Federal Law of the Russian Federation dated October 13 2008 N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”

Rossiiskaya Gazeta
Published on October 14, 2008
Effective from the date of publication: October 14, 2008

Enacted by the State Duma on October 10, 2008
Approved by the Federation Council on October 13, 2008

 

Article 1

1. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (hereinafter referred to as ‘Vnesheconombank’) shall, as from the date this Federal Law becomes effective and up to 31 December 2009, inclusive, be entitled to extend to entities complying with the requirements laid down in Article 1 hereof, foreign-currency-denominated credits (loans) to repay and/or service credits (loans) obtained by the above-mentioned entities from foreign creditors prior to 25 September 2008, to purchase from foreign creditors claims against the above-mentioned entities under obligations taken on prior to 25 September 2008, as well as to effect, to this end, other transactions in line with decisions of the Supervisory Board of Vnesheconombank. The total amount of credits (loans) mentioned and claims to be purchased by Vnesheconombank shall not exceed the amount equivalent to USD 50 billion.

2. The minimum interest rate on credits (loans) to be extended under Article 1 shall exceed the one-year USD LIBOR, effective as of the date of extending a credit (loan), by at least 5 percentage points.

3. The Supervisory Board of Vnesheconombank shall establish requirements to credit (loan) recipients, the procedure and conditions for extending the respective credits (loans), as well as requirements to entities, claims under the obligations whereof are to be purchased.

4. To obtain a credit (loan), a credit (loan) recipient, in particular, may be required, until the respective credit (loan) is repaid in full, to submit for Vnesheconombank’s approval credits (loans) to be obtained from third parties, as well as material terms and conditions of the respective credit (loan) agreements.

Article 2

1. In order to enable Vnesheconombank to extend credits (loans) referred to in Article 1 hereof, the Central Bank of the Russian Federation shall immediately after this Federal Law becomes effective deposit with Vnesheconombank funds for the total amount not exceeding USD 50 billion for one year at the rate exceeding the one-year USD LIBOR, effective as of the deposit date, by one percentage point, with an option to prolong the deposit term.

2. Funds deposited as provided for herein may be used by Vnesheconombank exclusively for the purposes referred to in Article 1 hereof.

Article 3

As from the date this Federal Law becomes effective and up to 31 December 2009, inclusive, the Central Bank of the Russian Federation shall be entitled to enter into agreements with credit institutions, whereby the Central Bank of the Russian Federation undertakes to partially compensate for the losses (expenses) incurred by the above credit institutions under transactions with other credit institutions whose banking licenses were revoked, as made after this Federal Law has become effective and up to 31 December 2009, inclusive.

Article 4

1. The funds of the National Wealth Fund may be placed on depo accounts with Vnesheconombank for up to 31 December 2009, inclusive, for the total amount not exceeding RUB 450 billion at the rate of 7 percent per annum in accordance with the procedure established by the Government of the Russian Federation.

2. The funds deposited as provided for in paragraph 1 of this Article may be used by Vnesheconombank exclusively for transactions referred to in paragraph 1 of Article 6 hereof.

Article 5

1. The Central Bank of the Russian Federation shall extend to the Savings Bank of the Russian Federation (Sberbank) subordinated unsecured credits (loans) for the total amount not exceeding RUB 500 billion for up to 31 December 2019, inclusive, at the rate of 8 percent per annum.

2. Subordinated credits (loans) referred to in paragraph 1 of this Article may be extended fully or partially through acquisition by the Central Bank of the Russian Federation of bonds to be issued by the Savings Bank of the Russian Federation (Sberbank) and/or Eurobonds to be issued in its favour and secured by the Savings Bank of the Russian Federation (Sberbank) that will be placed and/or circulate on and/or outside the territory of the Russian Federation.

Article 6

1. To decree that Vnesheconombank:

1) as from the date this Federal Law becomes effective and up to 31 December 2008, inclusive, shall extend the following subordinated unsecured credits (loans):

a) to OJSC ‘Bank VTB’ for the amount not exceeding RUB 200 billion for up to 31 December 2019, inclusive, at the rate of 8 percent per annum;

b) to OJSC ‘Rosselkhozbank’ for the amount not exceeding RUB 25 billion for up to 31 December 2019, inclusive, at the rate of 8 percent per annum;

2) as from the date this Federal Law becomes effective and up to 31 December 2009, inclusive, shall be entitled to extend subordinated unsecured credits (loans) for up to 31 December 2019, inclusive, at the rate of 8 percent per annum to the Russian credit institutions that meet the following criteria:

a) possessing, as of the date a credit institution applies for a credit (loan), a long-term credit rating that is not below a minimum required level;

b) obtaining by a credit institution after 1 October 2008 from third parties subordinated credits (loans) and/or sums in payment of contribution to the charter capital of that credit institution.

2. The total amount of subordinated credits (loans) to be extended by Vnesheconombank in accordance with paragraph 1, Part 2 of this Article to a single credit institution shall not exceed 15 percent of the recipient’s equity calculated as of 1 October 2008 and 100 percent of the total amount of funds referred to in point b, paragraph 2, part 1 of this Article.

3. Subordinated credits (loans) referred to in paragraph 2, part 1 of this Article may be extended fully or partially through acquisition by Vnesheconombank of bonds to be issued by credit institutions obtaining respective credits (loans) and/or Eurobonds to be issued in their favour and secured by them that will be placed and/or circulate on and/or outside the territory of the Russian Federation.

4. The Supervisory Board of Vnesheconombank shall establish the list of rating agencies the ratings whereof are to be used in determining long-term creditworthiness of credit institutions in accordance with point a, paragraph 2, part 1 of this Article, the minimum required ratings, additional requirements to credit (loan) recipients, as well as the procedure and conditions for extending the respective credits (loans).

5. Transactions referred to in paragraph 1, part 1 of this Article and in part 1, Article 5 hereof shall not be subject to the requirements imposed by Chapter XI of Federal Law N 208-FZ ‘On Joint-Stock Companies’ dated 26 December 1995.

Article 7

This Federal Law shall become effective as from the date of its publishing.

 

D. Medvedev
President of the Russian Federation

Non-official translation.