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  Tuesday, November 24, 2020
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47 billion roubles, roughly US$1.7 billion, of pension money is currently in corporate warrant management
47 billion roubles, roughly US$1.7 billion, of pension money is currently in corporate warrant management to implement a federal law on investing the accumulation part of pensions, said Andrei Vorontsov of the Finance Ministry. The ministerial financial policies department head was addressing a national congress, underway in Moscow, on Russia's leading industrial companies. As the latest statistics have it, 77 per cent of the lump has been invested in Russian government securities-that because the government company which disposes of a bulk of the money has a limited access to investment, explained Mr. Vorontsov. An entire 47 billion roubles has been invested in securities by now. Last year's revenues out of the accumulation part of pensions make 50 billion, and a solid 80 billion is coming up this year. The Finance Ministry expects an annual 100 to 150 billion roubles to flow into the finance market, 2005-07, and it all has to be invested, the ministerial functionary went on. An annual fifty billion roubles will come to the finance market, starting 2007, on a recently passed law for commissioned officer housing accommodations to be paid from private savings and mortgages. An emergent banking deposit insurance fund will also add to the finance market. Deposit Insurance Agency bosses expect the fund to possess five billion roubles by the year's end. Bills have been drafted on professional and trade pension networks and on accumulation pension payments. Both envisage similar accumulation patterns. A huge reform is underway, and it demands rapid progress of the Russian finance market-federal, subfederal and corporate securities included, pointed out Andrei Vorontsov.
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