Thursday, February 5
Liquidity, Leverage and Access to Capital in Russia
The financial crisis that hit global markets in 2007-08, had a significant negative impact on both Russian financial markets and the economy as a whole. On the one hand, local banks faced significant problems with liquidity, which forced authorities to implement extraordinary measures. On the other hand, a lack (or even absence) of funding methods on the public debt market for both corporates and banks in 2007-08 has left the market questioning the sustainability of rapid economic growth in Russia. In addition, the refinancing problem and the risk of default have become more important to investors. Monetary authorities the world over had been trying to inject additional liquidity and support markets. How efficient were these steps in Russia? What are the prospects for Russian borrowers in terms of access to debt resources on the local and international markets? How will banks and authorities manage and/or prevent a future liquidity crisis? How can the crisis of confidence be overcome?
Fyodor Andreyev, Senior Vice President, Russian Railways
Trifon Natsis, Partner, Brevan Howard Asset Management
Sergey Pakhomov, Chairman, State Debt Committee of the City of Moscow
Sergey Shvetsov, Director of Financial Markets Operations, Central Bank
Oleg Vyugin,Chairman, MDM bank