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Russia plans further measures to prop up banks amid crisis


MOSCOW, February 4 (RIA Novosti) - Russia's government plans to work with bank shareholders to step up support for the banking sector amid the ongoing financial crisis, First Deputy Prime Minister Igor Shuvalov said on Wednesday.

Shuvalov said the government could give subsidized loans to banks equivalent to 15% of their capital on condition that shareholders provide a similar amount of money, and repeat the move later.

"We can increase banks' capital by up to 60% of their current levels through joint action by private shareholders and the state," Shuvalov was quoted as saying at an investment forum.

Shuvalov said not all shareholders would be able to raise the money, and only 50 of 1,200 banks could afford to use the scheme.

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