Lending Losses to Be Compensated

The Central Bank has offered to compensate losses on interbank lending to four more banks after lowering the credit rating requirements, the regulator said in a statement on Monday.

The Central Bank said it had cut the minimum rating requirement for banks eligible for compensation to BB-, according to Standard & Poor's and Fitch Ratings, or Ba3, according to Moody's.

Previously the ratings requirements were set at BB and Ba1.

The Central Bank said it had offered to compensate interbank operations losses for UralSib, Russian Standard, Promsvyazbank and Nomos. All four banks are rated among the country's top 30 banks and are not publicly listed.

The Central Bank earlier offered compensation to eight banks, including state-controlled Sberbank, VTB, Gazprombank and Rosselkhozbank.

The Central Bank is trying to jump-start interbank lending, which stalled following the stock market fall earlier this year. The revival of the interbank market is among the state's top priorities.