OREANDA-NEWS. January 29, 2009. The Central Bank of the Russian Federation and NOMOS-BANK have concluded an agreement on partial compensation of possible losses in the inter-bank credit market. In accordance with that document, the Bank of Russia undertakes to compensate NOMOS-BANK for a part of losses (expenses) that NOMOS-BANK may incur “under the deals, executed during the period from 14 October 2008 through 31 December 2009, with other credit organisations whose license for the conduct of banking operations was revoked”, reported the press-centre of NOMOS-BANK.

“NOMOS-BANK attaches priority importance to the participation in government measures aimed at stabilizing Russia’s banking system, — underlined Roman Pivkov, Senior Vice President of NOMOS-BANK. — The signing of the agreement providing for partial compensation of possible losses in the interbank credit market will help to expand our involvement in this process”.

Within the framework of the agreement, NOMOS-BANK plans to open credit limits to over 100 Russian banks. Particular focus will be placed on interaction with regional banks and with those banks the assets of which contain significant percentage of retail deposits. NOMOS-BANK will thoroughly examine the financial situation of its counterparties and carry out risk monitoring.

The agreement between the Bank of Russia and NOMOS-BANK has been concluded for the purpose of implementing the provisions of Article 3 of the Federal Law “On Additional Measures to Support the Financial System of the Russian Federation”. In order to be eligible for entering into such an agreement, the bank must meet the criteria established by the Board of Directors of the Central Bank of the Russian Federation. In particular, the bank must have a long-term foreign currency rating at the level “BB-” or higher according to Standard&Poor’s or Fitch Ratings, or “Bа3” or higher according to Moody’s Investors, and its own capital shall be not less than 30 milliard Roubles.