NWF money could be deposited at banks with equity of at least 100 bln rubles
MOSCOW. Dec 12 (Interfax) - The Russian government has introduced a bill to the State Duma to allow up to 10% of National Welfare Fund (NWF) money to be placed on subordinated deposits or invested in bonds issued by banks with capital of at least 100 billion rubles.
The text of the bill is posted on the State Duma's electronic database of documents.
The NWF money would be placed in these deposits or invested in the bonds in order to finance sustainable investment projects, a list of which is approved by the government.
As of December 1, 2014, 10% of the NWF was equivalent to 394 billion rubles. An explanatory note to the bill says the limit of 100 billion rubles is being imposed so that only backbone banks can obtain NWF funds as subordinated deposits and bond investments.