What is the reason that investors are once again on the stock exchange to sell shares in Russian companies, many of which, after yesterday's fall began to cost less than the value of equity?
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Russia's media business associate crisis in the stock market with a much larger scale - with the liquidity crisis has engulfed Russia's banking system. For ordinary Russians, the latter is much more dangerous - if not drop the RTS and MICEX, the depositors may suffer only mutual funds and a number of investment banks, the liquidity crisis facing the temporary non-performance of obligations in a number of banks. If, however, will panic and investors will start massively collect the money from their accounts, the collapse may have been a financial disaster.
Because the outflow of capital from Russia, which has accelerated sharply since the beginning of the war in South Ossetia, as well as due to the fact that Western bankers are very reluctant to lend to Russian colleagues, from domestic financial institutions simply ran out of money.
The first signals of liquidity crisis, banks have already submitted a couple of weeks ago, when they began to take on one-day auctions Savings Bank, hundreds of billions of rubles. In addition, increased demand for money and the Finance Ministry, which are issued under the deposit auctions.
However, in the "Black Tuesday", as claimed by Russia's business media, the crisis has reached unprecedented proportions. Thus, the Vedomosti newspaper drew attention to the fact that the interbank lending rate for overnight loans reached 15 percent per annum. This small banks to attract funds have been impossible.
"Soon we all have a lot of free time, then the rest" - such a grim jokes leads traders 17 September newspaper Kommersant.
In addition, market participants interviewed by the newspaper, argued that the major players in the market - Sberbank, VTB and Gazprombank - have practically stopped lending to banks. That, in turn, to obtain funds for normal functioning, had to sell their shares Russian companies. This has created additional pressure on the market.
One of the first victims of the crisis could become (or already has) investbank "KIT Finance". According to all the same newspaper Vedomosti, the organization was unable to fulfill obligations to the counterparties of 6-8 billion rubles. In order to somehow improve the situation, "KIT Finance" began to market the securities owned by him "Rostelecom", eventually collapses capitalization carrier.
Another victim of the crisis may be companies that are credited against their shares. It is possible that they are due to lack of liquidity can change ownership, and some - go bankrupt, the newspaper Kommersant. This scenario seems plausible, since the summer of 2008 the market had already started a technical default of a number of companies "third tier", that is, small-scale, but have access to the stock exchange companies.
Smaller banks just leave derailed ..
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However, their savings in banks amount to more than 100 thousand rubles, "should be thoughtful," said in a live radio station Ekho Moskvy, Managing Director of Troika Dialog, Pavel Teplukhin.
He recommended that such depositors to turn to experts to find out whether or not to withdraw their assets. " P. Teplukhin explained that some smaller banks may burst in the current crisis. P. Teplukhin noted that those whose contributions do not exceed 100 thousand rubles, nothing to worry about.