According to the report, AZN 91 million was allocated in 2012, AZN 113 million in 2013, AZN 93 million in 2014, AZN 51 million in 2015, AZN 199 million in 2016 and AZN 600 million in 2017.
The report says AZN 9.923 billion in total was transferred from IBA. Of this, AZN 2.314 billion was transferred in 2015 and AZN 7.609 billion in 2016.
The agency thinks that additional support to IBA is possible via further AZN 5 billion asset transfer potentially in exchange for foreign currency, other measures to close the short foreign currency position, either by conversion of IBA’s state-related liabilities into local currency or hedging, including additional capital contribution: “However, following the bad loans transfer, IBA’s margins and pre-impairment profit are negative and IBA’s growth strategy is unclear”, the report said.
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