We will talk about the September information battle between the Ministry of Finance and its subordinate Rodovid Bank.
Thanks to the public and the press, the Ministry of Finance realized three years later that its bank was not fulfilling its assigned functions as a rehabilitation bank.
The Ministry of Finance asked itself the question: should Rodovid be liquidated?
He even posted a corresponding statement on his website. It modestly stated that the state spent 12,35 billion hryvnias on Rodovod's capitalization.
In response, Rodovid posted information on its website detailing the good it had already done for the state. Moreover, it was prepared to continue doing so on an especially large scale. It laid out the figures and argued its case.
Well, let's take a closer look at these figures and Rodovod's financial statements for the three years it's been in reorganization. What's the use of it?
At the very top of the information is a table titled "Work with the Bank's Loan Portfolio." It's highlighted in large font so all the achievements are visible. However, after reviewing the figures, a question arises: is this an achievement or a crime?
Over the past three years, the bank has failed to refer every fourth of its 2,500 court victories to enforcement authorities. Why? Did they negotiate a kickback?
What happens next is even more interesting.
Rodovid claims credit for transferring UAH 4 billion in individual deposits to Oschadbank, along with the government securities it received for the same amount.
But didn't the state finance this transfer and the payments from the treasury? Or is Rodovid implying that it could have stolen these funds, like the previous UAH 8 billion refinancing?
Then comes information about "timely" payments to the NBU, banks, and clients. Here we learn that of the UAH 12,35 billion in refinancing received, Rodovid has already repaid the NBU a whopping UAH 405 million, or 3%. Simply royal generosity. Overall, it paints a very interesting picture.
Over the past three years, the bank has recovered UAH 1,636.77 million from debtors. Of this amount, UAH 405 million was returned to the NBU, UAH 200 million to legal entities, UAH 320 million to other banks, and UAH 60 million to depositors. Another UAH 560 million remains.
Over the years, Rodovid has spent a modest 260 million hryvnias on its own maintenance. That leaves 300 million hryvnias, which somehow got lost. Perhaps the Prosecutor General's Office should inquire where this "small change" ended up?
Now let's return to the issue of Rodovod's own expenses. According to the bank's own data, administrative and business expenses have been reduced threefold over the past three years. This is a lie. It's worth looking at the bank's expense chart for the past three years.
Indicators of “Rodovid Bank”, million UAH
Source: Rodovid Bank
We see that Rodovid's expenses remain virtually unchanged at UAH 260 million. This is despite the closure of 147 of the bank's 150 branches. The data is taken from the NBU website. So who is Rodovid trying to deceive? Us, the Ministry of Finance, the NBU, or everyone together?
There's another curious curve on the graph—Rodovod's losses. They were initially declining, but suddenly, as if by magic, they soared, reaching 250 million hryvnias in 2014. Where did all the money go? Again, a question for the Prosecutor General's Office.
Rodovid published a raft of figures to declare that it is prepared to "accept distressed assets from state-owned and recapitalized banks in order to help reduce the volume of problem debt, which will contribute to the recovery of the country's banking system."
Looking at Rodovod's achievements, one realizes that if, God forbid, it contributes to the recovery of Ukraine's banking system, it will simply die. It's time for the Ministry of Finance to wage a rematch in the information war with Rodovod and finally eliminate this financial "black hole."
Mikhail Strelnikov, Epravda
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