BREAKING NEWS: Russian Bank Halts All Cash Withdrawals

1503837_742201795803844_1750149302_nIt would appear the fears of a global bank run are spreading. From HSBC’s limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakened to 4-month wides at 192bps.  Via Bloomberg, Lender has introduced complete ban on cash withdrawals until end of week, news agency reports, citing unidentified person in call center. Bank spokeswoman declined to comment by phone My Bank is top 200 lender by assets: Prime
 NOTE: Central bank has revoked about 30 banking licenses since July 1 when Elvira Nabiullina succeeded Sergei Ignatiev as governor, compared with three in the first half of the year Interestingly, Russia’s biggest lender Sberbank has seen a 8.7% rise in deposits in December… it seems the Russian’s are realizing that bank deposits are nothing more than risky loans to highly levered entities…ZERO HEDGE
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