A Regular Meeting of VEB’s Supervisory Board Held

18 марта 2013 года
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D. Medvedev’s Opening Address:

Today, we’ll discuss a lot of important questions. Above all I would like to mention a successful placement of a debut issue of euro-denominated eurobonds. I know that in general they are in demand among foreign investors and this is a sign of a favorable climate and the international business community’s trust in the Bank and in Russia as a whole. This is a positive development especially taking into account rather strange and controversial decisions being taken by some European Union member states, here I mean Cyprus. To put it bluntly, it looks like a seizure of other people’s money. I don’t know who the author of this idea is but it looks something like this. This sort of practice was unfortunately well-known and common in the Soviet period when money was exchanged with the use of coefficients and was not returned. But Cyprus is a country with a market-oriented economy and a member of the European Union. There is no doubt that we have to make certain conclusions from this experience as we maintain our own ties with Cyprus and we are sure to continue consultations. And we’ll have to adjust our position to some extent being aware that it’s better to keep money in Russian banks. Therefore, this makes us think about improving business climate and business environment in our country. This is a sort of lyrical digression about international developments that make markets shake up and cause currency exchange rates adjustments.

And now let’s move to our agenda. One of the issues is to approve programs of issuing classical and stock market bonds by VEB with a nominal value of 590 billion rubles. This must give the Bank a greater flexibility upon choosing proper timing for bond placement. By placing bonds on the market the Bank will b e able to obtain long-term credit facilities on favorable terms and use them to fund large-scale investment projects.

We have also to discuss main parameters of transactions to invest pension savings funds. I’d like to remind you that in late 2009, VEB was allowed to purchase non-government bonds through using pension funds of the so-called undecideds and form additional instruments for raising long money for Russia’s real economy and this is of course very important. As of December 31, 2012, the Bank purchased these bonds for an amount of 330 billion rubles and the bond portfolio yield rate amounted to more than 9% - almost 2.5% higher than the annual inflation rate.

Moreover, restrictions were removed on purchasing bonds backed by government guarantees of the Russian Federation as well as bonds of domestic companies with long-term credit rating no lower than sovereign rating. To be more precise, in order to better protect pension money, main transactions parameters – expected amount of purchase, maturity of bonds - are to be approved by Vnesheconombank’s Supervisory Board.

VEB has already received official applications from RZHD, the Federal Network Company, the Housing Mortgage Lending Agency and some other companies for placing bonds this year for a significant sum of about 240 billion rubles.

The funds will be used to finance long-term infrastructure projects, address housing problems, develop and introduce innovative technologies, including transport technologies that are being introduced in RZHD and the Federal Network Company. We need money to reconstruct substations in various regions of our country.

Furthermore, we’ll discuss potential participation of another 30 companies in this program. They want to place bonds this year for an amount of more than 200 billion rubles. We’ll have a look at the Bank’s regulatory documents including its risk management policy. This policy is to specify unified principles of managing risks and reporting formats within VEB Group. I know that to this end the Bank used the world’s best practices and business experience of leading development institutions as well as recommendations of the Basel Committee for Banking Supervision. I hope that this will boost the Group’s financial sustainability and its asset management efficiency.

And finally, we’ll have to appoint a competition committee on the Development Award instituted by Vnesheconombank in 2012. It will be given to companies and organizations at the Petersburg International Economic Forum. This award will be presented for implementing quality investment programs and projects. Nominees are to be selected by leading experts and employees of the Government economic sector and naturally by VEB’ representatives.

This once again confirms that we are trying to improve business climate and support those who work in conformity with the law and efficiently.

After a Meeting of Vnesheconombank’s Supervisory Board VEB Chairman Vladimir Dmitriev Answered Journalists’’ Questions

V.Dmitriev: At our regular meeting of Vnesheconombank’s Supervisory Board we discussed about 20 issues related to Vnesheconombank’s day-to-day activity including investment projects and our efforts to coordinate a number of regulatory documents at our Supervisory Board meetings. Above all, I’d like to stress that our Supervisory Board approved a program of borrowings on the domestic market. The program provides for issuing ruble and currency - denominated bonds for a total amount of 590 billion rubles taking into account that the plan of developing Vnesheconombank’s investment activity provides for committing 770 billion rubles to support investment projects. It goes without saying that some funds will be made available through issuing domestic ruble and currency-denominated bonds. Ruble-denominated bonds are to be issued for an amount of 220 billion rubles and as far as dollar-denominated bonds are concerned we plan to make two bond issues worth 500 million each, euro-denominated - for an amount of 300 and 500 million euros.

Moreover, we have also discussed issues related to funding a number of Olympic facilities taking into consideration changes in the current situation and the need to support investors participating in implementing investment projects. We have considered an issue on increasing limits for several resident banks. A whole number of issues were devoted to coordinating regulatory documents on Vnesheconombank’s day-to-day activity. We discussed our credit and risk management policies with regard to all members of Vnesheconombank Group. We also discussed issues related to Vnesheconombank’s subsidiaries operating abroad and made appropriate decisions designed to support their financial activity. Here I mean credits extended for day-to-day activities of our subsidiary institutions.

As far as EXIAR is concerned (the Export Credit Agency of Russia) we have approved an auditor – Ernst&Young.

As to audit, today we have also approved Vnesheconombank’s auditor’s report for the 4th quarter of last year and a report of an official who is responsible for meeting insider information requirements by the Bank.

These are the issues we have discussed today as a whole. As far as regulatory documents are concerned we made significant headway in introducing unified operational standards for Vnesheconombank Group.

Question: Have you discussed the Cypriot issue mentioned by Mr. Medvedev at the start of the meeting?

V.Dmitriev: No, we haven’t.

Question: What do you think about the decision taken by the Cypriot authorities?

V.Dmitriev: I have nothing to add to what the Prime Minister and the Chairman of our Supervisory Board said on this account.

Question: Did Mechel turn to VEB for financing the Elginsk deposit development?

V.Dmitriev: Yes it did.

Question: How much money do they ask for? And how much money is VEB ready to provide?

V.Dmitriev: Let’s do it in the following way. First, we’ll consider this proposal and submit it to consideration by our corporate governance bodies and then we’ll be able to talk about financing amounts.

Question: You’ve mentioned an issue of increasing limits for resident banks. Does this concern Olympic facilities?

V.Dmitriev: No, it doen’t. This concerns our usual transactions with them.

Question: What banks are they? And what’s the amount of increase?

V.Dmitriev: They are VTB Bank, SME Bank and Sberbank but I don’t remember the amount of increase.

V.Dmitriev: Thank you.

 

Origin: Internet-Portal of the Government of the Russian Federation

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Vnesheconombank Raises Credit Facilities from the European Investment Bank

15 марта 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the European Investment Bank (EIB) entered into a credit agreement. Under the agreement EIB is to extend 200 million euros to Vnesheconombank to fund projects of small and medium-sized enterprises as well as other projects in line with financing institutions’ standards. Projects are expected to be funded through Vnesheconombank’s subsidiary banks.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of EIB – by Vice President Anton Rop.

The parties give high priority to projects designed to develop socio-economic infrastructure including transport and power engineering infrastructure; information and telecommunications technologies, local private sector, ecological projects (including mitigating climatic change consequences).

This agreement would help to enhance mutually beneficial cooperation between Vnesheconombank and EIB as part of supporting the initiative “Partnership for Modernization” put forward by the European Union and the Russian Federation at the summit in June of 2010.

The credit agreement was made to build on the Memorandum of Understanding signed by the parties earlier. Under the Memorandum the financing institutions agreed to work together on projects being implemented by European and Russian companies in Russia as part of Partnership. The parties agreed to extend up to 500 million euros each to this end provided that potential projects are in line with financial criteria of Vnesheconombank and EIB.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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IFC to Develop a Banking Product for Vnesheconombank to Fund Energy Efficient Projects

14 марта 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Finance Corporation entered into an agreement on providing services to develop a banking product designed to fund projects in energy efficiency.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of IFC – by IFC Director for Europe and Central Asia Tomasz Telma.

The said agreement would allow Vnesheconombank to engage international expertise to develop a new product designed to fund projects in energy efficiency.

Under the agreement IFC is to assist Vnesheconombank in developing a mechanism for indentifying potential energy efficient projects and in forming their portfolio. There are plans to do research on the market for energy efficient projects by sectors and regions of the Russian Federation as well as conduct teaching trainings for Vnesheconombank’s employees.

This agreement’s implementation would help to upgrade the methodological base for forming portfolio of energy efficient projects and assist Vnesheconombank in raising long-term financial resources of international financing institutions to fund such projects.

The International Finance Corporation (IFC) established in 1956 is a member of the World Bank Group. 184 countries are IFC’s shareholders including the Russian Federation. They jointly determine its policy through their participation in the Board of Directors. IFC renders assistance to developing countries in ensuring sustainable growth by way of funding investments, raising capital on international financial markets and providing consulting services to companies and governments.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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A Meeting of the Working Group “Development Institutions’ Activity on Concrete Territories including in Innovation Territorial Clusters”

14 марта 2013 года
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A meeting of the Working Group “Development Institutions’ Activity on Concrete Territories including in Innovation Territorial Clusters” headed by Vnesheconombank Deputy Chairman Irina Makieva was held at Vnesheconombank.

The meeting’s participants discussed top priority objectives of the Working Group’s activity. In order to achieve synergetic effect in developing industrial and innovation clusters on the territory of the Russian Federation a decision was made to set up a unified data base (matrix) on potential instruments and banking products used and developed by the Working Group’s participants.

The Working Group “Development Institutions’ Activity on Concrete Territories including in Innovation Territorial Clusters”is comprised of representatives from Vnesheconombank, the Russian Economic Development Ministry, Sberbank of Russia, VTB Bank, National Research University Higher School of Economics, Housing Mortgage Lending Agency, ROSNANO, the Innovation and Development Agency, RVC, the Russian Chamber of Commerce and Industry, the Russian Technological Development Fund, the Skolkovo Innovation Center, the SME Development Fund.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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A meeting of the Russian Part of the Russian-Swedish Business Council Held

6 марта 2013 года
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An expanded thematic meeting of the Russian Part of the Russian-Swedish Business Council (RSBC) “Russia- Sweden: legal aspects of cooperation” was held at Vnesheconombank.

In attendance of the meeting were representatives of RSBC member companies, Russian government institutions, the Agency for Legal Consulting on Doing Business in Sweden.

A welcoming address to the meeting’s participants was given by Deputy Chairman – Vnesheconombank Board Member – Executive Director of the Russian-Swedish Business Council Alexandr Ivanov. Director of the Second European Department of the Russian Foreign Ministry Victor Tatarintsev informed the participants about the current stage of the Russian-Swedish bilateral relations.

In the course of the meeting its participants studied the Economic Development Ministry’s information on the Russian-Swedish business development and discussed issues of business, commercial, customs and tax law in Sweden.

The Russian-Swedish Business Council is a nongovernmental public organization. The Council’s activity is to be undertaken on a pro bono basis uniting Russian and Swedish companies and institutions irrespective of ownership type. Vnesheconombank and Ericsson Concern respectively are to be responsible for coordinating activities of the Council’s Russian and Swedish parts and managing its executive bodies.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

1 марта 2013 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund as of March 1, 2013.

In pursuance of Regulation of the Russian Government dated December 29, 2007 № 955 “On the Procedure of Managing Financial Resources of the Reserve Fund”, oil and gas revenues of the federal budget for 2012 in the amount of 713.48 billion rubles transferred to the account to record financial resources in rubles of the Reserve Funds were converted in foreign currency in full in January of 2013.

The Reserve Fund

The aggregate amount of the Reserve Fund was 2 592.89billion rubles, which is equivalent to 84.68 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 38.08 billion US dollars
  • 29.40 billion euros;
  • 5.40 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to February 28, 2013 was 0.09 billion US dollars, which is equivalent to 2.83 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to February 28, 2013 was a negative value of (-)6.26 billion rubles.

The National Wealth Fund

The aggregate amount of the National Wealth Fund was 2 682.58 billion rubles which is equivalent to 87.51 billion US dollars including:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 27.66 billion US dollars;
  • 24.15 billion euros;
  • 4.39 billion pounds sterlings;

2)     474.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

The aggregate income from placing the Fund’s financial resources on Vnesheconombank’s deposits from January to February 2013 amounted to 6.87 billion rubles which is equivalent to 0.23 billion US dollars.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to  February 28, 2013, was 0.07 billion US dollars, which is equivalent to 2.15 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to February 28 31, 2013 was a negative value of (-) 9.60 billion rubles. The exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was
a positive value of 1.55 billion US rubles.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

 

Origin: Press Service of Russia’s Finance Ministry

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Vnesheconombank, the Russian Direct Investment Fund (RDIF) and Caisse des Depots et Consignations Intend to Enhance Investment Cooperation

28 февраля 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Russian Direct Investment Fund (RDIF) and France’s State-Run Financial Group Caisse des Depots et Consignations (CDC) entered into a Memorandum of Understanding at the Kremlin in the presence of Russian President Vladimir Putin and French President Francois Hollande.

From the Russian side the Memorandum was signed by Vnesheconombank Deputy Chairman – Board Member Alexandr Ivanov and Director General of the Russian Direct Investment Fund Kirill Dmitriev, from the French side – by Director of European and International Affairs – CDC Board Member Laurent Vigier.

The Memorandum provides for enhancing interaction in direct investments and promoting economic cooperation. The parties agreed to ease access to long-term capital of Russian and French companies, participating in trade-economic relations between Russia and France. To this end, a working group is to be set up which will be responsible for exploring potential of Russian –French investment partnership as well as for developing specific models of its implementation.

According to Vnesheconombank Deputy Chairman – Board Member Alexandr Ivanov the Memorandum signed will give new impetus to relations between Vnesheconombank and CDC. It will help to raise long-term investments for Russia’s economy in order to implement major infrastructure development projects.

Commenting on the Memorandum signed Kirill Dmitriev said, “We cooperate with the largest international companies and funds. Mr. Laurent Vigier participates in our Fund’s Supervisory Board and we know that cooperation with our French partners opens up considerable opportunities. Joint investments in the format of public private partnership are an efficient instrument for achieving sustainable economic growth”.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank Places Debut Eurobond Issue in Euros

21 февраля 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a debut Eurobond issue denominated in euros. Two tranches were raised:

  • a 5-year tranche worth 1 billion euros at a coupon rate of 3.035% (195 basis points in addition to mid-market swap rate);
  • a 10-year tranche worth 500 million euros at a coupon rate of 4.032% (215 basis points in addition to mid-market swap rate);

The organizers of the bond issue were Barclays, Commerzbank, ING и Societe Generale.

Investors’ bids with regard to the 5-year bond issue exceeded more than 3 times the initially offered volume, with regard the 10-year bond issue – more than 2 times.

Both bond issues are noted for wide diversification in terms of investors’ type and regional distribution.

According to Deputy Chairman, Board Member Alexandr Ivanov this Eurobond issue is debut for Vnesheconombank. “A marketing strategy chosen by VEB made it possible to complete the bond placement setting coupon rates with regard to Series7 and 8 at substantially lower rates than the initially announced benchmark. The 5-year and 10-year bond issues made it possible to set bench marks on Vnesheconombank’s yield curve for further placements in this currency,” he said.

“The Eurobond issue was in great demand among foreign investors. We have a very high opinion of the international investment community’s trust and confirm that developing and promoting long-term cooperation with investors remains to be one of Vnesheconombank’s priorities,” he stressed

The funds raised as a result of the Eurobonds placement will be used to fund top-priority projects of the Bank for Development.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank Makes a Secondary Offering of Currency-Denominated Bonds of Series 01v

21 февраля 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ went through the offer procedure and made a secondary offering of US dollar-denominated bonds of Series 01v with a total par value of 500 million US dollars.

A coupon rate of 1.99% per annum with a new offer in one year was set with regard to the bonds. In the course of implementing the current offer Vnesheconombank bought out bonds worth 10 million US dollars.

The bid book for purchasing the bonds as part of a secondary offering was successfully closed on February 20. The total demand for bonds of Series 01v amounted to 274 million dollars exceeding the volume of the secondary offering more than 27 times. In the course of the second offering marketing Vnesheconombank was able not only to refinance the bond issue among its current bondholders but also raise significant new demand. Investors submitted bids for purchasing the bonds with a purchase price from 100.0 to 100.1% of par value.

Deputy Chairman, Board Member, Alexandr Ivanov said, “Significant demand among market players for Vnesheconombank’s currency-denominated bonds shows that they are highly marketable on the Russian market. In the course of 2012, the Bank jointly with the Currency Exchange and the Custody Department made strenuous efforts as a result of which this instrument became equally accessible to all types of investors on the domestic market. Enhancing currency-denominated bonds instrument allows the Bank to diversify sources of raising funds and will help to boost the domestic securities market.

Gazprombank and Sberbank CIB were organizers of the offer procedure and the secondary offering.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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Vnesheconombank and the Government of the Leningrad Region Agree to Cooperate in Supporting SMEs

19 февраля 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Leningrad region entered into an Agreement on cooperation in supporting small and medium-sized enterprises (SMEs).

On behalf of Vnesheconombank the Agreement was signed by Deputy Chairman – Board Member Mikhail Kopeikin and on behalf of the Leningrad region Government – by Vice Governor – Chairman of the Economic Development and Investment Activity Committee Dmitry Yalov.

The Agreement aims to establish strategic partnership, promote long-term and effective cooperation in supporting SMEs on the territory of the Leningrad region.

The parties agreed to make a list of pilot projects, expand potential for supporting innovation and modernization projects of small and medium-sized enterprises. Under the Agreement Vnesheconombank will be ready to extend guarantees to foreign financial institutions interested in funding SMEs’ projects on the territory of the Leningrad region.

The Agreement also provides for cooperation in providing the state’s non-financial support for SMEs including information and consulting support.

This Agreement’s implementation will expand access to advanced technologies for small and medium-sized enterprises to make them more competitive. This cooperation will make it possible to set up a comprehensive system of financing small and medium-sized enterprises through the state’s support on a regional level as well as with the help of the program of providing financial support for SMEs implemented by Vnesheconombank through OJSC SME Bank.

The Agreement was signed to build on the Credit Agreement between Vnesheconombank and KfW signed in November of 2012.

Monetary funds to be made available under the Program of Providing Financial Support for SMES implemented by Vnesheconombank through SME Bank are distributed between partner banks that went through a selection procedure at OJSC SME Bank.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Information Message on Yield from Investing Funds of the Reserve Fund and the National Wealth Fund in 2012

13 февраля 2013 года
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The Reserve Fund

Aggregate yields from investing funds of the Reserve Funds in foreign currency accounts in the bank of Russia denominated in the basket of authorized foreign currencies amounted to:

  • for 2012 – 0.74% per annum;
  • from the inception date of the Fund (from January 30, 2008) – 2.28% per annum.

Yields from investing funds of the Reserve Fund in separate foreign currency accounts in the Bank of Russia for 2012 amounted to (in the currency of account):

  • in the US dollar account – 0.33% per annum (1.48% per annum from the inception date of the Fund);
  • in the euro account – 1.09% per annum (2.59 per annum from the inception date of the Fund);
  • in the pound sterling account – 1.00% per annum (4.49% per annum from the inception date of the Fund).

The National Wealth Fund

Yields from depositing funds of the National Wealth Fund in separate types of authorized financial assets for 2012 amounted to:

1) in foreign currency accounts in the Bank of Russia (in the basket of authorized foreign currencies) – 0.74 per annum, including in separate accounts (in the currency of account):           

  • in the US dollar account – 0.33% per annum (1.48% per annum from the inception date of the Fund);
  • in the euro account – 1.09% per annum (2.57 per annum from the inception date of the Fund);
  • in the pound sterling account – 1.00% per annum (4.49% per annum from the inception date of the Fund);

2) on deposits in Vnesheconombank:

  • on Russian ruble-denominated deposits – 6.45 per annum (6.77% per annum from the initial date of deposit transactions);
  • on US dollar-denominated deposits – 3.63% per annum (3.45% from the initial date of deposit transactions).

 

Origin: Press Office of the Russian MinFin

 

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