenue streams. Thus, the devaluation will lead to an equivalent percentage reduction in earnings when translated into dollars for each of the banks, analysts believe: "In the case of VTB balance of approximately equal shares represented by foreign exchange and ruble assets and liabilities that the bank provides several advantages."