Exposure on forward exchange contracts due to the devaluation was also an aggravating factor for some banks. These six core banks had developed an intensive regional network that acted as a 'crisis-conductor'. Even though banks experienced a shortage of liquid assets due to the moratorium, Moscow offices continued to operate. Their regional branches were the first to close. Local banks that were tied to the branches of Moscow-based counterparts were also forced to experience a shortage of liquid assets.
Corporate accounts remain frozen.
The Chairman of the Russian Central Bank, Viktor Gerashchenko, has stated that the Central Bank has determined that supporting those banks is essential for restoring the soundness of the financial system in Russia and for preventing social upheaval. However, not all banks with capital sufficient for developing intensive GKO portfolios failed to perform. For example, Alfabank, state-owned Vneshtorgbank, and Sberbank continued their operations despite the ongoing crisis and proceeded with payments in hard currency with minor limitations. After initial difficulties, Dialogbank implemented a restructuring plan. In many cases, the most reliable banks following the crisis have proven to be small and medium-sized banks that have been more involved in the real sector of the economy.