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. Last Updated: 07/27/2016

Bank Has $95M Debt

MOSCOW -- Rossiisky Kredit's debts total 25.4 billion rubles ($95 million), said Valery Miroshnikov, the deputy chief of bank restructuring agency ARKO.

Liabilities to clients total 1.8 billion rubles, overdue payments to the budget and extra-budgetary funds are 3.6 billion rubles and liabilities to other creditors come to 20 billion rubles, he said.

He also said that the liabilities included forward-supply contracts. Miroshnikov said debts to foreign creditors constituted about 50 percent of the overall liabilities.

Miroshnikov said the bank will begin active operations as of 2001 and make a profit by the end of 2001. Restructuring should be done within 10 years, and if it proceeds as expected, the agency will be able to sell its share in the bank's capital to investors.