The resolution On Approving the Requirements for Selection Criteria for Lending Institutions Authorised to Hold the Resources of a Compensation Fund Set Up by the Association of Tour Operators in Outbound Tourism, has been drafted by the Ministry of Culture.
In accordance with Federal Law No 132-FZ of November 24, 1996 On Basic Tourist Activity in the Russian Federation, a compensation fund is being created to render emergency aid to tourists in case of breech of contract or otherwise not fulfilling the obligations under a contract for a tourist product provided by members of the association of tour operators in the field of outbound tourism.
According to Article 113 of this law, the resources of the compensation fund set up by the association of tour operators in the field of outbound tourism may be held in the accounts or deposits of lending institutions in roubles and/or foreign currency.
The resolution determines the requirements for the selection criteria for such a lending institution (hereafter, banks). One, for example, is the possession by the bank of a general license from the Central Bank of Russian Federation and no less than 5 billion roubles in capital, a record of work of no less than five years, freedom from tax liabilities and other obligatory payment liabilities, as well as financial sustainability.
The requirements for criteria that define a bank’s financial stability and solvency also presuppose the existence of a long-term credit rating not lower than BB-, based on rating agencies Fitch Ratings and Standard & Poor’s classifications, and not lower than Ba3 on the Moody’s Investors Service scale.
