Russia state banks hold half of Norilsk - paper

MOSCOW, Dec 22 (Reuters) - Russia's state-controlled banks hold up to half the shares in metals group Norilsk Nickel as loan collateral, but for now the government has no plans to claim the stake, Vedomosti reported on Monday.

Last month Russian media said UC RUSAL put up its 25 percent stake in the world's top producer of nickel and palladium as backing for a $4.5 billion loan from state bank VEB.

Citing unnamed sources close to Norilsk Nickel, the business daily said that Vladimir Potanin, who owns around 30 percent in Norilsk, had also used some of the company's shares as collateral for a loan of over $3 billion from state-controlled bank VTB.

Falls in Norilsk's share price have prompted margin calls , and VTB could claim the shares any time, the paper reported. Norilsk shares have lost over 70 percent of their value since the start of the year.

Spokeswomen at Potanin's investment group, Interros, were not immediately available for comment.

Sources estimated the size of Potanin's collateralised stake at between 18 and 25 percent of Norilsk, Vedomosti said, which would mean state-controlled banks holding between 43 and 50 percent of the company.

The sharp falls in Russian shares have prompted a wave of margin calls for investors and for companies who had used stock as collateral for borrowing before the financial crisis kicked in.

At the same time, the global credit crunch has meant companies have little choice but to use Russia's state banks to refinance their foreign debt -- something which could eventually lead to the government having control of key companies.

The Norilsk stake has not yet been taken over as there has been no political decision to do so, Vedomosti cited a source closed to the Kremlin as saying.

VTB and Interros declined to comment, Vedomosti said.

Russian authorities have repeatedly said they do not plan to renationalise companies, and that if the state takes any stakes in firms as a result of the current crisis, it will sell them when times improve.

(Reporting by Toni Vorobyova; editing by John Stonestreet) Keywords: NORILSKNICKEL/ ([e-mail]; Tel: [phone], Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.