1 Dec 2009 18:33

Housing Fund to offer 1.5 bln rubles in 62-day deposits on Dec 3

MOSCOW. Dec 1 (Interfax) - Russia's Housing and Utilities Reform Fund will offer authorized commercial banks 1.5 billion rubles in 62-day deposits on December 3, the Fund told Interfax.

The Housing Fund holds auctions to deposit idle funds with authorized commercial banks on the St. Petersburg Currency Exchange.

The earnings on the deposits will be distributed among the regions to implement Housing Fund programs.

Banks that meet the Finance Ministry's requirements and have signed a general agreement with the Housing Fund are allowed to take part in the auctions for deposits on ordinary terms.