New Russian loan: do not hasten, muzhiks, do not hastenlast week in Council of Republic VS of RSFSR conditions of release of a new republican internal loan have been definitively co-ordinated. The loan is issued in a covering of an internal debt of Russia. Unlike the previous loans, the Ministry of Finance, and the Central Bank of Russia will be engaged in its distribution not.
Experts - brokers, however, state serious doubts that the new loan will receive a close attention of commercial structures if the Ministry of Finance and the Central Bank does not accept additional measures on attraction “ podpisantov “.
the Loan is issued for a period of 30 years for a total sum 80 mlrd rbl. in bonds on 10 thousand roubles which will be will extend only among legal bodies. Incomes should be paid in a non-cash order of times in a year. 5 - the percentage income under bonds will pay the Ministry of Finance, and the Central Bank of Russia has acquired the right to increase profitableness of a loan to 15 % annual at the expense of own means.
the loan is issued for a covering of an internal debt of republic which on the beginning of year (when the decision on loan release was made) made 79,7 mlrd rbl.
However a situation since then has considerably worsened, and already on the beginning of September the current debt has made 120 mlrd rbl. Considering that the loan hardly will manage to be placed completely, it nenamnogo improves position with the Russian finance.
unlike the securities which are let out by commercial structures, state loan bonds possess high degree of liquidity (are provided by resources and guarantees), the income to investors is guaranteed by the state and not taxed. Besides, the state securities are realised to investors, as a rule, with discount (that is a little below face value). Bonds of a loan of 1990 were on sale on the average for 77 % of cost; experts consider that similar can be and conditions of placing of a new loan. As the income is charged to face value, the profit received by investors, increases. Thus, considering that now commercial banks pay to clients - to investors on the average 10 % annual, it is possible to consider new securities as good capital investments.
however rates under deposits and profitableness of securities grow in commercial banks on 0,5 - 1 % a month - and consequently in a year the state bonds will lose the advantages. To increase of appeal of a new loan (at least for commercial banks) could promote cancellation of the decision of the Central Bank not to set the state securities off the sum of the obligatory reserves, deducted to it commercial banks. Under the data received by edition “ “ the Bank of Russia basically is ready on this step and has already prepared the corresponding decision. It is supposed that it “ issue “ will take place or the beginnings the day before of placing of bonds, or a bit later - if bonds “ will badly go “.
MARINA - SHPAGINA