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Исаев Юрий
Yury Isaev
General Director, State Corporation Deposit Insurance Agency
Quotes
06.06.2019
SPIEF 2019
Is Modern Business Capable of Implementing Successful Long-Term Strategies?
We discuss corporate social responsibility a great deal. It means being honest, at least to yourself, to your shareholders, to your customers, and to your employees
14.02.2019
RIF 2019
Resources for Growth and Investment Prospects: An Analysis of Asset Realization Practices in Russia’s Regions
We have to keep balance between procedures and pace. If we violate procedures to speed them up, we will get trapped in further audits. We will never be able to act fast without changing the legislation. In our today’s situation, we sell maximum 1% of assets in the first year of liquidation procedures; about 20% in the second year and roughly 30% in the third one. These timelines have a highly negative impact on two main parameters of our performance. First of all, it is cost; secondly, not a single sane and reasonable agent will plan asset acquisitions with a 3–4-year horizon. They want to buy it now
14.02.2019
RIF 2019
Resources for Growth and Investment Prospects: An Analysis of Asset Realization Practices in Russia’s Regions
We need to change the auction procedures. For that purpose, we need to adopt the model that is efficiently functioning all over the world – it is the Dutch auction, or the swing technique, when you start with a certain price – it may even be the top one, but you trade it down quickly. You get one buyer, the auction stops, and you bull the market. I believe we need a decision and certain amendments that are hard won. We need to separate them from the general legislation and adopt them now
14.02.2019
RIF 2019
Resources for Growth and Investment Prospects: An Analysis of Asset Realization Practices in Russia’s Regions
Our main objective is to bring back the accumulated asset array to the economy through better transparency and public disclosure. They may become really interesting for regions as well, because frequently it is the small business, and an opportunity to start it over
14.02.2019
RIF 2019
Resources for Growth and Investment Prospects: An Analysis of Asset Realization Practices in Russia’s Regions
We need to change the existing principle that a bank with a revoked license first gets a temporary administration from the Bank of Russia, and only then it is us. <…>As of today, there is no need for this two-stage procedure
14.02.2019
RIF 2019
Resources for Growth and Investment Prospects: An Analysis of Asset Realization Practices in Russia’s Regions
Assets are now sold at 10–20 platforms at the same time. Such sales only confuse buyers. <…> All assets will be sold under the one-stop-shop principle, it will make the procedure more convenient for buyers
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
The main objective of the DIA's work with assets is to form the largest possible bankruptcy estate, which will be the source for settlements with creditors. But it is equally important for this activity to contribute to returning bankruptcy assets to the economy. We need to get assets worth 4 trillion roubles back to the country’s economy. They can and should become the foundation for new businesses, attract investment to the economy particular regions, create new jobs and increase tax revenues
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
Since 2004, when the Agency started acting as bankruptcy manager, ‘the worm has eaten 675 kernels’. This number includes 629 credit organizations, 34 private pension funds and 12 insurance companies. We achieved generally good results, even by international standards. On average, the level of satisfying creditors' claims went up from 5 to 41%. The number of banks under management grew almost 10 times to 322 at a time. Their volume of assets increased 300 times - almost 4 trillion roubles. Now we sell more than 50 thousand items of assets. Their total value is about USD 65 billion
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
What is the main drawback of the current property sales system? First, we can proceed only after shareholders meeting, and once the creditors committee is established and approves the procedure for property sales, including opening prices. And only after that we can start our attempts to sell this property. Then we face the following complication: according to the current legislation, we can only enter bull transactions, while the book price we start with is too high. On average we lose a year on this. Banks’ property and assets deteriorate after a bank falls out of life. This inevitably happens to any asset, especially to a loan portfolio that needs constant maintenance. The sooner we proceed with selling the property, the more money we’ll save for settlements with creditors
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
We propose to introduce Dutch auctions in Russia, which will allow us to speed up trade procedures. Under the Dutch system, we will be able to start the sale within a day. In general, this will make the liquidation procedure at least six months shorter. The overall effect is cost reduction for the bankruptcy estate. Preliminary calculations show if these proposals are implemented, the average liquidation procedure for banks can be reduced from 3 to 1.5 years, while cost reduction can reach 40%. Of course, we are talking about extending this liquidation mechanism to other financial organizations – private pension funds and insurance companies
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
We would like to create a single information showcase for sales. On average, we do over 100 trades on different sites monthly. It turns out that some assets are sold on one site, some on a different one, some somewhere else. This approach once used to be market driven and transparent. However, due to a significantly larger number of assets, as well as more assets owned by different organizations we should move towards the single-window principle. This will increase the transparency and marketability of these sales
24.05.2018
SPIEF 2018
A Second Life for Banking Assets. New Opportunities for Investment
We propose to transfer functions of provisional administration appointed immediately after license withdrawal from the Bank of Russia to the Agency. Then we will be able to start liquidation measures immediately after the license is revoked, and not after adjudication order. This will help us avoid many risks associated with the double business handover: first from the bank’s executive bodies to provisional administration, then from provisional administration to the DIA. We will save time and we will save resources