17 Sep 2009 14:02

Housing Fund deposits funds with banks for 34 days at 9.44%, for 27 days at 8.57%

MOSCOW. Sept 17 (Interfax) - The Russian Housing and Utilities Reform Fund on Thursday deposited 6.9 billion rubles with authorized commercial banks for a period of 34 days at an average weighted rate of 9.44% and another 7 billion rubles in 27-day deposits at a rate of 8.57%, the fund told Interfax.

Thirteen banks took part in the 34-day deposits with seven of them walking away winners. Demand totaled 19.475 billion rubles. The interest rate fluctuated between 7% and 10.01%. The cutoff rate was 9.02%.

Demand for the 27-day deposits came to 18.634 billion rubles. Nine banks took part in the auction and six of them won. The interest rate ranged from 7.5% to 9.02% and the cutoff rate was 8.1%.

The Housing Fund conducts auctions on the St. Petersburg Currency Exchange to place temporarily idle funds at authorized commercial banks. The auctions are usually held on Thursdays.

To date, the Housing Fund has deposited 51.5 billion rubles in idle funds and earned 11.3 billion rubles. A total of 54.76 billion rubles is being held in trust management with the fund earning 5.045 billion rubles in revenue.

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 usual terms, while a supplementary agreement must be concluded in order to bid in the special terms auctions.