On the procedure for managing the funds of the national welfare fund. National Welfare Fund of Russia
In accordance with Art. 96.9. The Budget Code of the Russian Federation defines the following provisions:
1. The National Welfare Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure the balance (deficit) of the budget of the Pension Fund of the Russian Federation.
2. The federal law on the federal budget for the next financial year and planning period establishes the amount of federal budget funds allocated for the purposes specified in paragraph 1 of this article.
3. The National Welfare Fund is formed by:
Oil and gas revenues of the federal budget in an amount exceeding the amount of oil and gas transfer approved for the corresponding financial year, if the accumulated amount of the funds of the Reserve Fund reaches (exceeds) its standard value;
Income from managing the funds of the National Welfare Fund.
Managing the funds of the Reserve Fund and the National Welfare Fund in order to ensure a stable level of income from their placement in the long term allows the possibility of obtaining negative financial results in the short term.
The funds of the National Wealth Fund may be placed in foreign currency and the following types of financial assets:
Debt obligations of foreign states, foreign state agencies and central banks;
Debt obligations of international financial organizations, including those executed by securities;
Deposits and balances in bank accounts with banks and credit organizations;
Deposits and balances in bank accounts with the Central Bank of the Russian Federation;
Debt obligations and shares of legal entities;
Units (stakes) of investment funds.
The Ministry of Finance of the Russian Federation publishes monthly information on the receipt and use of oil and gas revenues of the federal budget, the value of the assets of the Reserve Fund and the National Welfare Fund at the beginning of the reporting month, crediting of funds to these funds, their allocation and use in the reporting month.
The funds of the Future Generations Fund are proposed to be placed in more profitable foreign financial instruments, which allow to obtain an income of 6.5-7 percent per annum. However, ensuring the profitability level planned by the Ministry of Finance is not so simple.
Firstly, for this it is necessary to abandon the use of foreign currency deposits, since in the current situation on the global financial market, deposit investments will bring no more than 3-3.5 percent per annum. However, this means a violation of the international practice of diversifying the allocation of state reserves.
Secondly, when placing the funds of the Future Generation Fund in foreign bonds - government bonds (their yield is currently 3.5-4.5 percent per annum) and corporate bonds - corporate securities should yield 10-12 percent per annum. But reliable debt obligations of the largest corporations have a yield of 4.5-6 percent per annum. To achieve double the yield, it is necessary to place the Fund’s funds in extremely risky bonds, which contradicts the established practice of allocating state reserves.
Even more risky is the placement of the Fund’s money in shares of foreign corporations. At the end of the 20th and beginning of the 21st centuries, due to the overestimation by investors of the growth prospects of the high-tech sector of the economy, an incredible revaluation of stock prices took place. In the United States in the first half of the 90s, the standardization was the volume of capitalization, equal to six times the amount of annual profit. At the end of the 90s, the standard grew 4 times. And this is without any adequate growth in the real sector. But even with such a rapid increase in standards, the capitalization volume of the 500 largest companies whose shares are listed on the New York Stock Exchange is on average 35 annual profits - 1.7 times higher than the standard. That is, by 2000, the capitalization of the global stock market was almost equal to world GDP. Such a disproportion in the real sector and the securities market could not but result in a grand stock crisis. It began in the United States in the fall of 2000. In the late 2000s and early 2001s, this crisis spread to the global stock market. Since 2003, the stock market has begun to revive. However, at present, most stock indices, with the exception of Dow Jones Industrial, have not reached the pre-crisis level. Those times when high dividends on shares were paid have passed.
NWF is formed at the expense of additional federal budget revenues from the oil and gas complex and revenues from own funds management. In fact, the NWF is filled from funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of Russian citizens, as well as to ensure the balance of the federal budget and the budget.
A part of the NWF denominated in foreign currency and placed by the Russian government on accounts with the Bank of Russia, which it invests in foreign financial assets, is accounted for as part. Some of the funds of the NWF were used in projects that are unacceptable in terms of risk and liquidity to place international reserves. Thus, the NWF serves as a more risky, but potentially more profitable instrument for the Government of the Russian Federation.
Description
The National Welfare Fund of Russia was formed on February 1, 2008 as a result of the division of the National Welfare Fund that was in force at that time (created for financial provision of the oil and gas transfer) and the National Welfare Fund (created to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and the balance (deficit) of the Pension Fund budget Russian Federation). The NWF was replenished from the oil and gas revenues of the federal budget in an amount exceeding the volume of the oil and gas transfer approved for the corresponding financial year, from the moment when the accumulated amount of the Reserve Fund reached (exceeded) its standard value.
The NWF is a “safety cushion” that allows the state to compensate for the loss of oil and gas revenues in the event of a sharp drop in oil prices and to fulfill all social obligations assumed.
Starting January 1, 2018, the NWF with the Reserve Fund was merged into a single fund on the basis of the NWF. On February 1, 2018, the Reserve Fund ceased to exist, and the funds contained in it were previously used to ensure that the state fulfills its expenditure obligations.
As a result of the pooling of funds, the purpose of the NWF funds remained the same: co-financing of voluntary pension savings of Russian citizens, ensuring the balanced budget of the Pension Fund, but also added a goal to ensure the balance (deficit) of the federal budget.
The formation of the NWF
The National Welfare Fund is formed by:
- additional oil and gas revenues of the federal budget in accordance with the procedure established by the Government of the Russian Federation;
- revenues from managing the funds of the National Welfare Fund (from February 1, 2016 to February 1, 2022, revenues from managing the funds of the National Welfare Fund are allocated for financial support of federal budget expenditures).
Additional oil and gas revenues of the federal budget above the cut-off price are directed to replenish the National Welfare Fund. In turn, the cut-off price is the base price of $ 40 per barrel of brand oil at 2017 prices, subject to annual indexation from 2018 by 2 percent. The determination of the base oil price at this level is determined by the assessment of the long-term equilibrium level of oil prices.
NWF funds management
The funds of the National Welfare Fund are managed by the Ministry of Finance of Russia in the manner established by the Government of the Russian Federation. Separate powers to manage the funds of the NWF can be exercised by the Central Bank of Russia.
The management of the NWF funds in order to ensure a stable level of income from their placement in the long term allows the possibility of obtaining negative financial results in the short term.
Accommodation
The funds of the National Welfare Fund, both individually and simultaneously, can be placed in foreign currency and financial assets of the following types:
- debt obligations of foreign states, foreign state agencies and central banks;
- debt obligations of international financial organizations, including in the form of securities;
- deposits and balances in bank accounts with banks and credit organizations, including for the purpose of financing self-supporting infrastructure projects;
- deposits and bank balances in the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), including with the aim of financing projects of the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) in the real sector of the economy, implemented by Russian organizations;
- deposits and balances in bank accounts with the Central Bank of the Russian Federation;
- debt obligations and shares of legal entities, including Russian securities, related to the implementation of sustainable infrastructure projects (a list of such projects is approved by the Government of the Russian Federation);
- units of investment funds that are managed by the Management Company of the Russian Direct Investment Fund.
The Government of the Russian Federation, as part of reporting on the execution of the federal budget, submits to the State Duma of the Federal Assembly of the Russian Federation and the Council of the Federation of the Federal Assembly of the Russian Federation an annual report on the formation and use of additional oil and gas revenues of the federal budget, quarterly and annual reports on the formation and use of funds of the National Welfare Fund and about managing his funds.
Asset allocation and return structure
The Government of the Russian Federation establishes limit standards for permitted financial assets in the total volume of funds placed by the NWF. In order to increase the efficiency of managing the funds of the National Welfare Fund, the Ministry of Finance of Russia is authorized to approve the regulatory shares of authorized financial assets in the total amount of the placed means of the National Welfare Fund within the respective shares established by the Government of the Russian Federation.
Allowed financial assets defined by the Budget Code of the Russian Federation | Limit shares established by the Government of the Russian Federation |
---|---|
The maximum share of debt obligations of foreign states | 100 % |
Maximum proportion of debt obligations of foreign state agencies and central banks | 30 % |
The maximum share of debt obligations of international financial organizations | 15 % |
The maximum share of deposits and bank balances with the Central Bank of the Russian Federation | 100 % |
The maximum share of debt obligations of legal entities | 50 % |
Maximum share of legal entities | 50 % |
The maximum share of debt obligations and shares of Russian legal entities associated with the implementation of projects (with the exception of projects implemented with the participation of the managing company Russian Direct Investment Fund and State Atomic Energy Corporation Rosatom) | no more than 40% of the volume of SWFs as as of April 1, 2015, but not more than 1738 billion rubles. |
The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the management company Russian Direct Investment Fund | no more than 290 billion rubles. |
The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the State Atomic Energy Corporation Rosatom | no more than 290 billion rubles. |
As of January 1, 2018, the volume of the NWF amounted to 3 753 billion rubles, which is equivalent to 65 billion US dollars, including:
- about 15 billion US dollars, 15 billion euros, 3 billion pounds sterling were placed on separate accounts for accounting for NWF funds with the Bank of Russia;
- on deposits with Vnesheconombank - more than 222 billion rubles and 6 billion US dollars;
- into debt obligations of foreign states on the basis of a separate decision of the Government of the Russian Federation, without presenting a requirement for a long-term credit rating - $ 3.00 billion;
- in the securities of Russian issuers related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation - 113 billion rubles and 4 billion US dollars;
- in preferred shares of credit organizations - about 279 billion rubles;
- on deposits with VTB Bank (PJSC) and Bank GPB (JSC) in order to finance sustainable infrastructure projects, the list of which is approved by the Government of the Russian Federation - about 164 billion rubles.
The total income from placing the Fund’s funds in authorized financial assets, with the exception of funds in accounts with the Bank of Russia, in 2017 amounted to 50.84 billion rubles, which is equivalent to 0.87 billion US dollars.
In 2018, the revenues of the federal budget of the Russian Federation from the placement of funds of the National Welfare Fund amounted to 70.52 billion rubles.
All data on the structure of the NWF invested funds in financial assets and return on investment are updated on an annual basis on the official website of the Ministry of Finance of Russia.
It is allowed to receive a negative financial result from the placement of funds of the NWF.
Change dynamics
Information on changes in the volume of the NWF in US dollars and in ruble equivalent, as well as data on the movement of funds and the results of managing the funds of the National Wealth Fund, are published monthly on the website of the Ministry of Finance of Russia.
date | Fund size billion $ |
Fund size billion p. |
---|---|---|
01.02.2008 | 32,00 | 783,31 |
01.03.2008 | 32,22 | 777,03 |
01.04.2008 | 32,90 | 773,57 |
01.05.2008 | 32,72 | 773,82 |
01.06.2008 | 32,60 | 773,93 |
01.07.2008 | 32,85 | 770,56 |
01.08.2008 | 32,69 | 766,48 |
01.09.2008 | 31,92 | 784,51 |
01.10.2008 | 48,68 | 1 228,88 |
01.11.2008 | 62,82 | 1 667,48 |
01.12.2008 | 76,38 | 2 108,46 |
01.01.2009 | 87,97 | 2 584,49 |
01.02.2009 | 84,47 | 2 991,50 |
01.03.2009 | 83,86 | 2 995,51 |
01.04.2009 | 85,71 | 2 915,21 |
01.05.2009 | 86,30 | 2 869,44 |
01.06.2009 | 89,86 | 2 784,14 |
01.07.2009 | 89,93 | 2 813,94 |
01.08.2009 | 90,02 | 2 858,70 |
01.09.2009 | 90,69 | 2 863,08 |
01.10.2009 | 91,86 | 2 764,37 |
01.11.2009 | 93,38 | 2 712,56 |
01.12.2009 | 92,89 | 2 769,84 |
01.01.2010 | 91,56 | 2 769,02 |
01.02.2010 | 90,63 | 2 757,89 |
01.03.2010 | 89,63 | 2 684,21 |
01.04.2010 | 89,58 | 2 630,27 |
01.05.2010 | 88,83 | 2 601,62 |
01.06.2010 | 85,80 | 2 616,54 |
01.07.2010 | 85,47 | 2 666,41 |
01.08.2010 | 88,24 | 2 663,76 |
01.09.2010 | 87,12 | 2 671,54 |
01.10.2010 | 89,54 | 2 722,15 |
01.11.2010 | 90,08 | 2 772,80 |
01.12.2010 | 88,22 | 2 761,96 |
01.01.2011 | 88,44 | 2 695,52 |
01.02.2011 | 90,15 | 2 674,53 |
01.03.2011 | 90,94 | 2 631,98 |
01.04.2011 | 91,80 | 2 609,66 |
01.05.2011 | 94,34 | 2 594,58 |
01.06.2011 | 92,54 | 2 597,55 |
01.07.2011 | 92,61 | 2 600,00 |
01.08.2011 | 92,70 | 2 566,04 |
01.09.2011 | 92,63 | 2 673,05 |
01.10.2011 | 88,69 | 2 827,10 |
01.11.2011 | 91,19 | 2 726,42 |
01.12.2011 | 88,26 | 2 764,40 |
01.01.2012 | 86,79 | 2 794,43 |
01.02.2012 | 88,33 | 2 682,21 |
01.03.2012 | 89,84 | 2 600,88 |
01.04.2012 | 89,50 | 2 624,78 |
01.05.2012 | 89,21 | 2 619,52 |
01.06.2012 | 85,48 | 2 773,78 |
01.07.2012 | 85,64 | 2 810,45 |
01.08.2012 | 85,21 | 2 742,85 |
01.09.2012 | 85,85 | 2 772,45 |
01.10.2012 | 87,61 | 2 708,58 |
01.11.2012 | 87,19 | 2 748,67 |
01.12.2012 | 87,47 | 2 716,61 |
01.01.2013 | 88,59 | 2 690,63 |
01.02.2013 | 89,21 | 2 678,63 |
01.03.2013 | 87,61 | 2 682,58 |
01.04.2013 | 86,76 | 2 696,73 |
01.05.2013 | 87,27 | 2 727,79 |
01.06.2013 | 86,72 | 2 739,33 |
01.07.2013 | 86,47 | 2 828,23 |
01.08.2013 | 86,90 | 2 858,04 |
01.09.2013 | 86,77 | 2 884,79 |
01.10.2013 | 88,03 | 2 847,35 |
01.11.2013 | 88,74 | 2 845,19 |
01.12.2013 | 88,06 | 2 922,79 |
01.01.2014 | 88,63 | 2 900,64 |
01.02.2014 | 87,39 | 3 079,94 |
01.03.2014 | 87,25 | 3 145,34 |
01.04.2014 | 87,50 | 3 122,51 |
01.05.2014 | 87,62 | 3 127,94 |
01.06.2014 | 87,32 | 3 033,17 |
01.07.2014 | 87,94 | 2 957,38 |
01.08.2014 | 86,46 | 3 088,79 |
01.09.2014 | 85,31 | 3 150,50 |
01.10.2014 | 83,20 | 3 276,79 |
01.11.2014 | 81,74 | 3 547,02 |
01.12.2014 | 79,97 | 3 994,12 |
01.01.2015 | 78,00 | 4 388,09 |
01.02.2015 | 74,02 | 5 101,83 |
01.03.2015 | 74,92 | 4 590,59 |
01.04.2015 | 74,35 | 4 346,94 |
01.05.2015 | 76,33 | 3 946,42 |
01.06.2015 | 75,86 | 4 018,51 |
01.07.2015 | 75,65 | 4 200,53 |
01.08.2015 | 74,56 | 4 398,15 |
01.09.2015 | 73,76 | 4 903,67 |
01.10.2015 | 73,66 | 4 878,80 |
01.11.2015 | 73,45 | 4 728,39 |
01.12.2015 | 72,22 | 4 784,05 |
01.01.2016 | 71,72 | 5 227,18 |
01.02.2016 | 71,15 | 5 348,66 |
01.03.2016 | 71,34 | 5 356,96 |
01.04.2016 | 73,18 | 4 947,33 |
01.05.2016 | 73,86 | 4 751,69 |
01.06.2016 | 72,99 | 4 823,19 |
01.07.2016 | 72,76 | 4 675,36 |
01.08.2016 | 72,21 | 4 842,00 |
01.09.2016 | 72,71 | 4 719,17 |
01.10.2016 | 72,71 | 4 617,54 |
01.11.2016 | 72,20 | 4 541,93 |
01.12.2016 | 71,26 | 4 628,09 |
01.01.2017 | 71,87 | 4 359,16 |
01.02.2017 | 72,46 | 4 359,30 |
01.03.2017 | 72,60 | 4 206,38 |
01.04.2017 | 73,33 | 4 134,27 |
01.05.2017 | 73,57 | 4 192,50 |
01.06.2017 | 74,18 | 4 192,30 |
01.07.2017 | 74,22 | 4 385,49 |
01.08.2017 | 74,72 | 4 449,35 |
01.09.2017 | 75,36 | 4 425,35 |
01.10.2017 | 72,57 | 4 210,36 |
01.11.2017 | 69,36 | 4 130,81 |
01.12.2017 | 66,94 | 3 904,76 |
01.01.2018 | 65,15 | 3 752,94 |
01.02.2018 | 66,26 | 3 729,71 |
01.03.2018 | 66,44 | 3 698,96 |
01.04.2018 | 65,88 | 3 772,89 |
01.05.2018 | 63,91 | 3 962,70 |
01.06.2018 | 62,75 | 3 927,58 |
01.07.2018 | 77.11 | 4 839.26 |
01.08.2018 | 77.16 | 4 844.38 |
01.09.2018 | 75.79 | 5 160.28 |
01.10.2018 | 76.20 | 5 004.49 |
01.11.2018 | 75,59 | 4 972,44 |
01.12.2018 | 68,55 | 4 567,74 |
01.01.2019 | 58,10 | 4 036,05 |
01.02.2019 | 59,05 | 3 903,00 |
01.03.2019 | 59,12 | 3 888,00 |
01.04.2019 | 59,14 | 3 828,25 |
01.05.2019 | 58,96 | 3 814,44 |
01.06.2019 | 58,74 | 3 821,72 |
01.07.2019 | 59,66 | 3 762,96 |
01.08.2019 | 124,14 | 7 867,70 |
Decree of the Government of the Russian Federation of January 19, 2008 N 18
"On the procedure for managing the funds of the National Welfare Fund"
October 15, 2008, July 22, September 28, 2009, April 1, 21, July 26, August 24, 2010, September 10, 2012, January 25, November 5, December 19, 2013, June 7, July 31, August 22, November 24, December 26, 29, 2014, May 6, October 12, December 30, 2015, November 1, 2016, February 10, April 5, August 25, November 8, 2017, February 13, March 5, September 28, December 30, 2018
In accordance with and 96.12 of the Budget Code of the Russian Federation, the Government of the Russian Federation decides:
1. To establish that the placement of funds of the National Welfare Fund may be carried out:
a) by purchasing at the expense of the National Wealth Fund funds foreign currency in US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yens (hereinafter - the permitted foreign currency) and placing them on bank accounts opened with the Central Bank of the Russian Federation in authorized foreign currency (hereinafter referred to as the accounts for the accounting of funds of the National Wealth Fund) on the basis of a bank account agreement between the Federal Treasury and the Central Bank of the Russian Federation eration (hereinafter - the bank account agreement). The Central Bank of the Russian Federation pays the interest established by the bank account agreement for the use of funds placed in accounts for the accounting of funds of the National Wealth Fund;
b) by placing the funds of the National Welfare Fund in the following types of financial assets denominated in the currency of the Russian Federation and permitted foreign currency (hereinafter - authorized financial assets):
debt obligations of foreign states;
debt obligations of foreign state agencies and central banks;
debt obligations of international financial organizations, including those executed with securities;
paragraph excluded from January 4, 2015 - Decree of the Government of the Russian Federation of December 29, 2014 N 1592
debt obligations and shares of legal entities, including Russian securities, related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation (hereinafter referred to as the projects), including projects carried out by the Management Company of the Russian Direct Investment Fund Joint-Stock Company;
deposits and balances in bank accounts with banks and credit organizations, including for the purpose of financing projects;
deposits and bank balances in the state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)", including for the financing of projects of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" in the real sector of the economy, implemented by Russian organizations (hereinafter - Vnesheconombank projects);
units of investment funds, which are managed by a management company operating in accordance with the Federal Law
Change Information:
The resolution is supplemented by paragraph 1.1. February 27, 2018 - Resolution
1.1. The assets of the National Wealth Fund include deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", placed in order to ensure the adequacy of own funds (capital) of the said state corporation until January 1, 2018, and subordinated deposits in Russian credit organizations, placed in order to finance projects until January 1, 2018
Change Information:
The resolution is supplemented by paragraph 1.2. from February 27, 2018 - Decree of the Government of the Russian Federation of February 13, 2018 N 154
1.2. Until the amount of the National Welfare Fund funds placed on deposits and bank accounts with the Central Bank of the Russian Federation is reached, at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planning period, 7 percent of the forecasted gross domestic product indicated in the federal law on the federal budget for the next fiscal year and planning period, the allocation of funds from the National Wealth Fund to other financial assets is not allowed, except Vnesheconombank's projects initiated and launched before January 1, 2018, as well as the acquisition of units of investment funds, trust management of which is carried out by a management company operating in accordance with the Federal Law "On the Russian Direct Investment Fund".
Placement of funds of the National Wealth Fund in other financial assets, with the exception of funds placed on deposits and bank accounts with the Central Bank of the Russian Federation, and units of investment funds that are managed by a management company operating in accordance with the Federal Law "On the Russian Direct Investment Fund" "is allowed in volumes that do not lead to a decrease at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planned lane iodine of the volume of funds of the National Welfare Fund placed on deposits and bank accounts with the Central Bank of the Russian Federation, less than 7 percent of the gross domestic product specified in the federal law on the federal budget for the next financial year and planning period.
2. To establish that the maximum shares of authorized financial assets in the total amount of placed funds of the National Wealth Fund are:
the maximum share of debt obligations of foreign states - 100 percent;
the maximum share of debt obligations of foreign state agencies and central banks is 30 percent;
the maximum share of debt obligations of international financial organizations - 15 percent;
the maximum share of debt obligations and shares of Russian legal entities associated with the implementation of projects (with the exception of projects implemented with the participation of the Management Company of the Russian Direct Investment Fund and State Atomic Energy Corporation Rosatom), deposits and bank balances in banks, credit organizations and the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", subordinated deposits in Russian credit organizations, the preferred shares of credit organizations acquired in accordance with part 3 of Article 4 of the Federal Law “On Additional Measures to Support the Financial System of the Russian Federation” - not more than 40 percent of the total amount of the National Welfare Fund as of April 1, 2015, but not more than 1738 billion rubles;
the maximum share of deposits and bank balances with the Central Bank of the Russian Federation is 100 percent;
maximum share of debt obligations of legal entities - 50 percent;
the maximum share of legal entities is 50 percent;
the maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the Management Company of the Russian Direct Investment Fund joint-stock company, as well as shares of investment funds that are managed by the management company acting in accordance with the Federal Law “On Russian Direct Investment Fund ", - no more than 290 billion rubles;
the maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the State Atomic Energy Corporation Rosatom is not more than 290 billion rubles.
2.1. The share of the National Welfare Fund funds allocated in the authorized financial assets associated with the implementation of a separate project cannot exceed 40 percent of the total funding for this project from all sources at the end of each stage of the project in accordance with the schedule for the implementation of the investment project, as provided for in the Rules of the Government Of the Russian Federation of August 25, 2017 N 1008 "On the procedure for monitoring and control of the implementation of self-sustaining infrastructures projects implemented by legal entities in whose financial assets are allocated funds of the National Wealth Fund and (or) pension savings held in trust by the state management company on a repayable basis, the targeted use of funds of the National Wealth Fund when financing these projects and amending some acts of the Government of the Russian Federation "(hereinafter referred to as the project implementation schedule), with the exception of the cases specified in the second paragraphs, even ertom and fifth of this paragraph.
The share of the National Welfare Fund funds placed in the securities of the Russian issuer related to the implementation of the project provided for in paragraph 1 of the list of self-sustaining infrastructure projects implemented by legal entities in whose financial assets funds of the National Welfare Fund and (or) pension savings are placed in trust state management company, on a return basis, approved by order of the Government of the Russian Federation of November 5, 2013 N 2044-r, cannot exceed 50 percent of the total funding for this project from all sources.
At the same time, for projects financed from the funds of the National Wealth Fund included in the list indicated in the second paragraph of this paragraph, with the exception of the projects provided for in paragraphs 1 and this list, and having the funds from the National Wealth Fund attracted for the project on the date of entry into the force of the Decree of the Government of the Russian Federation of August 25, 2017 N 1008 "On the procedure for monitoring and control of the implementation of self-sustaining infrastructure projects implemented by the legal by persons whose financial assets place funds of the National Wealth Fund and (or) pension savings held in trust by the state management company on a repayable basis, for the targeted use of the funds of the National Wealth Fund in financing these projects and amending certain acts of the Government of the Russian Federation " , this ratio of shares should be observed at the end of each stage of the project according to the schedule of the project a, not completed at the time of the entry into force of the said decree of the Government of the Russian Federation, but no later than one calendar year from the indicated date.
The share of the National Welfare Fund funds allocated in the authorized financial assets associated with the implementation of a single project may be more than 40 percent, but not more than 80 percent of the total funding for this project from all sources at the end of each stage of the project according to the schedule of the project if in order to fulfill obligations to return the full amount of the National Welfare Fund funds allocated to authorized financial assets, a high olikvidnoe collateral requirements that are set by the Ministry of Finance of the Russian Federation.
The share of the National Welfare Fund funds allocated in authorized financial assets related to financing of Vnesheconombank's projects can be up to 80 percent of the total financing of this project from all sources, while the requirement to provide highly liquid collateral to Vnesheconombank's projects does not apply.
Non-compliance by the project initiator with the requirements for the provided security is the basis for the suspension of the placement of the National Welfare Fund funds in the authorized financial assets associated with the implementation of the corresponding project, and the presentation to the project initiator of the requirement for the early repayment of the previously provided National Welfare Fund funds.
The maximum aggregate amount of project financing and the maximum amount of funds of the National Wealth Fund allocated for project financing for each project, with the exception of Vnesheconombank projects, are approved by the Government of the Russian Federation.
For Vnesheconombank projects, the maximum aggregate amount of project financing and the maximum amount of funds of the National Wealth Fund allocated to finance the project are approved by the Supervisory Board of the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank).
In the event that a credit institution in which a separate bank account is opened for the project initiator with restrictions (special treatment) for conducting operations on the account to account for the funds of the National Wealth Fund, the project initiator is paid the amount of interest on the use of funds placed in such an account, not temporarily directed to project implementation:
if there is a balance of the National Welfare Fund funds to be transferred to the project proponent in accordance with the project passport, the specified balance shall be reduced by the amount of the indicated percent;
in the absence of a balance of the National Welfare Fund funds to be transferred to the initiator of the project in accordance with the project passport, the project initiator no later than 30 days from the date of crediting the amount of the indicated interest to the bank account of the initiator of the project, the securities are repurchased at the purchase price by the credit institution and the accumulated coupon yield at the repurchase date (for bonds). At the same time, the cost of securities to be repurchased, taking into account the multiplicity of their nominal value, must be not less than the amount of interest received by the project initiator.
It is allowed to transfer funds of the National Welfare Fund attracted to finance the project stipulated by clause 2 of the list specified in paragraph two of this clause by placing preferred shares received on a special account into other settlement accounts of the initiator of the project to reimburse expenses for the purposes stipulated by the approved The Government of the Russian Federation, the project passport, previously incurred by the project initiator at the expense of own or borrowed funds, in an amount not exceeding Dimensions of own funds of the project initiator, previously sent to them in a special account.
The provisions of the ninth to eleventh paragraphs of this paragraph shall not apply to the projects referred to in paragraph 1 and the list specified in paragraph two of this paragraph.
If the credit institution in which the project initiator referred to in clauses 1 and the list specified in the second paragraph of this clause has a separate bank account with restrictions (special treatment) for conducting operations on the account to account for the funds of the National Welfare Fund and the project initiator has been paid interest on the use of funds placed on such an account, not temporarily directed to the implementation of the project, the remainder of the subsidy and (or) contribution to the authorized capital provided from the Fed cial budget for the project, reduced by the amount specified percent.
3. To approve the attached Requirements for financial assets in which funds of the National Wealth Fund can be placed.
4. To establish that in order to manage the funds of the National Wealth Fund, the Ministry of Finance of the Russian Federation approves:
a) the normative currency structure of the funds of the National Wealth Fund, the procedure for bringing the actual currency structure of the funds of the National Wealth Fund in accordance with the normative;
b) the normative shares of permitted financial assets in the total amount of allocated funds of the National Wealth Fund within the requirements established by paragraph 2 of this resolution, the procedure for calculating the actual shares of authorized financial assets in the total amount of placed funds of the National Wealth Fund and bringing them into line with regulatory shares;
c) the minimum and maximum maturity standards for debt obligations of foreign states, debt obligations of foreign state agencies and central banks, debt obligations of international financial organizations, including those executed with securities, debt obligations of legal entities;
d) a list of foreign state agencies in whose debt instruments the funds of the National Welfare Fund can be placed;
e) the standards for the minimum and maximum terms for the placement of funds of the National Wealth Fund on deposits with banks and credit organizations;
f) the procedure for calculating and crediting interest accrued on funds placed in accounts for accounting of funds of the National Welfare Fund, providing for the use of authorized financial assets for calculating interest, indicated in paragraphs two - four of subparagraph b of paragraph 1 of this resolution, and other conditions bank account agreement;
g) the procedure for interacting with the Federal Treasury when conducting operations on accounts to account for the funds of the National Wealth Fund in the process of managing the funds of the National Wealth Fund;
h) the procedure for interaction with the Federal Treasury in determining the terms of the bank account agreement in the process of managing the funds of the National Wealth Fund.
5. The Federal Treasury to conclude a bank account agreement with the Central Bank of the Russian Federation.
6. The Ministry of Finance of the Russian Federation to submit to the Government of the Russian Federation, as part of reporting on the execution of the federal budget, quarterly and annual reports on the management of funds of the National Wealth Fund. Wherein:
information on the balances of funds in the accounts for accounting of funds of the National Welfare Fund;
information on the amount of purchased and sold permitted foreign currency and the amount of permitted foreign currency deposited in accounts for accounting of funds of the National Wealth Fund and in authorized financial assets;
information on the estimated interest rates for the use of funds placed on accounts for accounting of funds of the National Welfare Fund;
information on the estimated amounts of income for the use of funds placed on accounts for accounting of funds of the National Welfare Fund;
names and main characteristics of permitted financial assets in which the funds of the National Welfare Fund were placed;
information on income received from the placement of funds of the National Wealth Fund in authorized financial assets by type of authorized financial assets;
b) in the annual report, in addition to the information provided for in subparagraph "a" of this paragraph, shall be reflected:
information on the annual income received from the payment of interest on the use of funds placed in accounts for the accounting of funds of the National Welfare Fund;
information on the annual income received from the placement of funds of the National Wealth Fund in authorized financial assets by type of authorized financial assets.
7. The Ministry of Finance of the Russian Federation on a monthly basis, no later than the 20th day of the month following the reporting one, to post on the website of the Ministry of Finance of the Russian Federation on the Internet information about the value of the assets of the National Welfare Fund at the beginning of the reporting month, information about crediting funds to the said fund, their placement and use in the reporting month.
8. The Ministry of Finance of the Russian Federation, with the participation of the Ministry of Economic Development and Trade of the Russian Federation, the Federal Service for Financial Markets, the Ministry of Justice of the Russian Federation and the Central Bank of the Russian Federation, to develop and submit to the Government of the Russian Federation, in accordance with the established procedure, a draft resolution of the Government Russian Federation, determining:
a) the procedure for managing the funds of the National Welfare Fund, which provides for the placement of its funds on deposits and in bank balances with banks and credit organizations, in debt obligations and shares of legal entities, as well as in units (stakes) of investment funds;
b) requirements for financial assets specified in subparagraph "a" of this paragraph;
c) the procedure for the exercise of certain powers to manage the funds of the National Wealth Fund by specialized financial organizations, as well as the procedure for attracting them to exercise these powers;
d) requirements for specialized financial organizations referred to in subparagraph "c" of this paragraph.
Requirements
to financial assets in which funds of the National Wealth Fund can be placed
(approved by the Decree of the Government of the Russian Federation of January 19, 2008 N 18)
(as amended by Decree of the Government of the Russian Federation of October 15, 2008 N 766)
With changes and additions from:
July 22, September 28, 2009, April 1, July 26, August 24, 2010, September 10, 2012, January 25, November 5, December 19, 2013, June 7, July 31, August 22, August 26, December 29, 2014, May 6, October 12, December 30, 2015, November 1, 2016, February 10, April 5, August 25, 2017, February 13, March 5, September 28, 2018
1. Requirements for financial assets in which funds of the National Wealth Fund can be placed and which are denominated in Russian rubles, US dollars, Euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yen (hereinafter referred to as authorized financial assets), include claims on debt obligations of foreign states, debt obligations of foreign state agencies and central banks, debt obligations of international financial organizations, including securities, debt obligations of legal entities (hereinafter referred to as debt obligations), shares of legal entities and shares of investment funds, trust management of which is carried out by a management company operating in accordance with the Federal Law "On the Russian Direct Investment Fund", as well as requirements for deposits and balances in bank accounts with banks, credit organizations and the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank).
2. Debt obligations of foreign states into which funds of the National Wealth Fund can be placed include debt obligations in the form of securities of the governments of Australia, Austria, Belgium, Great Britain, Germany, Denmark, Ireland, Spain, Canada, Luxembourg, the Netherlands, the USA, Finland , France, Switzerland, Sweden and Japan. Placement of the National Welfare Fund funds in debt obligations of other foreign states is allowed on the basis of separate decisions of the Government of the Russian Federation.
3. Debt obligations of foreign state agencies, in which the funds of the National Wealth Fund can be placed, include debt obligations in the form of securities of organizations (legal entities), which are created in foreign states, indicated in clause 2 of this document, for the performance of functions of rendering state services, state property management or lending to specific sectors of the economy. The indicated organizations (legal entities) must be accountable to the state authorities of foreign states in which they are created. The list of foreign state agencies in whose debentures the funds of the National Welfare Fund can be placed is approved by the Ministry of Finance of the Russian Federation in coordination with the Central Bank of the Russian Federation.
4. Debt obligations of foreign central banks into which funds of the National Wealth Fund can be placed include debt obligations in the form of securities of central issuing banks of foreign states referred to in paragraph 2 of this document.
5. The debt obligations of international financial organizations, which may be allocated funds of the National Wealth Fund, include debt obligations (including those executed with securities) of the following financial institutions:
a) Asian Development Bank (ADB);
b) Council of Europe Development Bank (CEB);
c) European Bank for Reconstruction and Development (EBRD);
d) European Investment Bank (EIB);
e) Inter-American Development Bank (IADB);
f) International Finance Corporation (IFC);
g) International Bank for Reconstruction and Development (IBRD);
h) Nordic Investment Bank (NIB).
6. Debt obligations must meet the following requirements:
a) foreign issuers of debt obligations must have a long-term credit rating not lower than “AA-” according to the classification of rating agencies “Fitch Ratings” or “Standard & Poor” s or not lower than “АаЗ” "according to the classification of the rating agency" Moody Investors Service "(Moody" s Investors Service). If these agencies assigned different long-term creditworthiness ratings to the foreign issuer of debt obligations, the lowest of the assigned ones is accepted as the long-term credit rating. The specified requirements do not apply to debt obligations of foreign states, in which the funds of the National Wealth Fund are placed on the basis of individual decisions of the Government of the Russian Federation in an aggregate amount that does not exceed 10 percent of the total amount of the placed funds of the National Wealth Fund;
b) Russian issuers of debt obligations related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation (hereinafter referred to as the projects), must have a long-term credit rating of at least “BB +” according to the classification of Fitch-Ratings rating agencies ) or Standard & Purs (Standard & Poor "s) or not lower than" Bal "according to the classification of the rating agency" Moody Investors Service "(Moody" s Investors Service). If these agencies assigned different long-term credit ratings to the Russian issuer of these debt obligations, the lowest assigned rating is taken as the long-term credit rating. Non-application of requirements to the long-term credit rating of Russian issuers of debt obligations related to the implementation of projects is allowed on the basis of separate decisions of the Government of the Russian Federation;
c) Russian issuers of debt obligations not related to the implementation of projects must have a long-term credit rating of at least “BBB-” according to the classification of rating agencies “Fitch Ratings” or “Standard & Poor” s ) or not lower than the level of Vaaz according to the classification of the rating agency Moody Investors Service (Moody's Investors Service). If these agencies assigned different long-term credit ratings to the Russian issuer of these debt obligations, the lowest assigned rating is taken as the long-term credit rating;
d) the decision on the issue and prospectus of debt obligations of the Russian issuer related to the implementation of projects shall contain information about the project for the implementation of which borrowing is carried out;
f) repayment of debt obligations cannot be carried out in parts, except for debt obligations of Russian issuers related to the implementation of projects;
g) the conditions for issuing and circulating debt obligations do not provide for the issuer's right to redeem (repay) them ahead of schedule. The right of the owner of debt obligations to present them ahead of time for redemption (repayment) by the issuer may be provided only for debt obligations related to the implementation of projects;
h) the conditions for the issuance and circulation of debt obligations of Russian issuers related to the implementation of projects may provide for a delay in making interest payments;
i) debt obligations satisfy the requirements for the minimum and maximum maturities established by the Ministry of Finance of the Russian Federation;
j) the nominal value of debt instruments is expressed in Russian rubles, US dollars, euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs and yens and is fixed, with the exception of debt obligations of foreign states, the nominal value of which varies depending on the level of inflation. Payments on debt obligations are made in the face value currency, with the exception of debt obligations of Russian issuers related to the implementation of projects whose face value is denominated in foreign currency and payments for which can be made in Russian rubles at the exchange rate
k) the volume of the issue of debt instruments in circulation is not less than:
1 billion rubles - for debt denominated in Russian rubles;
1 billion US dollars - for bonds denominated in US dollars;
1 billion euros - for debt denominated in euros;
£ 0.5 billion - for debt denominated in pounds;
1 billion Australian dollars - for bonds denominated in Australian dollars;
1 billion Canadian dollars - for bonds denominated in Canadian dollars;
1 billion Swiss francs - for bonds denominated in Swiss francs;
100 billion yen - for bonds denominated in yen;
l) issues of debt obligations of foreign issuers are not issues intended for private (non-public) placement (for debt obligations of Russian issuers private (non-public) placement is allowed);
m) debt obligations cannot be limited in circulation;
n) the payment of income on debt obligations of Russian issuers related to the implementation of projects whose denomination is denominated in Russian rubles should ensure a yield of at least the index value
Change Information:
By Decree of the Government of the Russian Federation of December 26, 2014 N 1547, clause 6 is supplemented by subparagraph "p"
o) the payment of income on debt obligations of Russian issuers related to the implementation of projects denominated in foreign currencies should provide a yield not lower than the value of the consumer price index calculated in a foreign state (a group of foreign states) by a central bank (an organization acting as a central the bank) of which the relevant currency is issued for the last calendar year preceding the beginning of the coupon income accrual period for which official publication by the authorized body of the corresponding foreign state (group of foreign states) increased by one percentage point;
7. subparagraph "a" of paragraph 6 of this document, below the level established by this document, the funds of the National Wealth Fund cannot be additionally placed in the debt obligations of this issuer, and previously acquired debt obligations of this issuer can be held until their sale or repayment, subject to the availability of the issuer of a long-term credit rating not lower than level “A” according to the classification of rating agencies “Fitch Ratings” or “Standard & Purs” (Standard & Poor's) or not lower than level “A2” according to class Assignments of the Moody Investors Service rating agency.
If the issuer's long-term credit rating is reduced to the debt obligations specified in subparagraph “b” of paragraph 6 of this document below the level established by this document, the funds of the National Wealth Fund cannot be additionally placed in the debt obligations of this issuer, and previously acquired debt obligations of this issuer may be held until their sale or redemption provided that the issuer has a long-term credit rating of at least “BB-” according to the classification of re Fitch-Ratings or Standard & Poor's or Standard & Poor's or not lower than VAZ according to the classification of the Moody's Investors Service rating agency.
If the issuer's long-term credit rating is reduced to the debt obligations specified in subparagraph “c” of paragraph 6 of this document below the level established by this document, the funds of the National Wealth Fund cannot be additionally placed in the debt obligations of this issuer, and previously acquired debt obligations of this issuer may be held until their sale or redemption provided that the issuer has a long-term credit rating of at least “BB +” according to the classification of re Fitch Ratings or Standard & Poor s or not lower than Bal according to the classification of the Moody s Investors Service rating agency.
In case of violation of the requirements for a long-term credit rating of the issuer of debt obligations established by this clause, in the presence of which the debt obligations of this issuer may be held until their sale or repayment, such debt obligations shall be sold within 3 months from the date of the violation.
The specified requirements do not apply to debt obligations of foreign states, in which the funds of the National Wealth Fund are placed on the basis of individual decisions of the Government of the Russian Federation in an aggregate amount that does not exceed 10 percent of the total amount of the placed funds of the National Wealth Fund.
These requirements do not apply to debt obligations of Russian issuers related to the implementation of projects in which the funds of the National Welfare Fund are placed on the basis of individual decisions of the Government of the Russian Federation.
8. Shares of legal entities must meet the following requirements:
a) shares of legal entities are included in the quotation list of at least one stock exchange;
b) shares of foreign issuers are included in the lists of securities used to calculate the stock indices of the EMC World Index and the FTCE All-World Index;
c) shares of Russian issuers are included in the lists of securities used to calculate the RTS Index or MICEX Index stock indices;
Change Information:
By the Decree of the Government of the Russian Federation of November 1, 2016 N 1120, clause 8 is supplemented by subparagraph "e"
f) the decision on the issue and prospectus of shares of the Russian issuer related to the implementation of projects shall contain information on the project for the implementation of which the issue of shares is carried out.
9. If the acquired shares of legal entities cease to comply with any of the requirements established by clause 8 of this document, such shares shall be sold within 3 months from the date of non-compliance.
Change Information:
By the Decree of the Government of the Russian Federation of November 5, 2013 N 989, the Requirements are supplemented by clause 9.1
9.1. When making decisions on the placement of funds of the National Wealth Fund in the securities of Russian issuers related to the implementation of projects, priority is given to the acquisition of bonds.
Change Information:
By the Decree of the Government of the Russian Federation of November 1, 2016 N 1120, the Requirements are supplemented by clause 9.2
9.2. It is not allowed to place the funds of the National Wealth Fund in the securities of the Russian issuer related to the implementation of the same project, in excess of the maximum amount of funds allocated for financing this project from the funds of the National Wealth Fund approved by the Government of the Russian Federation.
Change Information:
The requirements are supplemented by paragraph 9.3 from February 27, 2018 - Decree of the Government of the Russian Federation of February 13, 2018 N 154
9.3. Units of investment funds are acquired by trust management company operating in accordance with the Federal Law "On the Russian Direct Investment Fund", based on individual decisions of the Government of the Russian Federation.
10. The funds of the National Wealth Fund may be placed on deposits and bank accounts with banks, credit institutions and the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank).
11. When placing funds of the National Wealth Fund on deposits and bank accounts with banks and credit organizations, the following requirements must be met:
a) a bank or a credit institution must have a long-term credit rating not lower than “AA-” according to the classification of rating agencies “Fitch-Ratings” or “Standard & Poor” or not lower than “Aa3 "according to the classification of the rating agency" Moody Investors Service "(Moody" s Investors Service). If these agencies assigned different long-term credit ratings to a bank or a credit institution, the lowest assigned rating is taken as the long-term credit rating;
b) the standards for the minimum and maximum terms for the placement of funds of the National Wealth Fund on deposits with banks and credit organizations established by the Ministry of Finance of the Russian Federation are mandatory;
Change Information:
By Decree of the Government of the Russian Federation of December 29, 2014 N 1592, clause 11 is supplemented by subparagraph "c"
c) the requirements of this clause do not apply when placing funds of the National Wealth Fund on subordinated deposits with Russian credit organizations in order to finance projects.
Change Information:
By the Decree of the Government of the Russian Federation of December 29, 2014 N 1592 The requirements are supplemented by clause 11.1
11.1. The National Welfare Fund funds are placed on subordinated deposits with Russian credit organizations subject to the following conditions:
a) the amount of equity (capital) of a Russian credit institution is at least 100 billion rubles;
b) there is no ban on the Russian credit institution from the Central Bank of the Russian Federation on attracting deposits of individuals and opening bank accounts of individuals in accordance with Part 3 of Article 48 of the Federal Law “On Deposit Insurance in Banks of the Russian Federation”;
c) a Russian credit institution has experience financing at least 10 investment projects over the past 3 years in the amount of at least 3 billion rubles each;
d) funds may be placed on subordinated deposits with Russian credit organizations in Russian rubles, US dollars, Euros, pounds sterling, Australian dollars, Canadian dollars, Swiss francs or yen. Payments on subordinated deposits in Russian credit organizations are allowed both in the face value currency and in Russian rubles at the exchange rate of the corresponding foreign currency established by the Central Bank of the Russian Federation on the date of the relevant payment;
e) an agreement on the placement of funds for a subordinated deposit with a Russian credit institution complies with the requirements of the Central Bank of the Russian Federation to include a subordinated deposit in the sources of additional capital of credit organizations and contains the following provisions:
allocation of funds is carried out in order to finance projects at interest rates equal to the interest rate on subordinated deposits on which the funds of the National Wealth Fund are placed;
a credit institution undertakes to submit to the Ministry of Finance of the Russian Federation and the Ministry of Economic Development of the Russian Federation monthly, no later than the 10th day of the month following the reporting month, information on the allocation of funds raised for subordinated deposits to finance projects (including names of projects, volumes and conditions for financing projects), as well as information on the use of funds not allocated at the reporting date to finance projects;
a mandatory condition is required to change the subordinated deposit on ordinary shares of the respective credit organizations in cases provided for by the methodology for determining the amount of equity (capital) of credit organizations approved by the Central Bank of the Russian Federation to include subordinated deposits in the sources of additional capital of credit organizations;
a credit institution undertakes to acquire securities of Russian issuers associated with the implementation of projects, provided that the issuer of these securities to the credit institution and the Ministry of Finance of the Russian Federation copies of the agreement on the submission of reports and other additional information on the implementation of the self-sustaining infrastructure project and on the use of funds of the National Fund welfare for its financing, signed by the issuer with the federal executive body, unitary enterprise authorized by the Government of the Russian Federation to monitor the implementation of the project and the targeted use of the funds of the National Wealth Fund, as well as with the federal executive body authorized by the Government of the Russian Federation to carry out the functions of a coordinating body responsible for monitoring and controlling the implementation of self-sustaining infrastructure projects implemented by legal entities, in whose financial assets are allocated funds of the National Welfare Fund -being and (or) pension savings held in trust by the state management company, on a return basis, intended use of the National Welfare Fund in the financing of these projects;
a credit institution undertakes to acquire securities of Russian issuers associated with the implementation of projects, provided that the issuer submits the indicated securities to the credit institution and the Ministry of Finance of the Russian Federation in writing to confirm that the issuer has used previously acquired funds of the National Wealth Fund and (or) funds of credit institutions to implement the relevant project who raised funds from the National Welfare Fund through subordinated deposits to olnom volume;
a credit institution undertakes to acquire securities of Russian issuers related to the implementation of projects, provided that it signs an agreement with the issuer on the buyback by the issuer of the issuer's securities at the price of their purchase by the credit institution and payment of the accumulated coupon yield on the repurchase date (for bonds) in case of violation by the issuer established by the Rules for the placement of funds of the National Wealth Fund in the securities of Russian issuers associated with the implementation of self-supporting infrastructure projects approved by the Decree of the Government of the Russian Federation of November 5, 2013 N 990 "On the procedure for placing funds of the National Wealth Fund in the securities of Russian issuers related to the implementation of self-sustaining infrastructure projects", the deadline for sending the attracted funds of the National Wealth Fund to finance the project. At the same time, the cost of securities to be repurchased, taking into account the multiplicity of their nominal value, must be at least the amount of the National Welfare Fund funds not allocated by the issuer to finance the project;
a credit institution undertakes to acquire securities of Russian issuers associated with the implementation of projects, subject to the issuer's conclusion with a credit institution, in which, in order to ensure control over the targeted use of the National Welfare Fund, a separate bank account is opened with restrictions (special treatment) on account transactions ( hereinafter referred to as a special account), an agreement on bank support for the project;
a credit institution undertakes to purchase securities of Russian issuers related to the implementation of projects, provided that it signs an agreement with the issuer on the buyback by the issuer of the issuer's securities at the price of their purchase by the credit institution and payment of the accumulated coupon yield on the repurchase date (for bonds) if received by the issuer interest on the use of funds temporarily not directed to the implementation of the project and placed on a special account, in the absence of the Fund’s balance national welfare to be transferred to the issuer in accordance with the project passport. At the same time, the cost of securities to be repurchased, taking into account the multiplicity of their nominal value, must be at least the amount of interest paid to the issuer by a credit institution, in which a special account is opened for the project initiator to account for funds of the National Wealth Fund;
a credit institution undertakes to acquire securities of Russian issuers associated with the implementation of projects, provided that all stages of the project are completed, which are indicated in the schedule of the project, as stipulated by the Rules for monitoring and control of the implementation of self-sustaining infrastructure projects implemented by legal entities in whose financial assets are placed funds of the National Welfare Fund and (or) pension savings held in trust by the state government on a return basis, the targeted use of funds of the National Wealth Fund when financing these projects, approved by Decree of the Government of the Russian Federation of August 25, 2017 N 1008 "On the procedure for monitoring and controlling the implementation of self-sustaining infrastructure projects implemented by legal entities in financial assets which are allocated funds of the National Welfare Fund and (or) pension savings held in trust by the state the management company on a return basis, intended use of the National Welfare Fund in the financing of these projects and amendments to some acts of the Russian Federation ", and in accordance with the time schedule to be completed before the acquisition of securities of Russian issuers in the relevant amount;
a credit institution undertakes to conclude an agreement with the issuer on the repurchase by the issuer of the issuer's securities at the price of their purchase by the credit institution in full and payment of the accumulated coupon income on the repurchase date (for bonds) in case the issuer violates the provisions of clause 6.1 of the Rules for Placement of National Welfare Fund funds securities of Russian issuers related to the implementation of self-sustaining infrastructure projects approved by the Decree of the Government of the Russian Federation of November 5 2013, N 990;
a credit institution undertakes to acquire securities of Russian issuers associated with the implementation of projects, subject to the compliance of the decision on the issue and prospectuses of the said securities with the requirements established by subparagraph "d" of paragraph 6 and subparagraph "e" of paragraph 8 of these Requirements.
The requirements established by paragraphs eight to eleven of this subparagraph shall not apply to the projects referred to in paragraph 1 and the list of self-sustaining infrastructure projects implemented by legal entities in whose financial assets funds of the National Welfare Fund and (or) pension savings are placed in trust state management company, on a return basis, approved by order of the Government of the Russian Federation of November 5, 2013 N 2044-r;
f) payments of income on subordinated deposits in Russian credit organizations in Russian rubles should provide a yield of at least the minimum of two values:
the values \u200b\u200bof the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body, which carries out the functions of formulating state policy and legal regulation in the field of official statistical accounting, generating official statistical information on social, economic, demographic, environmental and other public processes in the Russian Federation, in the information and telecommunication network "Int rnet ", in the last calendar year preceding the period of accrual of interest income, for which carried out the official publication of the said body of executive power, increased by one percentage point;
the interest rate established by the Central Bank of the Russian Federation when conducting deposit operations at fixed interest rates;
g) the payment of income on subordinated deposits in Russian credit organizations in foreign currency should ensure a profitability not lower than the value of the consumer price index calculated in a foreign state (group of foreign states), the central bank (an organization that performs the functions of the central bank) of which the corresponding currency is issued, for the last calendar year preceding the beginning of the interest income accrual period for which the official publication of the authorization nnym authority of the foreign state (group of foreign states), increased by one percentage point;
h) the maximum term for placing funds on subordinated deposits in Russian credit organizations is 30 years;
i) an agreement on the allocation of funds for a subordinated deposit with a Russian credit institution is concluded between the relevant Russian credit institution and the Federal Treasury in agreement with the Ministry of Finance of the Russian Federation.
11.2. The funds of the National Wealth Fund may be placed on subordinated deposits with Russian credit organizations in an aggregate amount not exceeding 10 percent of the funds of the National Wealth Fund.
12. When placing funds of the National Wealth Fund on deposits in the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the following requirements must be met:
a) funds may be deposited in Russian rubles, US dollars, euros and pounds sterling;
b) the maximum allowable aggregate amount within which funds can be placed on deposits in Russian rubles and in foreign currency, with the exception of deposits placed in accordance with subparagraph "c.1" of this paragraph, is 955 billion rubles.
At the same time, up to 175 billion rubles can be placed on deposits, the amounts, terms and other essential conditions for which are determined by the Ministry of Finance of the Russian Federation.
Up to 410 billion rubles can be placed on deposits:
in accordance with paragraph 1 of Part 1 of Article 4 of the Federal Law "On Additional Measures to Support the Financial System of the Russian Federation" (hereinafter - the Federal Law), subject to the following requirements:
from January 1, 2020 - at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body, which carries out the functions of formulating state policy and legal regulation in the field of official statistics, the formation of official statistical information on social, economic, demographic, environmental and other public processes in the Russian Federation, in the information o-telecommunication network "Internet", for the last calendar year preceding the period of interest income accrual, for which official publication by the indicated executive body was carried out, increased by 1 percentage point, but not lower than 6.25 percent per annum and not higher than established by the Central Bank The Russian Federation of the maximum interest rate on a subordinated loan (deposit, loan, bond loan) in rubles, reduced by 0.25 percentage points;
in accordance with paragraph 2 of part 1 of article 4
interest is paid on a quarterly basis at the following interest rates:
from January 1, 2021 - at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December to December), published on the official website of the federal executive body, which carries out the functions of formulating state policy and legal regulation in the field of official statistics, the formation of official statistical information on social, economic, demographic, environmental and other public processes in the Russian Federation, in the information o-telecommunication network "Internet", for the last calendar year preceding the period of interest income accrual, for which official publication by the indicated executive body was carried out, increased by 1 percentage point, but not lower than 7.25 percent per annum and not higher than established by the Central Bank Of the Russian Federation of the maximum interest rate on a subordinated loan (deposit, loan, bond loan) in rubles, reduced by 0.25 percentage points.
Up to 40 billion rubles can be placed on deposits in accordance with Part 1 of Article 6.2 of the Federal Law, subject to the following requirements:
In case of return by the state-owned corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) of deposits placed in accordance with Part 1 of Article 6.2 of the Federal Law, funds within the scope of the returned deposits may be placed on deposits in order to be provided by the state-owned corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) "loans to the joint-stock company" DOM.RF "subject to the following requirements:
interest is paid on a quarterly basis at a rate of 6.25 percent per annum until 2020 inclusive, and from 2021 to 2048 at a rate equal to the value of the consumer price index for goods and services in the Russian Federation (December by December), published on the official website of the federal executive body, which carries out functions for the development of state policy and legal regulation in the field of official statistical accounting, the formation of official statistical information on social, economic, demographic, environmental and other public processes in the Russian Federation, in the information and telecommunication network "Internet", for the last calendar year preceding the period of interest income accrual, for which official publication by the indicated executive body was increased by 1 percentage point.
Up to 30 billion rubles can be placed on deposits subject to the following requirements:
interest is paid on a quarterly basis at a rate of 6.25 percent per annum.
The amounts and terms of placing funds on deposits in accordance with the third, twenty second paragraphs of this subparagraph are determined by the Ministry of Finance of the Russian Federation taking into account the requirements established by this paragraph.
Up to 300 billion rubles can be placed on deposits subject to the following requirements:
placement of funds on deposits is carried out in order to finance Vnesheconombank's projects in the real sector of the economy, implemented by Russian organizations;
the Ministry of Finance of the Russian Federation has submitted a positive opinion of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" on the feasibility of financing a Vnesheconombank project in the form in accordance with Appendix No. 2 to the Rules for assessing the feasibility of financing investment projects using funds from the National Welfare Fund and (or) pension savings held in trust by a state management company on a repayable basis f, approved by Decree of the Government of the Russian Federation of November 5, 2013 N 991 "On the procedure for assessing the feasibility of financing investment projects at the expense of the National Welfare Fund and (or) pension savings held in trust by the state management company on a return basis" ( hereinafter referred to as the Rules for Project Evaluation), in terms of the composition of information applicable to Vnesheconombank's projects;
financing conditions (purpose, currency, amount, term, interest rate and deadline for the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) to allocate funds to the project) of each project of Vnesheconombank involving funds from the National Wealth Fund are approved by the supervisory board of the state corporation Bank development and foreign economic activity (Vnesheconombank) "subject to the requirements specified in paragraphs twenty-ninth to thirty-third and paragraph three fifth dtsat this subparagraph;
the currency and amount of the deposit, the interest rate on deposits, the term for placing funds on each deposit and the frequency of payment of interest are determined by the Ministry of Finance of the Russian Federation in accordance with applications sent by the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) with the application of Vnesheconombank project passports in the form according to Appendix No. 3 to the Rules for Project Evaluation (regarding the composition of information applicable to Vnesheconombank projects) and copies of extracts from meeting minutes the Supervisory Board of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" containing the terms of financing of Vnesheconombank projects, taking into account the requirements specified in paragraphs twenty-ninth to thirty-third and paragraph thirty-fifth of this subclause;
the amount of each deposit corresponds to the amount specified in the corresponding application of the state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)" and is determined taking into account the provisions of paragraph 2.1 of resolution of the Government of the Russian Federation of January 19, 2008 N 18 "On the procedure for managing the funds of the National Welfare Fund ";
national Welfare Fund funds are credited to the deposit in separate amounts (tranches) equal to the amounts the borrower uses Vnesheconombank's loan funds to finance the corresponding project;
the term of each deposit corresponds to the period specified in the corresponding application of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", but cannot exceed 30 years;
the interest rate on deposits in Russian rubles in terms of funds actually allocated to Vnesheconombank's projects should provide a yield of 6 percent per annum or at a level equal to the value of the consumer price index for goods and services in the Russian Federation (December to December) published on the official website of the federal executive body, which carries out the functions of developing state policy and legal regulation in the field of official statistical accounting, the formation of statistical information on social, economic, demographic, environmental and other public processes in the Russian Federation, on the Internet telecommunications network, for the last calendar year preceding the period of calculation of interest income for which official publication by the indicated executive body was carried out, increased by one percentage point, unless a different interest rate level is established by a decision of the Government of the Russian Federation;
the interest rate on deposits in foreign currency must provide a yield not lower than the value of the consumer price index calculated in a foreign state (group of foreign states), the central bank (organization acting as a central bank) of which the corresponding currency is issued, for the last calendar year preceding the beginning interest income accrual period for which official publication by the authorized body of the relevant foreign state wa (group of foreign states) increased by one percentage point;
the deposit agreement contains a provision on the obligation of the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)" to return funds to the Vnesheconombank’s National Welfare Fund funds on the date of their placement on the deposit to return the funds no later than the business day following the specified date;
interest on the deposit is paid at least once a year;
the deposit agreement contains a provision on the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" accepting the obligation to submit to the Ministry of Finance of the Russian Federation and the Ministry of Economic Development of the Russian Federation quarterly, no later than the 10th business day of the month following the reporting quarter, information about the direction funds raised on deposit to finance Vnesheconombank's projects (including the name of the project, the volume and terms of financing the project, d the allocation of funds to finance the project), as well as to monitor the intended use of these funds and quarterly, no later than the 10th working day of the month following the reporting quarter, send a report on the intended use of these funds to the Ministry of Finance of the Russian Federation.
In order to ensure control over the restriction of the volume of deposits stipulated by paragraph twenty-fourth of this subparagraph, the equivalent of the amount of deposits placed in foreign currency in order to finance Vnesheconombank's projects is calculated in Russian rubles at the exchange rate of the corresponding foreign currency to the Russian ruble set by the Central Bank of the Russian Federation on the placement dates deposits in foreign currency.
Early repayment of funds is allowed with the consent of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", with interest on the placement of funds paid for the actual term of the funds on deposit;
c) the placement of funds on deposits is carried out by the Federal Treasury by decision of the Ministry of Finance of the Russian Federation;
c.1) the funds of the National Wealth Fund can be placed on deposits in US dollars in accordance with paragraph 4 of Article 96.10 of the Budget Code of the Russian Federation in an aggregate amount not exceeding 7 percent of the funds of the National Wealth Fund, subject to the following conditions:
the deposit agreement contains provisions on the impossibility of requiring an early return of the deposit or part thereof, as well as early payment of interest on the use of the deposit, early termination of the deposit agreement or early termination of obligations under the agreement;
the interest rate level is similar to the level of interest rates on deposits in US dollars previously placed from the funds of the National Wealth Fund in the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank);
interest is paid at least once a year;
the deposit agreement contains a provision that, in the event of the liquidation of the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), the requirements for such a deposit are satisfied after the claims of all other creditors are satisfied;
the term for the deposit is at least 5 years and not more than 20 years;
early repayment of the deposit (part of it) at the initiative of the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" can be made no earlier than 5 years from the date the deposit is included in the sources of additional capital of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank) ";
the deposit agreement contains the condition that if the value of the standard of capital adequacy ratio has reached below 2 percent, unpaid interest on the deposit is not reimbursed and does not accrue due to the termination of fully or partially the obligations of the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) "on payment of the amount of accrued interest on the deposit, while the obligation of the state corporation" Bank for Development and Foreign Economic Affairs (Vnesheconombank) " on the repayment of the principal debt on the deposit is terminated in whole or in part (in the case of losses by the state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the result of which is a decrease in the standard of capital adequacy ratio to below 2 percent, subject to the use of retained earnings and a reserve fund to cover losses of the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank);
e) on the basis of individual decisions of the Government of the Russian Federation, agreements on the placement of funds of the National Welfare Fund on deposits concluded in accordance with subparagraph "c.1" of this paragraph may be amended to provide for:
setting an interest rate of at least 0.25 percent per annum for deposits in US dollars and at least 2.86 percent per annum for deposits in Russian rubles;
the establishment for a period of up to 3 years of a grace period for the payment of interest, during which interest is accrued, not capitalized and paid on the day the end of this period.
13. The Ministry of Finance of the Russian Federation has the right to establish additional requirements for authorized financial assets within the requirements stipulated by this document.
14. The list of operations with authorized financial assets, with the exception of deposits with banks, credit organizations and the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), includes permitted operations, which include the purchase and sale of authorized financial assets.
15. The Ministry of Finance of the Russian Federation has the right to establish the procedure for conducting operations with authorized financial assets, as provided for in clauses 10 and this document.
In fact, the NWF is replenished from the federal budget, which is subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of Russian citizens, as well as to ensure the balance of the federal budget and the budget of the Pension Fund of Russia.
A part of the NWF denominated in foreign currency and placed by the Government of Russia on accounts with the Bank of Russia, which it invests in foreign financial assets, is accounted for as part of the International Reserves of the Russian Federation. Part of the NWF funds was used in projects that were unacceptable in terms of risk and liquidity to place international reserves. Thus, the NWF serves as a more risky, but potentially more profitable instrument for the Government of the Russian Federation.
Description
The National Welfare Fund of Russia was formed on February 1, 2008 as a result of the division of the Stabilization Fund in force at that time into the Reserve Fund (created to finance the oil and gas transfer) and the National Welfare Fund (created to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and balance (covering the deficit) ) budget of the Pension Fund of the Russian Federation). The NWF was replenished from the oil and gas revenues of the federal budget in an amount exceeding the volume of the oil and gas transfer approved for the corresponding financial year, from the moment when the accumulated amount of the Reserve Fund reached (exceeded) its standard value.
The NWF is a “safety cushion” that allows the state to compensate for the loss of oil and gas revenues in the event of a sharp drop in oil prices and to fulfill all social obligations assumed.
Starting January 1, 2018, the NWF with the Reserve Fund was merged into a single fund on the basis of the NWF. On February 1, 2018, the Reserve Fund ceased to exist, and the funds contained in it were previously used to ensure that the state fulfills its expenditure obligations.
As a result of the pooling of funds, the purpose of the NWF funds remained the same: co-financing of voluntary pension savings of Russian citizens, ensuring the balanced budget of the Pension Fund, but also added a goal to ensure the balance (deficit) of the federal budget.
The formation of the NWF
The National Welfare Fund is formed by:
Additional oil and gas revenues of the federal budget in excess of the cut-off price are used to replenish the National Welfare Fund. In turn, the cut-off price is the base price of $ 40 per barrel of Urals crude in 2017 prices, subject to annual indexation from 2018 by 2 percent. The determination of the base oil price at this level is determined by the assessment of the long-term equilibrium level of oil prices.
NWF funds management
The funds of the National Welfare Fund are managed by the Ministry of Finance of Russia in the manner established by the Government of the Russian Federation. Separate powers to manage the funds of the NWF can be exercised by the Central Bank of Russia.
The management of the NWF funds in order to ensure a stable level of income from their placement in the long term allows the possibility of obtaining negative financial results in the short term.
Accommodation
The funds of the National Welfare Fund, both individually and simultaneously, can be placed in foreign currency and financial assets of the following types:
- debt obligations of foreign states, foreign state agencies and central banks;
- debt obligations of international financial organizations, including in the form of securities;
- deposits and balances in bank accounts with banks and credit organizations, including for the purpose of financing self-supporting infrastructure projects;
- deposits and bank balances in the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), including with the aim of financing projects of the state corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) in the real sector of the economy, implemented by Russian organizations;
- deposits and balances in bank accounts with the Central Bank of the Russian Federation;
- debt obligations and shares of legal entities, including Russian securities, related to the implementation of sustainable infrastructure projects (a list of such projects is approved by the Government of the Russian Federation);
- units of investment funds that are managed by the Management Company of the Russian Direct Investment Fund.
The Government of the Russian Federation, as part of reporting on the execution of the federal budget, submits to the State Duma of the Federal Assembly of the Russian Federation and the Council of the Federation of the Federal Assembly of the Russian Federation an annual report on the formation and use of additional oil and gas revenues of the federal budget, quarterly and annual reports on the formation and use of funds of the National Welfare Fund and about managing his funds.
Asset allocation and return structure
The Government of the Russian Federation establishes limit standards for permitted financial assets in the total volume of funds placed by the NWF. In order to increase the efficiency of managing the funds of the National Welfare Fund, the Ministry of Finance of Russia is authorized to approve the regulatory shares of authorized financial assets in the total amount of the placed means of the National Welfare Fund within the respective shares established by the Government of the Russian Federation.
Allowed financial assets defined by the Budget Code of the Russian Federation | Limit shares established by the Government of the Russian Federation |
---|---|
The maximum share of debt obligations of foreign states | 100 % |
Maximum proportion of debt obligations of foreign state agencies and central banks | 30 % |
The maximum share of debt obligations of international financial organizations | 15 % |
The maximum share of deposits and bank balances with the Central Bank of the Russian Federation | 100 % |
The maximum share of debt obligations of legal entities | 50 % |
Maximum share of legal entities | 50 % |
The maximum share of debt obligations and shares of Russian legal entities associated with the implementation of projects (with the exception of projects implemented with the participation of the managing company Russian Direct Investment Fund and State Atomic Energy Corporation Rosatom) | no more than 40% of the volume of SWFs as as of April 1, 2015, but not more than 1738 billion rubles. |
The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the management company Russian Direct Investment Fund | no more than 290 billion rubles. |
The maximum share of debt obligations and shares of Russian legal entities related to the implementation of projects implemented with the participation of the State Atomic Energy Corporation Rosatom | no more than 290 billion rubles. |
As of January 1, 2018, the volume of the NWF amounted to 3 753 billion rubles, which is equivalent to 65 billion US dollars, including:
- about 15 billion US dollars, 15 billion euros, 3 billion pounds sterling were placed on separate accounts for accounting for NWF funds with the Bank of Russia;
- on deposits with Vnesheconombank - more than 222 billion rubles and 6 billion US dollars;
- into debt obligations of foreign states on the basis of a separate decision of the Government of the Russian Federation, without presenting a requirement for a long-term credit rating - $ 3.00 billion;
- in the securities of Russian issuers related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation - 113 billion rubles and 4 billion US dollars;
- in preferred shares of credit organizations - about 279 billion rubles;
- on deposits with VTB Bank (PJSC) and Bank GPB (JSC) in order to finance sustainable infrastructure projects, the list of which is approved by the Government of the Russian Federation - about 164 billion rubles.
The total income from placing the Fund’s funds in authorized financial assets, with the exception of funds in accounts with the Bank of Russia, in 2017 amounted to 50.84 billion rubles, which is equivalent to 0.87 billion US dollars.
In 2018, the revenues of the federal budget of the Russian Federation from the placement of funds of the National Welfare Fund amounted to 70.52 billion rubles.
All data on the structure of the NWF invested funds in financial assets and return on investment are updated on an annual basis on the official website of the Ministry of Finance of Russia.
It is allowed to receive a negative financial result from the placement of funds of the NWF.
Change dynamics
Information on changes in the volume of the NWF in US dollars and in ruble equivalent, as well as data on the movement of funds and the results of managing the funds of the National Wealth Fund, are published monthly on the website of the Ministry of Finance of Russia.
date | Fund size billion $ |
Fund size billion p. |
---|---|---|
01.02.2008 | 32,00 | 783,31 |
01.03.2008 | 32,22 | 777,03 |
01.04.2008 | 32,90 | 773,57 |
01.05.2008 | 32,72 | 773,82 |
01.06.2008 | 32,60 | 773,93 |
01.07.2008 | 32,85 | 770,56 |
01.08.2008 | 32,69 | 766,48 |
01.09.2008 | 31,92 | 784,51 |
01.10.2008 | 48,68 | 1 228,88 |
01.11.2008 | 62,82 | 1 667,48 |
01.12.2008 | 76,38 | 2 108,46 |
01.01.2009 | 87,97 | 2 584,49 |
01.02.2009 | 84,47 | 2 991,50 |
01.03.2009 | 83,86 | 2 995,51 |
01.04.2009 | 85,71 | 2 915,21 |
01.05.2009 | 86,30 | 2 869,44 |
01.06.2009 | 89,86 | 2 784,14 |
01.07.2009 | 89,93 | 2 813,94 |
01.08.2009 | 90,02 | 2 858,70 |
01.09.2009 | 90,69 | 2 863,08 |
01.10.2009 | 91,86 | 2 764,37 |
01.11.2009 | 93,38 | 2 712,56 |
01.12.2009 | 92,89 | 2 769,84 |
01.01.2010 | 91,56 | 2 769,02 |
01.02.2010 | 90,63 | 2 757,89 |
01.03.2010 | 89,63 | 2 684,21 |
01.04.2010 | 89,58 | 2 630,27 |
01.05.2010 | 88,83 | 2 601,62 |
01.06.2010 | 85,80 | 2 616,54 |
01.07.2010 | 85,47 | 2 666,41 |
01.08.2010 | 88,24 | 2 663,76 |
01.09.2010 | 87,12 | 2 671,54 |
01.10.2010 | 89,54 | 2 722,15 |
01.11.2010 | 90,08 | 2 772,80 |
01.12.2010 | 88,22 | 2 761,96 |
01.01.2011 | 88,44 | 2 695,52 |
01.02.2011 | 90,15 | 2 674,53 |
01.03.2011 | 90,94 | 2 631,98 |
01.04.2011 | 91,80 | 2 609,66 |
01.05.2011 | 94,34 | 2 594,58 |
01.06.2011 | 92,54 | 2 597,55 |
01.07.2011 | 92,61 | 2 600,00 |
01.08.2011 | 92,70 | 2 566,04 |
01.09.2011 | 92,63 | 2 673,05 |
01.10.2011 | 88,69 | 2 827,10 |
01.11.2011 | 91,19 | 2 726,42 |
01.12.2011 | 88,26 | 2 764,40 |
01.01.2012 | 86,79 | 2 794,43 |
01.02.2012 | 88,33 | 2 682,21 |
01.03.2012 | 89,84 | 2 600,88 |
01.04.2012 | 89,50 | 2 624,78 |
01.05.2012 | 89,21 | 2 619,52 |
01.06.2012 | 85,48 | 2 773,78 |
01.07.2012 | 85,64 | 2 810,45 |
01.08.2012 | 85,21 | 2 742,85 |
01.09.2012 | 85,85 | 2 772,45 |
01.10.2012 | 87,61 | 2 708,58 |
01.11.2012 | 87,19 | 2 748,67 |
01.12.2012 | 87,47 | 2 716,61 |
01.01.2013 | 88,59 | 2 690,63 |
01.02.2013 | 89,21 | 2 678,63 |
01.03.2013 | 87,61 | 2 682,58 |
01.04.2013 | 86,76 | 2 696,73 |
01.05.2013 | 87,27 | 2 727,79 |
01.06.2013 | 86,72 | 2 739,33 |
01.07.2013 | 86,47 | 2 828,23 |
01.08.2013 | 86,90 | 2 858,04 |
01.09.2013 | 86,77 | 2 884,79 |
01.10.2013 | 88,03 | 2 847,35 |
01.11.2013 | 88,74 | 2 845,19 |
01.12.2013 | 88,06 | 2 922,79 |
01.01.2014 | 88,63 | 2 900,64 |
01.02.2014 | 87,39 | 3 079,94 |
01.03.2014 | 87,25 | 3 145,34 |
01.04.2014 | 87,50 | 3 122,51 |
01.05.2014 | 87,62 | 3 127,94 |
01.06.2014 | 87,32 | 3 033,17 |
01.07.2014 | 87,94 | 2 957,38 |
01.08.2014 | 86,46 | 3 088,79 |
01.09.2014 | 85,31 | 3 150,50 |
01.10.2014 | 83,20 | 3 276,79 |
01.11.2014 | 81,74 | 3 547,02 |
01.12.2014 | 79,97 | 3 994,12 |
01.01.2015 | 78,00 | 4 388,09 |
01.02.2015 | 74,02 | 5 101,83 |
01.03.2015 | 74,92 | 4 590,59 |
01.04.2015 | 74,35 | 4 346,94 |
01.05.2015 | 76,33 | 3 946,42 |
01.06.2015 | 75,86 | 4 018,51 |
01.07.2015 | 75,65 | 4 200,53 |
01.08.2015 | 74,56 | 4 398,15 |
01.09.2015 | 73,76 | 4 903,67 |
01.10.2015 | 73,66 | 4 878,80 |
01.11.2015 | 73,45 | 4 728,39 |
01.12.2015 | 72,22 | 4 784,05 |
01.01.2016 | 71,72 | 5 227,18 |
01.02.2016 | 71,15 | 5 348,66 |
01.03.2016 | 71,34 | 5 356,96 |
01.04.2016 | 73,18 | 4 947,33 |
01.05.2016 | 73,86 | 4 751,69 |
01.06.2016 | 72,99 | 4 823,19 |
01.07.2016 | 72,76 | 4 675,36 |
01.08.2016 | 72,21 | 4 842,00 |
01.09.2016 | 72,71 | 4 719,17 |
01.10.2016 | 72,71 | 4 617,54 |
01.11.2016 | 72,20 | 4 541,93 |
01.12.2016 | 71,26 | 4 628,09 |
01.01.2017 | 71,87 | 4 359,16 |
01.02.2017 | 72,46 | 4 359,30 |
01.03.2017 | 72,60 | 4 206,38 |
01.04.2017 | 73,33 | 4 134,27 |
01.05.2017 | 73,57 | 4 192,50 |
01.06.2017 | 74,18 | 4 192,30 |
01.07.2017 | 74,22 | 4 385,49 |
01.08.2017 | 74,72 | 4 449,35 |
01.09.2017 | 75,36 | 4 425,35 |
01.10.2017 | 72,57 | 4 210,36 |
01.11.2017 | 69,36 | 4 130,81 |
01.12.2017 | 66,94 | 3 904,76 |
01.01.2018 | 65,15 | 3 752,94 |
01.02.2018 | 66,26 | 3 729,71 |
01.03.2018 | 66,44 | 3 698,96 |
01.04.2018 | 65,88 | 3 772,89 |
01.05.2018 | 63,91 | 3 962,70 |
01.06.2018 | 62,75 | 3 927,58 |
01.07.2018 | 77.11 | 4 839.26 |
01.08.2018 | 77.16 | 4 844.38 |
01.09.2018 | 75.79 | 5 160.28 |
01.10.2018 | 76.20 | 5 004.49 |
01.11.2018 | 75,59 | 4 972,44 |
01.12.2018 | 68,55 | 4 567,74 |
01.01.2019 | 58,10 | 4 036,05 |
01.02.2019 | 59,05 | 3 903,00 |
01.03.2019 | 59,12 | 3 888,00 |
01.04.2019 | 59,14 | 3 828,25 |
The funds of the National Welfare Fund are part of the federal budget subject to separate accounting. They are aimed at ensuring co-financing of pension (voluntary) savings of the population. They also help maintain the balance of the FIU budget. Next, we will analyze the National Welfare Fund.
General information
The financial institution in question was established on February 1, 2008 after the existing budget stabilization structure was divided into the Reserve Fund and the National Welfare Fund of the Russian Federation. The NWF exists at the expense of oil and gas profits from the federal budget. Since 2008, they are accounted for separately from other income. In addition, the formation of the National Welfare Fund is carried out at the expense of profit derived from the turnover of its finances.
Oil and gas revenues
The National Welfare Fund of Russia receives profit from:
- Mineral extraction taxes presented as hydrocarbons. In particular, it includes combustible natural gas and gas condensate, oil from all types of fields.
- Customs export duties on raw materials and products of its processing.
Some of the above revenues in the form of an oil and gas transfer are allocated annually to finance the costs of the federal budget. The size of revenues is established by the corresponding Federal Law for the planning period and the next year. The transfer volume is reflected as a percentage of the projected GDP:
- In 2008 - 6.1.
- In 2009 - 5.5.
- In 2010 - 4.5.
- In 2011 and beyond, 3.7.
After reaching the full amount of the transfer, the proceeds are sent to the Reserve Fund and the National Welfare Fund. The normative value of the first is established by the Federal Law on the federal budget for the planned period and the forthcoming fiscal year in absolute terms. It is determined on the basis of the predicted ten percent GDP for the corresponding period. The Reserve Fund and the National Welfare Fund are replenished sequentially. First, the normative size of the first is achieved, and then injections into the NWF are carried out.
Accounting
Oil and gas revenues flowing to the National Welfare Fund of Russia are recorded on separate budget accounts. They are opened in the Central Bank by the Federal Treasury. Transfers and calculations regarding the creation and use of oil and gas revenues are carried out by the Ministry of Finance. The procedure for performing these operations is established by the Government.
National Wealth Fund Management
Revenues from this activity act as another financial source. The objectives of administration are to ensure the safety and a stable level of profit from accommodation in the long term. The management of the Fund allows for the likelihood of a negative financial result in the short term. Administration is carried out by the Ministry of Finance in the manner prescribed at the government level. Separate powers in this activity belong to the Central Bank. When attracting specialized financial companies to perform certain functions related to the management of the Fund, this process, as well as the requirements for entities, are established by the Government of the country.
Administration Methods
The resources that make up the Russian National Wealth Fund are controlled and coordinated as follows:
The Ministry of Finance coordinates and uses the National Welfare Fund according to the first method. Placement of finances on the currency accounts of the Central Bank is carried out in accordance with the procedure for calculating and crediting interest established on the accounts approved by the Ministry of Finance. The Bank makes payments on balances equivalent to the profitability of the indices. The latter are formed from assets intended for placement of finances that make up the National Welfare Fund. The government has established maximum shares of permitted assets in the total value of the SWF. To improve coordination, the Ministry of Finance is authorized to set normative indicators within the limits approved at the Federal level.
Asset requirements
The finances constituting the volume of the National Wealth Fund may be invested in debt instruments as securities of foreign states, foreign agencies and central banks of such countries as:
For debt obligations the following requirements are established:
- Foreign issuers must have a long-term credit rating of at least “AA-”, in accordance with the classification of Standard & Purs or Fitch Ratings, or at least “Aa3” by Moody Investor Service. If a subject is assigned different positions, then the smallest of them is considered indicative.
- The rating of Russian issuers should not be less than the level of “BBB-” or “Baa3” according to the classifications of the above agencies, respectively. If different positions are assigned to an entity, then the smallest of them will also be considered indicative.
- The periods during which debt obligations must be repaid are fixed. The terms of circulation and issue do not imply the issuer's right to make an early repurchase.
- The standards for the maximum and minimum maturities established by the Ministry of Finance are considered mandatory.
- The coupon yield rate that is paid on the respective debts, as well as the face values, are fixed.
- The volume of the issue of obligations that are in circulation is not less than 1 billion rubles, 1 billion dollars, 1 billion euros and 0.5 billion pounds for relevant accounts.
- The face value is fixed. It is expressed in euros, dollars, rubles or f. sterling. Payments are made in face value currency.
Subjects
The international financial organizations, in the obligations of which the assets comprising the National Welfare Fund can be placed, are the following banks:
- Asian (ABD).
- Development in CE.
- European investment.
- Inter-American (IADB).
- European (reconstruction and development).
- Northern Investment.
- International (reconstruction and development).
The entities also include the International Finance Corporation (IFC).
Securities Requirements
Shares of legal entities and shares (units) of investment funds into which the funds of the National Wealth Fund can be placed must meet certain conditions. In particular:
- Securities of organizations must be present in the quotation list of at least one exchange.
- For shares of foreign issuers, entry into the lists used in calculating the RTS and MICEX indices is necessary.
- The composition of the funds of investment funds that issue participatory interests should contain only permitted assets.
Deposit placement
For its implementation, the following conditions must be met:
- A credit company or a bank must be in the rating of long-term creditworthiness at a position not lower than "AA-" according to the classification of Standard & Purs or Fitch Ratings or Aa3 agencies according to the Moody Investor Service list. If the organization is at different levels on these systems, then the smallest is considered indicative.
- The standards for the maximum and minimum term for the placement of assets forming the National Welfare Fund, approved by the Ministry of Finance, are mandatory.
Accommodation at Vnesheconombank State Corporation
For referral to deposits, the following requirements must be observed:
1. Allowed placement in Russian and foreign permitted currency (dollars, pounds sterling, euros).
2. The maximum allowable total amount under which assets can be held on deposits in rubles is 655 billion rubles. Wherein:
Funds in the amount of up to 175 billion can be placed on accounts, terms, amounts and other essential conditions for which are established by the Ministry of Finance;
Up to 410 billion may be held on deposits in the manner approved by the Government, subject to the following conditions:
b) at the rate of 8.5% until December 31. 2010 (inclusive).
Assets of up to 30 billion can be placed at a rate of 8.5% until 12/31/2017 in the manner prescribed by the Government;
Interest payments throughout the entire period are made quarterly;
The ability to repay funds ahead of schedule is allowed by agreement of Vnesheconombank; interest is paid for the actual period of finding finances on deposit.
3. The terms and amounts of placement are determined by the Ministry of Finance in accordance with the specified requirements; the transfer is made by the Federal Treasury, according to the decision of the Finance Ministry.
Important point
The assets that form the National Welfare Fund can be directed exclusively to co-financing pension savings of a voluntary nature and covering the deficit (ensuring balance) of the PFR budget. The distribution procedure is established by the corresponding Federal Law No. 56. This Law regulates insurance (additional) contributions to the funded share of the working pension and state support for the formation of savings. The volume of the National Welfare Fund - the amount of assets allocated for the above purposes - establishes the Federal Law on the Fed. budget for the planning period and reporting year according to BC.
Operations reporting
The Ministry of Finance publishes monthly information regarding the receipt and use of available oil and gas revenues, the value of the NWF assets at the beginning of the month. The documents also provide information on crediting finance, placement and subsequent distribution in the reporting period. The Ministry of Finance also provides annual and quarterly reports on the receipt and use of oil and gas revenues received, education and turnover of assets of the National Fund. Well-being. This information is included in the acts on the results of the implementation of the articles of the federal budget. In addition, the Ministry of Finance provides an annual and quarterly report on the management of funds included in the Fund. The government of the country, as part of acts on the results of the implementation of the articles of the federal budget, submits to the State Duma the Federal Assembly and the Council of Federations information on the income and use of the oil and gas profits, creation and turnover of the assets of the National Wealth Fund, as well as on the coordination of their distribution. Reporting is provided once a year and quarterly.
Audit of operations
In the process of implementing the adopted and approved articles of the federal budget, control measures are carried out. The Accounts Chamber is authorized to carry them out. Control is aimed at checking the creation, turnover, and asset management that make up the NB Fund. The Accounts Chamber submits to the Federal Assembly an operational quarterly report. It provides the results of the execution of budget items containing information on income generation and costs incurred, including, but not limited to, data on the replenishment, turnover and management of funds of the NB Fund.
Reserve fund
It is a financial institution whose assets are put into circulation to stabilize the budget during a decline in income or for government needs in the long term. In addition to economic functions, the Reserve Fund also performs political tasks. In particular, the presence of such assets prevents a rapid increase in government spending. As a rule, such costs cannot be quickly reduced immediately after a drop in income. In unfavorable periods, such a situation can provoke a budget deficit, non-fulfillment of social obligations, and default. The reserve background acts as a macroeconomic tool to maintain the level of aggregate demand and long-term economic growth. The state restrains consumption during periods of rapid progress. This is necessary to reduce inflation. At the same time, with a fall in consumer activity, the state (during periods of stagnation) stimulates demand. In such years, the government may spend more than it receives taxes. This increases the total national expenditure, allows companies not to reduce production rates, not to reduce workers. With inflation, the state reduces costs to prevent price increases. The difference in expenses and revenues of the total budget may be directed to the Reserve Fund.
Main functions
The reserve fund is a separate part of the finances of budgets of all levels, which has received the form of target assets. They are designed to ensure uninterrupted provision of costs both previously provided and unforeseen, which arise suddenly and have a random or emergency character. The funds that make up the Reserve Fund may be spent on emergency response activities related to the elimination of the consequences of technological disasters, natural disasters and other emergencies that have occurred in the current financial period. This structure implements two main functions:
- Assets may be spent to cover the deficit of state budget items in the face of unfavorable conditions.
- During periods of high prices for raw materials, the Fund’s funds help accumulate excess export earnings and prevent the development of the Dutch economic disease.
The procedure in accordance with which assets are included in the turnover is established by regulatory acts of the Government. Additional clarifications on the requirements for the expenditure of reserve funds may be provided for by orders of executive bodies of entities or local self-government. The amount of accumulated assets cannot exceed 3% of the approved budget expenditures at the federal level.