Ministry of Finance of Russian Federation : Allocation of National Wealth Fund’s assets to deposits in Vnesheconombank as of 1 January 2018

16.01.2018

Allocation of National Wealth Fund's assets to deposits in Vnesheconombank as of 1 January 2018

Allocation of National Wealth Fund's assets to deposits in Vnesheconombank as of 1 January 2018
Eligible investments of National Wealth Fund's assets allocated to deposits / purpose of allocation	Maximum overall amount of allocation	Actual amount of allocation	Maximum period of deposit	Annual interest rate	Interest payment frequency
Subordinated loans to Russian banks	410.00 bln. rubles[1]	50.45 bln. rubles			Quarterly
		including
		21.27 bln. rubles	31 December 2022	6.25
		29.18 bln. rubles	31 December 2023	7.25
Not regulated	175.00 bln. rubles[2]	50.00 bln. rubles[3]	8 June 2020	6.25	Semiannually
		15.98 bln. rubles	24 December 2020	7.19	Quarterly
Loans to small and middle enterprises	30.00 bln. rubles[2]	30.00 bln. rubles	31 December 2027	6.25	Quarterly
Loans to Joint-stock company 'The Agency for Housing Mortgage Lending'	40.00 bln. rubles[4]	40.00 bln. rubles	1 June 2020	6.25	Quarterly
Vnesheconombank's capital increase	5.966 bln. US dollars (7% of overall volume of National Wealth Fund as of 6 September 2014)[5]	2.462 bln. US dollars	26 September 2034	LIBOR[6] + 2.75[7], 0.25[8]	Annually[9]
		3.504 bln. US dollars	26 September 2034	LIBOR[6] + 3.00[7], 0.25[8]	Annually[9]
Not regulated	Х	0.288 bln. US dollars	26 September 2034	LIBOR[6] + 3.80[7], 0.25[8]	Annually[9]
Financing of Vnesheconombank's projects, implemented by organizations of real economy	300.00 bln. rubles[2]	24.86 bln. rubles[10]	30 December 2030	6.00	Annually
		3.00 bln. rubles[11]	29 December 2019
		4.03 bln. rubles[12]	20 December 2018
		8.18 bln. rubles[13]	30 December 2035	CPI + 1, but not less than 1	Monthly
Total	955.00 bln. rubles	222.47 bln. rubles	Х	Х	Х
	Х	6.254 bln. US dollars	Х	Х	Х

[1] Federal law No.173-FZ dated 13 October 2008 'Additional measures to support financial system of the Russian Federation', article 4. Maximum periods of deposits may be extended by decision of the Government of the Russian Federation from 31 December 2019 till 31 December 2022 and from 31 December 2020 till 31 December 2023.

[2] Requirements to the financial assets, National Wealth Fund's assets could be invested in, approved by the Regulation of the Government of Russian Federation No.18 dated 19 January 2008, clause 12, subclause 'b'.

[3] Placement on deposit to finance Vnesheconombank's investment in 'Gazprombank' (Joint-stock Company) equity stake.

[4] Federal law No.173-FZ dated 13 October 2008 'Additional measures to support financial system of the Russian Federation', article 6.2. In case of early repayment may be allocated to deposit in the same amount maturing before 1 June 2048.

[5] Budget Code of the Russian Federation, article 96.10, clause 4; Requirements to the financial assets, National Wealth Fund's assets could be invested in, approved by the Regulation of the Government of Russian Federation No.18 dated 19 January 2008, clause 12, subclause 'c1'; Decree of the Government of Russian Federation No.1749-p dated 6 September 2014, clause 1.

[6] Six month US dollar LIBOR rate.

[7] From 26 September 2014 till 30 December 2015.

[8] From 30 December 2015 till day of deposit repayment.

[9] Over the period from 26 September 2015 till 30 December 2015 and over the grace period from 30 December 2015 till 26 September 2018 interest is accrued, not capitalized and paid in the last day of the grace period - 26 September 2018.

[10] For the purpose of financing the project 'Acquisition and leasing of subway cars to the Moscow Metro' (LCC-1).

[11] For the purpose of financing the project 'Modernization of subway cars in Budapest (Hungary)'.

[12] For the purpose of financing the project 'Construction of new airport complex 'Centralny' (city of Saratov)'.

[13] For the purpose of financing the project 'Acquisition and leasing of subway cars to the Moscow Metro under a life cycle contract of 25.12.2014 № 13144m' (LCC-2).