Friday, June 22, 2012

Ministry of Finance changed his mind about Rosfinagentstve ...

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????????????????????????Ministry of Finance changed his mind about Rosfinagentstve

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????????????????????????Anton Siluanov has promised to take the decision on its creation

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Finance Minister Anton Siluanov said that the fate of Rosfinagentstva ? public debt management agency and the National Welfare Fund (NWF) ? will be taken soon. In practice, however, the decision was made back in 2008, and since 2010 there is Treasury bill on Rosfinagentstve, and not by the government in the State Duma. The new phase of discussion on the future of the state body called the proposal to use the money to buy FNB privatized state assets, while the perceived ambiguously in the White House.

the White House will soon decide establishing Rosfinagentstva, said Finance Minister Anton Siluanov, speaking at the St. Petersburg Economic Forum. ?We have now created debt management agency, where we could control the amount of the accumulated resources of the government, which is almost 8% of GDP today to more efficiently use the reserves that we have accumulated. This is a very important measure ? in the near future the Government will take such a decision, ?- said Mr. Siluanov. He explained that the current means of FNB and Reserve Fund of Russia is quite significant, but are invested in very conservative assets. ?That?s good, but we could get more money from their control? ? he said.

Recall the other day to manage their claims by means of NWF expressed the Chamber, reported on the audit of the use of FNB for the period 2009-2011 to the government. Although direct estimates of the documents department avoided, they suggest that the test result on the efficiency of the negative rather than positive. For three years the total interest income from the management of SWFs has fallen almost in half. If in 2009 this figure amounted to 92.5 billion rubles., In 2011 ? only 55.1 billion rubles. Particular culprit of this situation does not call Chamber, just pointing out in the report that the management of funds by the Ministry of Finance FNB. According to the auditors, despite the fact that the legislation offers enough opportunities for investment NWF (debentures, shares of investment funds), all control is actually reduced to buying foreign currency and placing it on deposit with the Central Bank and VEB. As permitted ruble assets was not invested a dime (see ?Kommersant? on June 21).

Formally, however, the decision to create Rosfinagentstva was made in 2008 ? initially as a corporation to manage debts and assets. In August 2009, then Finance Minister Alexei Kudrin announced previously backed Dmitry Medvedev, the fight against state corporations, and declared that the establishment of the Russian financial corporation form of agency will not be used. The draft law ?On the Russian financial agency? was published the Ministry of Finance in March 2010 (see ?Kommersant? on March 22, 2010). The document suggested that the agency will be created in the form of a 100-percent government participation, it will be the founder of the Russian Federation, the rights of the shareholder will exercise the Ministry of Finance. Rosfinagentstvo will manage the assets of the Reserve Fund, FNB, public debt, temporarily free funds of the federal budget and pension savings, stated in a memorandum to the document. Treasury hoped that the agency will increasingly controlled by means of NWF ? exactly because of the restrictions on placement of reserves, where they are taken into account: the legislation does not provide the RF Central Bank of the transactions in shares and corporate bonds, which are allowed to allocate funds SWFs. It was assumed that the fall of 2011, the Government will make a project in the State Duma, but it did not happen.

Inclusion Ministry of Finance in the discussion of ideas Rosfinagentstva with the promise of ?soon to take? decision has already caused the proposal of First Vice Prime Minister Igor Shuvalov to devote part of NWF to ?privatize? the government sold companies. ?It will be a little bit, just that it is very important. If we truly believe in the value of the shares that they will grow in value, it will be a small part of FNB as a portfolio investment ?, ? said Mr. Shuvalov, explaining that the need to adopt a special law on investment funds SWFs, as well as to establish an agency to manage sovereign funds that would later on market conditions and placed their funds. In this case, Mr. Siluanov immediately spoke out against such ?privatization?, saying: ?It turns out that the state of the state buys, or what? I do not really understand this ideology. The state itself from the government buys ? not very clear why this is necessary. ? Preceded by Mr. Siluanova as head of the Finance Minister Alexei Kudrin also said: ?It?s a nightmare, it psevdoprivatizatsiya. In principle, the public funds to buy at the time of privatization ? the privatization of this profanation. ? Note, however, that the alternative idea of ???privatization? ? as the option of buying power of state assets by the state as JSC ?Rosneftegaz? ? suffer from the same disease.

Oleg Sapozhnikov

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