Law on govt purchase of Sberbank stake comes in to effect
MOSCOW. March 18 (Interfax) - The law that enables the government to buy the Central Bank of Russia's (CBR) 52.3% ordinary shares in Sberbank of Russia using money from the National Welfare Fund (NWF) has entered into effect.
Bills on the purchase of the stake (No. 901908-7) and procedure for remitting the proceeds (No. 901911-7) were introduced to the lower house of parliament in February and passed at third and final reading first reading on March 12.
It was earlier thought the sale would be conducted on market terms at the weighted average price of these shares in the six full calendar months preceding the month in which the first purchase-sale contract was signed.
The plan was for the Central Bank to make more than 2.5 trillion rubles from the deal, retaining 700 billion rubles and remitting the rest to the budget.
The federal budget stood to receive 500 billion rubles from the deal in 2020, including 350 billion rubles cash and 150 billion rubles in claims on a subordinated loan to Sberbank. It was to receive 650 billion rubles in 2021, including 300 billion rubles cash and 350 billion rubles in claims against state bank VEB on a deposit of 350 billion rubles; and 400 billion rubles in 2022 and any remaining proceeds from the deal in 2023.
But the bills underwent a major revision for their second reading, which took place on March 11.
An offer to Sberbank minority shareholders was replaced by a shareholders agreement as the government is the owner in both cases. Vladimir Kolychev, a deputy finance minister, said earlier that the shareholders agreement would be drafted.
The clause on the price at which the government buys the shares was adjusted. The price will not be based on share quotations for the last month prior to the deal and not the six months preceding the deal.
The deadlines and schedule for remitting the profit the CBR makes from the deal to the federal budget were omitted from the revised bill. Also after the sale of the stake, the regulator will retain a profit of 300 billion rubles rather than 700 billion rubles, plus a "variable payment" to compensate for losses from the sale of banks currently undergoing bailouts.
It was earlier thought the sale would be conducted on market terms at the weighted average price of these shares in the six full calendar months preceding the month in which the first purchase-sale contract was signed.
The plan was for the Central Bank to make more than 2.5 trillion rubles from the deal, retaining 700 billion rubles and remitting the rest to the budget.
The federal budget stood to receive 500 billion rubles from the deal in 2020, including 350 billion rubles cash and 150 billion rubles in claims on a subordinated loan to Sberbank. It was to receive 650 billion rubles in 2021, including 300 billion rubles cash and 350 billion rubles in claims against state bank VEB on a deposit of 350 billion rubles; and 400 billion rubles in 2022 and any remaining proceeds from the deal in 2023.
But the bills underwent a major revision for their second reading, which took place on March 11.
An offer to Sberbank minority shareholders was replaced by a shareholders agreement as the government is the owner in both cases. Vladimir Kolychev, a deputy finance minister, said earlier that the shareholders agreement would be drafted.
The clause on the price at which the government buys the shares was adjusted. The price will not be based on share quotations for the last month prior to the deal and not the six months preceding the deal.
The deadlines and schedule for remitting the profit the CBR makes from the deal to the federal budget were omitted from the revised bill. Also after the sale of the stake, the regulator will retain a profit of 300 billion rubles rather than 700 billion rubles, plus a "variable payment" to compensate for losses from the sale of banks currently undergoing bailouts.