VEB places 24.98 bln pension fund rubles in bank deposits at avg 9.48%
MOSCOW. Oct 25 (Interfax) - Vnesheconombank (VEB) deposited 24.980 billion rubles in accrued pension fund monies in banks following an auction on Thursday at an average weighted interest rate of 9.48%, a VEB statement says.
On offer was 25 billion rubles in those funds. VEB struck sixteen deals with various banks. The monies were place for a term of 357 days, or until October 17 of next year.
Offers totaled 88.8 billion rubles.
The minimum interest rate was set at 8.50% p.a. The minimum bid was 100 million rubles.
At the end of August, VEB deposited 39.99 billion rubles of accrued pension monies at an average weighted rate of 8.97% p.a. for 358 days (until August 23, 2013). The minimum interest rate was 8.15% p.a. On offer for placement was up to 40 billion rubles in pension funds. Sixteen deals were struck with banks amid bids totaling 75.8 billion rubles.
Since November 1, 2009, VEB has had the right to invest pension funds in a wide variety of instruments and has begun to put together two investment portfolios with varying degrees of risk: expanded (less conservative) and state securities (more conservative). VEB hosted the first auction for the placement of pension monies in bank deposits on December 29 that year.