Three sources familiar with new calculations being prepared for Russia’s central bank have told Reuters that the country will dramatically cut its estimate of the sum it expects to recover from a “bad bank” set up after the collapse of three major lenders.
Since 2017, the Bank of Russia has spent over $40 billion bailing out troubled large banks Otkritie, B&N and Promsvyazbank. It had hoped to recover between 40 and 60 percent of the value of their 2 trillion rubles ($30.45 billion) assets that were transferred to Trust Bank, the bad bank, in the rescue deal.