The Government of the Russian Federation extended for 5 years the deadline for placing FNB funds on deposits in VEB

According to the Decree of the Government of the Russian Federation, the deadline for the placement of funds of the National Welfare Fund (FNB) on deposits in Vnesheconombank (VEB) has been increased by five years in order to ensure the sufficiency of its capital while reducing the interest rate and establishing a grace period of payment of interest for a period of up to three years, according to the government’s website . This will allow Vnesheconombank to receive additional profits and increase its capital due to it.

The Ministry of Finance was instructed to ensure the introduction of contracts on the placement of FNB funds in US dollars on deposits in the VEB, including a decrease in interest rate to 0.25% per annum, an increase in the term of repayment of deposits to 20 years and the establishment of a preferential period for paying interest lasts up to three years, during which interest is charged, not capitalized and not paid, it was indicated. published document.

Amendments to the conditions for deposits placement will have a gradual positive effect on the capital of the VEB by reducing interest expenses and the corresponding improvement in the financial result. Changing the conditions of deposits will also help improve the situation with the liquidity of Vnesheconombank

In addition, the decision will increase the value of the feele assets of VEB from 3 to 6.6 billion dollars, which exceeds the level provided by the carpets.

Earlier, the Ministry of Finance published a draft resolution providing for the extension of the FNB deposits in VEB and a reduction in the rate on them by six percentage points, TASS recalls. According to the previous rules of investing FNB funds, fund funds were provided by VEBU for a period of not more than 15 years.

The Prime Minister of the Russian Federation Dmitry Medvedev on December 22, 2015 instructed the Ministry of Finance to prepare the final orders for the support of VEB. According to him, a plan is needed to optimize the bank’s work with various options for state and other support. The loss of the Vnesheconombank group in 2014, according to international financial institution standards, amounted to 250 billion rubles. In the first half of 2015, the loss of the state corporation was 73.5 billion rubles. Bank assets for the first half of 2015 amounted to 3.85 trillion rubles.