YELTSIN ACCEPTS BANKING CONSORTIUM’S CONDITIONS.
Publication: Monitor Volume: 1 Issue: 94
President Boris Yeltsin has agreed to most of the proposals submitted to him by a consortium of Russia’s eight biggest banks. The deal’s main provision is a transfer of some of the enterprises to be privatized this year to the banks’ management. In exchange, the "Big 8" agree to give the Chernomyrdin government a hard currency loan. Yeltsin asked First Deputy Prime Minister Anatoly Chubais and acting Central Bank chairman Tatyana Paramonova to finalize the draft of the agreement. A special paragraph in the agreement stipulates that the government deploy a special unit of the MVD for the protection of the banks. Meanwhile, Russia’s Central Bank has announced that it will disclose the financial data of about 1,000 Russian commercial banks. The Central Bank’s deputy chairman said that it would publish these banks’ balance sheets and make public information about the securities they issue. (2)
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