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Government publishes programme of anti-crisis measures for 2009
Practical Law UK Legal Update 5-386-5775 (Approx. 2 pages)
Government publishes programme of anti-crisis measures for 2009
by White & Case LLP
| Published on 08 Jul 2009 • Russian Federation |
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On 19 June 2009, the Russian Prime Minister signed the Programme of anti-crisis measures for 2009. The key measures contained in the programme are summarised here.
On 19 June 2009, the Russian Prime Minister signed the Programme of anti-crisis measures for 2009. The Programme is available on the Government's website.
The draft Programme was initially published in March 2009 and was further developed to take into account suggestions from various state authorities. The Programme specifies the priorities of the anti-crisis policies and lists certain measures to be adopted in 2009. In particular, it provides for the following measures to improve the stability of the financial system:
- Providing additional financial support to Russian banks (including granting subordinated loans).
- Encouraging consolidation in the banking sector by the creation of large banks, which will be internationally competitive and able to provide long-term project financing.
- Amending bankruptcy legislation to make financial rehabilitation procedures more effective, extend opportunities to restructure holding companies' debts and regulate cross-border insolvency issues.
- Amending insurance legislation to improve the financial stability of insurance companies.
- Amending corporate legislation to allow debt-to-equity swaps.