Russian MinFin deposits 95 bln rubles with banks, half with BoM in H1
MOSCOW. Aug 5 (Interfax) - The Russian Finance Ministry deposited 94.8 billion rubles in idle budgeted funds with six eligible banks in H1 2010, the government said in a report for the State Duma on anti-crisis measures.
The banks that qualified for to hold the deposits were Russian Agriculture Bank , Bank of Moscow , Bank Saint-Petersburg , VTB Northwest , Zenit and Credit Europe Bank.
Bank of Moscow alone received around 48 billion rubles.
The MinFin has held 21 auctions for the right to hold these funds, but 14 of them were invalidated due to lack of interest. The deposit terms ranged from three to seven and a half months.
The budget received 94 billion rubles back in H1 2010, 55 billion rubles of it, deposited last year, on January 27. Banks held 55.8 billion rubles in budgeted funds on deposits as of July 1.
As of July 1, 2010, a total of 32 general agreements between the Federal Treasury and lending institutions were in effect. These included 30 signed in 2008 and two in 2009. New applications to sign agreements were not received in 2010.
Actual budget revenue from the bank deposits was 1.461 billion rubles, including 585 million rubles for deposit agreements in 2009.
Anticipated revenue as of July 1 was 2.003 billion rubles, including 1.597 billion rubles due for payment in September.