Average maximum rate on ruble deposits ten largest banks attracting the largest volume of deposits of physical persons, for the first time in 2014 were higher Bank of Russia key rate. The special offers of banks for the may holidays has played in this growth is not the main role of the ten largest banks, such action is only three. According to experts, banks fear a repeat of the outflow of funds from deposits, which happened in late March—early April.Thursday, may 14, the Bank of Russia has published the average maximum rate on deposits for the first ten days of may. For the first time in 2014, it had exceeded the key rate, amounted to 5.51% (an increase of 0.15 PP). Central Bank lowered its key interest rate at the end of April once 50 basis points to 5.5%. However, there are Parallels with 2014 in this case does not make sense, because at that time, the average maximum rate all year and the key rate was trying to catch up. Managed to do it only in December, when the key rate was increased immediately by 6.5 percentage points to 17%. Now the reduction of the key rate is superimposed on the rate hike by banks.Indeed, currently the majority of credit institutions in the top 10, which is considered as average rate, maximum interest on the basic contributions (in which no additional conditions for opening and use of Deposit), or higher than, or equal to the key rate: As a rule, on the eve of the may holidays traditionally banks raise rates. “The fact is that, leaving for a long weekend, customers often withdraw large sums and then for a very long time and are reluctant to return their deposits,”— says Deloitte partner Ekaterina Trofimova. Director of the group ratings of financial institutions of an ACRE Valery Piven also says that banks may introduce deposits with increased interest rates to stabilize the outflow on the eve of a long weekend. However, according to Ekaterina Trofimova, this year banks was markedly less active in the proposal of the special events dedicated to the may holidays. Of the top 10 such special offers were able to detect only three banks.More important reason for raising rates, according to Ekaterina Trofimova, is that after the outflow at the end of March—beginning of April, the banks fear a new round of possible withdrawals of deposits and hedged, raising the stakes. The reduction of the key rate reduces first of all repo transactions with the Bank of Russia. “But the basis of resource base of banks — deposits — remains under pressure due to declining revenues and the repayment of loans in April fell sharply,” says managing Director of rating Agency NKR Stanislav Volkov. In this situation, according to him, banks reserve repo transactions with the Central Bank in case of deterioration of the situation and try not toto put a significant outflow of clients ‘ funds.Maxim Builov
