National Welfare Fund is good, but not to the people

 ri trillion in bad lieThe Chamber has found the National Welfare Fund for the new manager
Head of the Accounts Chamber Sergey Stepashin sees no reason why such a low return on investment of the Fund of National Welfare
  Chamber displeased with the sharp drop in revenue from the management of the National Welfare Fund. Investments in deposits with the Central and Vnesheconombank have not pleased their profitability and, in 2011 and did have fallen by half compared to 2009. The Office Sergei Stepashin has to find more effective manager of nearly 3 trillion rubles. and extend it investdeklaratsiyu.
The results of audit of the use of the National Welfare Fund (NWF) for the period 2009-2011, the head of the Accounting Chamber informed the government (and himself a letter report on the results of the audit is available to "b"). Although direct estimates of the documents department avoided, they suggest that the test result on the efficiency of the negative rather than positive. For three years the total interest income from the management of SWFs has fallen almost in half. If in 2009 this figure amounted to 92.5 billion rubles., In 2011 - only 55.1 billion rubles.

Particular culprit of this situation does not call Chamber, just pointing out in the report that the management of funds by the Ministry of Finance FNB. According to the auditors, despite the fact that the legislation offers enough opportunities for investment NWF (debentures, shares of investment funds), all control is actually reduced to buying foreign currency and placing it on deposit with the Central Bank and VEB. As permitted ruble assets was not invested a dime. "They're just afraid to take risks," - said "Y" deputy chairman of the Accounting Chamber, Valery Goreglyad.National Welfare Fund was established February 1, 2008. The total capital fund on January 1, 2012 amounted to 2.79 trillion rubles. Of these, the accounts of the Central Bank is 2.12 trillion rubles., VEB - 675.38 billion rubles. To invest money in the fund specific tools are preparing special orders or orders of the Government Finance.Assets are invested in the fund, special revenue did not bring. For example, interest income from deposits placed (over 2 trillion rubles.) In the Central Bank last year amounted to only 24 billion rubles. (In 2009 - 63.4 billion rubles.). The fact is that interest accrues on the deposits of the Central Bank after the fact - based on the profitability index traded on the open market in the debt securities of foreign countries. If the return on these securities falls, the falls and the yield on deposits. This procedure has been defined by the contract between the Federal Treasury and the Central Bank. "Meanwhile, the concept of the fund was supposed that his money will be placed in financial assets yielding a higher return," - points out in his letter to the head of the Government of the Accounts Chamber Sergey Stepashin.Not better things, and with the funds entrusted to invest in EBV. Their yield was in 2011 31 billion rubles. (In 2009 - 29 billion rubles.). At the same time on deposit in the VEB is more than $ 6.2 billion, from the placement of which FNB has not received not a penny. Under the agreement, interest payments on the day of the return of the deposit (the end of 2012 - beginning 2013). The Chamber considered this approach and suggested that irrational to pay interest at least once every six months. However, VEB disagree. "State Corporation believes are not appropriate to amend the terms of the contract", - told "Kommersant", the press service of the VEB.Use of FNB VEB to support small and medium-sized businesses - for this there is placed a deposit of 30 billion rubles. - Also raises a claim of auditors. For example, the Agricultural Bank, received a loan to support small businesses, began to use it for its intended purpose only two months after receiving the money. Moreover, at rates that are two to three times the rate of raising funds, not to mention the commissions charged for the issuance of loans, although the bank did not pay similar commissions, to the documents of the Accounting Chamber. However, the SME Bank (a subsidiary bank of the bank, carrying out a program to support small and medium enterprises) is denied. According to the chairman of the SME Bank, Sergei Kryukov, the example given in the report of the Accounting Chamber is not entirely correct. "We carefully control, at what rates banks lend parterres, their average margin of about 4%, - he said" b. "- Agricultural Bank operates in a rather complicated region - the North Caucasus, it has higher costs and, as a consequence , the interest rates. But in any case, he eventually lends at below market rates. "Involved in all areas of investment FNB complaints have not caused, perhaps, only subordinated loans to banks for their support in a crisis. However, it is possible that a claim may occur later: in some cases, the interest the borrower must pay only at the end of the contract. At the same time have been known to convert the debt of banks on subordinated loans to VEB in shares (Gazprombank).Although no specific destination described in claims documents Chamber does not name, in one way or another they seem to have all. As reported by "b" in the office of Sergei Stepashin, it would be advisable to transfer the functions of SWFs investing more efficient structure, and simultaneously expand its investdeklaratsiyu by shares of foreign and domestic issuers. "Our position is that the management of the fund, preserving the guarantees of their safety, should provide a higher return - said," Kommersant, "the auditor of the Accounting Chamber, Mikhail Beskhmelnitsyn. - This tool could be the creation of the Russian financial agencies, which have specialized in public investment means. " Obviously, the professional staff of the agency will be able to provide higher returns than government officials, he said.However, according to experts, a way out of the situation is unlikely to be optimal. The fact that the Russian financial agency previously proposed the creation of the Ministry of Finance and he is carrying. "It is doubtful that a specialized agency under the Ministry of Finance will ensure a higher yield than the Treasury", - said deputy State Duma Committee on Budget, Oksana Dmitrieva. The Ministry of Finance on the request "Y" is not answered. However, if the idea will be implemented and expanded investdeklaratsiya, the Russian stock market could get an additional inflow of capital at the expense of NWF.Alexander Bayazitova