7 Apr 2010 14:46

VEB gets five-year extension on term of Natl Welfare Fund deposit, to June 1, 2020

MOSCOW. April 7 (Interfax) - Vnesheconombank (VEB) will hold a 40-billion ruble deposit from the National Welfare Fund (NWF) until June 1, 2020, according to a resolution dated April 1 and posted on the government web site.

The deposit was previously scheduled to remain on deposit at VEB until June 1, 2015.

The resolution alters the terms of an earlier resolution concerning the financial assets in which NWF money may be invested.

The interest rate on the deposit is 8.5% annually.

VEB is allowed to loan the funds to the Agency for Home Mortgage Lending at 9.5% annually.

VEB had 434.02 billion rubles and $2.00 billion in NWF money on deposit as of April 1.

That includes 285.61 billion rubles at 7% that VEB must return no later than December 31, 2019, 118.42 billion rubles at 8.5% that must be returned before December 25, 2020 and 30 billion rubles at 8.5% that must be returned before December 25, 2017.