Bankers want to use the stabilization fund

The head of the Association of Russian Banks Garegin Tosunyan proposed to place budget funds in commercial banks. The lion’s share of the stabilization fund should serve as a source of long-term loans, he said. Just banker offers to do with pension savings.

idea Garegin Tosunyan announced at the VII All-Russia banking forum, which opened on Thursday in Nizhny Novgorod. Proving the necessity of this step, he called the issue of credit for long periods of one of the “serious problem” in Russia.
Currently, only 11% of loans granted for a period of more than 5 years and more than 60% of the loans - up to 1 year. “This is very inadequate to the needs of the economy”, - considers Tosunyan.

“We put the question that the budget should be wrapped in the banking system - he said in this regard. - The lion’s share of the stabilization fund should serve as a source of long-term loans.

need for the loan, experts confirm. “For economic spurt economy really needed long money. And for this you can use the capabilities of the State” - agrees director of the Center of Macroeconomic Research of BDO Unicon “Helen Matrosov.

However, a proposal from Tosunyan, carries considerable risks for the economy. First of all this - inflation. “Stabilization Fund, among other things, is a sterilizer excess ruble liquidity - reminds Matrosov. - And if you put it in the banking sector, will be fairly substantial inflation overhang.
“If money were kept in commercial banks, the strengthening of the ruble without restrain inflationary consequences would have been impossible, - agrees to the head of the Economic Expert Group Evsei Gurvich. - And then either the dollar would fall much below 20 rubles, perhaps up to 15 rubles either would be a huge inflation.

In addition, the stabilization fund has a different purpose. This - a fund for future generations, and Compensation falling revenue.

course, the transfer from the stabilization fund in the management of domestic banks will stop lending, foreign economy and begin to invest in their. Idea to use the stabilization fund in the country has already occurred. In particular, the head of the Accounting Chamber Sergei Stepashin suggested that the stabilization fund to invest in securities of Russian companies that are planning major infrastructure projects and to conduct additional issue of shares. But the option is not passed: the size of traded Russian shares and bonds a little different from the size of the stabilization fund.

But the idea to put the economy of pension funds, according to Gurvich’s worth considering, since it is not threatened by inflation risk: “By nature, this money is intended for investment, one way or another they are located now.” Indeed, the pension reform was conceived not only as a way to provide citizens a decent pension, but also as a tool for obtaining long-term funds, in particular, for housing development. However, in practice it turned out that most of the money is invested in government securities. So it is understandable and view Helena Matrosovo: “Placing other funds also involves inflation complications. In addition, the question arises, in which banks place. “In this case it is necessary to insure the risks,” - says the analyst.

However, in the world practice there are examples of successful receipt of long-term funds from the state. In Japan, the government through the Central Bank, credit priority projects, assuming the functions of control over the targeted use of funds, the inclusion of macroeconomic dynamics and control. “But there is a completely different banking system. We would be difficult to explain why we are giving money with one, but not others,” - said Matrosov.

13 October 2006 | association, bank, facility, fund, head, share, source

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