The project of the state pension loan
In Nizhni Novgorod working out of the project of the State pension loan of 1994 is finished. The prospective sum of a loan - 1 trln rbl. the project Purpose - to meet debts the federal budget to the Pension fund (PF) the Russian Federation.
Apparently, in Nizhni Novgorod undertook a complex solution of a problem of debts to the Pension fund of the Russian Federation. Only yesterday in detail wrote about the experimental scheme of entering of payments to the Nizhniy Novgorod branch of the Pension fund, developed by local social bank “ the Guarantee “. The purpose of the tripartite scheme “ bank - regional branch PF - the enterprise “ in providing more uniform receipt of money in Fund and to improve matters the enterprises - debtors. However, at federal level the debt before PF develops not only of debts of the enterprises - payers, but also from a debt of the state budget. For today the total sum of debts to the Pension fund is estimated in 4 trln rbl., from them - 3 trln the rbl. is a debt of the enterprises, 1 trln rbl. - a budget debt. To cover “ budgetary “ a debt part, experts of already mentioned bank “ the Guarantee “ also the project of the State pension loan has been developed. tehniko - the project economic justification has been presented the president of Russia Boris Yeltsin during its recent visit to a city. The president basically has approved this plan and has charged to the assistants to work details.
authors of the project are obviously inspired by success of the first regional loan (1992) and the successful beginning of placing of bonds of the second loan (1994). Actually developers suggest to transfer the Nizhniy Novgorod scheme on federal level.
the issue Volume should not be less amounts of debt of the budget to the Pension fund. A base variant - 1 trln rbl. Are issued coupon (percentage) 1,28 million bonds of five face values of six tranches (releases) with four coupons. Term of circulation of bonds of each release - 1 year from the placing beginning. Primary placing is made through banks - dealers who redeem bonds at the emitter at own expense and place them in the secondary market, independently establishing quotations. The quotation of bonds in the secondary market can spend not only banks - dealers, but also other participants of the market.
banks - dealers after a bond presentation, irrespective of, where also by whom it has been sold should make payment of percent on bonds. Payment of percent is made after full 90 days from a date started of placing of the given release (that is quarterly). Repayment is made within 7 days - “ vyplatnoj “ Weeks - with repayment of the corresponding coupon.
percent are paid under the floating rate depending on the rate under the centralised credits of the Central Bank, namely - 70 % from srednekvartalnoj Central Bank rates. It is supposed that the income under bonds will not be taxed neither for legal, nor for physical persons. Besides, developers suggest to give to banks - to dealers of a privilege on reservation. That is the means placed in bonds of the State pension loan will be set off as obligatory reserves.
as to use of means of a loan in the project it is provided that to 50 % of the received means can take place on deposits in banks - dealers under 80 % of discount rate of the Central Bank, is proportional to volume of the bonds redeemed by the dealer with quarterly charge of percent. Loan available assets will go on payment of pensions.
ANDREY - CHUGUNOV