Medvedev pledges more $36B cash for banks

MOSCOW -President Dmitry Medvedev unveiled new measures Tuesday to prop up Russia's shattered banking system, injecting billions of rubles to ease a liquidity shortage one day after the country's stocks suffered their worst-ever day of trading.
Russian markets were mixed when they reopened after regulators suspended trading early Tuesday in a bid to avert further damage.
Medvedev announced the government would lend 950-billion rubles ($36.3 billion) with a five-year term to banks. Most of the money will go the country's two largest state-backed lenders, Sberbank and VTB, in an effort to get liquidity moving through the whole system. A further 223 billion rubles will be loaned to banks in particular difficulty.
This comes on top of some $170 billion pledged already by the state in recent weeks in the form of loans and relief.
Russia's liquidity crisis was triggered by September's stock market collapse and a crisis in confidence among banks.


Link to original article....Medvedev pledges more $36B cash for banks - AOL Money & Finance

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