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Outstanding debt for issued mortgages (right-hand scale, RUR trillion) According to the data of the Central Bank of the RusOutstanding debt for issued home loans (right-hand scale, RUR trillion) sian Federation the volume of mortgage credits issued Source: data of the Central Bank of the Russian Federation for natural persons over February 2010 exceeded the corFig.1. Dynamics of Mortgages Issue responding figure of February 2009 by 59.8% and made 13725 credits worth RUR 16.162 billion (fig. 1). The volume of home loans issued in February 2010 made RUR 19.310 billion (181014 credits) and exceeded the volume of February 2009 by nearly two times by 98.7%. The outstanding debt both for the mortgages and for home loans fluctuates around RUR 1 trillion for mortgages and around 1.18 trillion for home loans. Nevertheless the stale debt is still increasing. For home loans it made RUR 36.3 billion, and for mortgages RUR 32.5 billion.

Table AVERAGE MARKET RATES FOR MORTGAGE CREDITS, % January 2010 February 2010 March Credit product min max min Max min max Credit in rubles for purchase of a flat at 14.69 18.33 14.28 17.78 13.85 19.the secondary housing market Purposeful credit in rubles on mortgage of the present object of immovable 17.03 20.76 17.01 20.61 16.69 21.property Credit in US dollars for purchase of a 11.05 14.19 10.77 13.95 10.55 15.flat at the secondary housing market Purposeful credit in US dollars on mortgage of the present object of 12.59 15.77 12.30 15.95 12.32 17.immovable property Source: according to the data of Kreditmart RUR billion RUR trillion 01.02.01.03.01.04.01.05.01.06.01.07.01.08.01.09.01.10.01.11.01.12.01.01.01.02.01.03.MOTRGAGE IN THE RUSSIAN FEDERATION According to the data of the Cen- 0,2 tral Bank of the Russian Federa0,19 tion the average weighted both for 0,18 home loans and mortgages issued 0,17 since the beginning of the year are decreasing and as on March 1, 0,16 2010 made 13.7% and 11.5%, cor0,15 respondingly. Average weighted 0,14 period of crediting for mortgages 0,13 issued in rubles still tends to de0,12 crease and made 16.3 years as on March 1, 2010. The situation with 0,11 the period of crediting for mort0,1 gages issued in foreign currency is less definite, for them, as on March 1, 2010 the period of credit2006 2007 2008 2009 ing made 12.5 years (fig. 2).

On March 29, 2010 the Central Average weighted interest rates for credits issued in rubles since Bank of the Russian Federation the beginning of the year, % has lowered refinancing rate to Average weighted interest rates for credits issued inforeign 8.25%, and from April, 19 Sbercurrency since the beginning of the year, % bank of Russia decreased miniAverage weighted period of crediting for credits issued in rubles mum rates for home lending prosince the beginning of the year, years grams to 10.5% (in rubles) and Average weighted period of crediting for credits issued in 8.8% (in foreign currency).

foreign currency since the beginning of the year, years According to the data of Kreditmart the average market rates Source: data of the Central bank of the Russian Federation of mortgages in rubles in March Fig 2. Average Weighted Data for Mortgages issued Since the Begin2010 reduced by 0.58 percentage ning of the Year, in rubles and in Foreign Currency points as compared with February 0,7 0,2010 and made 16.72% (17.30% 0,in February 2010); as compared 0,0,with February 2009 (18.82%) the 0,0,decrease of the rate made 2.1 per0,0,centage points. As compared with 0,0,February 2010 the average mar- 0,0,ket interest rates for credits in 0,0,US dollars reduced by 0.02 per0,0,centage points down to 13.27%;

0 as compared with February (15.01%) the decrease made 1.percentage point.

Analyzing the data of 2008 and Proportion of the group in the volume of mortgages issued to natural 2009 (fig. 3) one can conclude that persons in 2009, % as compared with 2008 in 2009 the Proportion of the group in the volume of mortgages issued to natural maximum proportion of stale debt persons in 2008, % share in the outstanding debt in Proportion of stale debt in outstanding debt of the group as on January the groups of crediting organiza1, 2010, % tions ranked by the volume of asProportion of stale debt in outstanding debt of the group as on January sets is shifting from the first five 1, 2009, % largest banks to the third group, Source: data of the Central Bank of the Russian Federation while the total amount of stale debt is increasing. The first group, Fig. 3. Dynamics of Volumes of Issued Mortgages and Stale Debt by however, has lowered the proporGroups of Crediting Organizations Ranked by Volume of Assets in rate, % period of crediting, years 01.01.

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Share pf stale debt in of issued credits, % outstanding debt in the group, % 1-6-Share of the group in the volume Total 21-51-201-1001-RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES 8% 35% tion of stale debt as compared with 2008.

7% 30% Regional dynamics of 6% mortgage crediting in 25% and 2009 testifies that both 5% 20% in 2008 and 2009 it is in Mos4% cow oblast where the portfo15% 3% lio of mortgages has highest 10% risks. Saint-Petersburg has 2% yielded the leadership con5% 1% cerning the proportion of 0% 0% funds collected as a result of sale of the mortgaged property to the Far Eastern okrug (fig. 4). On the whole over 2009 the volume of funds collected from borrowers as a result of the sale of mortgaged property made RUR 2674.2 million versus RUR 629.7 million in 2008.

Proportion of stale debt in the region in outstanding debt of the The proportion of credits in region for mortgages as on 01.01.2010, left-hand scale, % foreign currency in the debt Proportion of stale debt in the region in outstanding debt of the for mortgage cretins is still region for mortgages as on 01.01.2009, left-hand scale, % decreasing and as on March Proportion of collected funds as a result of mortgaged property 1, 2010 made 19.19% (fig.5).

sale in stale debt as on 01.01.2010, right-hand scale, % The proportion of credits in Proportion of collected funds as a result of mortgaged property sale in stale debt as on 01.01.2010, right-hand scale, % foreign currency in the volume of mortgages issued over the quarter also keeps Source: data of the Central Bank of the Russian Federation decreasing. As on march 1, Fig. 4. Regional Dynamics of Stale Debt and Volumes of Collected Funds for 2010 this proportion made Mortgages as a Result of Mortgaged Property Sale 5.85% versus 6.52% over the 4th quarter 2009.

Table SOURCES OF REFINANCING OF MORTGAGES (CHOSE IN ACTION) 01.01.Number Volume of refinanced mortgages (chose in Source of refinancing of organi- action) zations in foreign Total in rubles units currency 1. Refinancing of mortgages with the sale of pool of 180 65 402 281 53 810 023 11 592 mortgages (chose in action) 1.1 Crediting organizations 41 13 686 065 10 328 276 3 357 1.2 Specialized organizations - residents 123 41 575 844 36 721 219 4 854 1.3 Specialized organizations- non-residents 4 8 943 825 5 563 981 3 379 1.4 Other organizations 10 1 130 188 1 130 188 1.5 Managing companies of unit investment 2 66 359 66 359 trusts, general funds of bank management 2. Refinancing of mortgages with maintenance of 1 15 000 000 15 000 000 the assets on the books of crediting organization Source: data of the Central Bank of the Russian Federation Proportion of stale debt Proportion of collected funds Moscow Urals okrug Central okrug Siberian okrug Southern okrug Moscow oblast Saint-Petersburg Privolzhsky okrug Far Eastern okrug North-Western okrug Russian Federation - total MOTRGAGE IN THE RUSSIAN FEDERATION The volume mortgages refinancing in 100% 2009 (RUR 80.4 billion) made 81.2% of 90% the volume of 2008 (RUR 99.02 billion). 80% The proportion of AHML in 2009 ac- 70% counts for RUR 28.77 billion or 35.78% 60% of the total (the proportion of 2008 was 50% 26.69%). AHML refinances only ruble 40% credits and its share in 2009 in the vol- 30% 20% ume of ruble credits makes 41.81%.

In January and February 2010 vol- 10% umes of mortgages refinancing by Agen- 0% cy for Home Mortgage Lending is considerably lower the peak level of December 2009 (fig. 6). The data of January 2010 and January 2009 are close the volumes of refinancing in 2010 are 2.7% more than in January 2009. However in February 2010 the volume of mortgages Proportion of stale debt in foreign currency in debt for refinance by the Agency for Home Mortissued mortgages gage Lending are 17.7% higher than in Proportion of stale debt in rubles in debt for issued February 2009.

mortgages In April 2010 the Presidium of the Supreme Arbitrary Court of the RusSource: data of the Central Bank of the Russian Federation sian Federation recognized the attempt to attract the monetary funds of citizens Fig. 5. Ratio of Debt for Mortgages in Foreign Currency and in Rubles that participate in share housing construction by the construction firms be6 000,0 fore state registration of share participation contracts between shareholders 5 000,0 and contractor as illegal.

Federal Service for Insurance Super- 4 000,0 vision on March 25, 2010 accepted an 3 000,0 application of the Insurance company AHML for the license for reinsurance 2 000,0 activity.

1 000,0 In April 2010 the state corporation Bank of development and foreign eco0,0 nomic activity (Vnesheconombank) and OJSC Agency for Home Mortgage Lending concluded a Crediting agreement on granting RUR 40 billion at the rate of Total cost of refinanced mortgages (on the basis of principal receivable), RUR million 9.5 per annum up to June 1, 2020. The Number of refinanced mortgages, units funds are directed to fulfillment of the Program for stimulating crediting of Source: data of open joint-stock company Agency for Home Morteconomy-class housing construction and gage Lending purchase in concordance with the commission of the Government committee Fig.6. Monthly Volumes of Mortgages Refi nancing by OJSC Agency for Home gage Lending on promotion of steady development of the Russian economy.

According to mass media, AHML has already concluded an agreement on financing of 11 banks that are crediting construction of 19 economy-class objects in such cities as Kazan, Naberezhnye Chelny, Arkhangelsk, Kemerovo, Novosibirsk, Samara, Saratov, Krasnodar, Nizhniy Novgorod etc.

Agency for home mortgage lending is planning to introduce new credit product variable rate in 2010, which interest rate depends on the refinancing rate of the bank of Russia. In case the rate 01.03.4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter units RUR million 12.02.04.06.08.10.12.02.04.06.08.10.12.02.RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES is increased sharply in order to protect the borrower and the creditor one way is to restrict the changes of variable rate by the range from 5% to 20% and another way is to fix the borrowers payment, which is compensated when the refinancing rate is changes by the corresponding change in the period of crediting.

Starting with April 19 Sberbank abolishes all the tariffs and commission fees for credit issue, for consideration of application, for managing credit account and some others, and for the first time in the Russian banking practice the credit rate is the only parameter defining the cost of borrowed funds for the client.

THE PROCESS OF PRIVATIZATION AND THE SITUATION WITH REGARD...

THE PROCESS OF PRIVATIZATION AND THE SITUATION WITH REGARD TO OWNERSHIP RELATIONS G.Malginov, A.Radygin The preliminary results of 2009 have confirmed the assumption that the financial and economic crisis would produce a negative impact on the process of privatization. In 2009, the RF Federal Agency for Federal Property Management (Rosimushchestvo) netted 1.93 bn Rb in proceeds from privatization of state property (vs. 7.19 bn Rb a year earlier). In March, there occurred a noteworthy event: Rosimushchestvo released information that, for the first time since 1991, the Registry of State Property could be considered definitive and its formation completed.

The preliminary results of 2009 have confirmed predictions that the financial and economic crisis would produce a negative impact on the process of privatization. The 2009 privatization program was seriously undermined by a sharp contraction in effective demand caused by the worsening investment capabilities of potential buyers of state property. As a result, a number of huge sales had failed to materialize. Slight revival of activity in privatization sales was observed only from late summer early autumn 2009. Under these conditions, the authorities took the decision to discontinue multiple (repeated) auctions as well as to no longer sell property objects at descending prices or without price declaration, because such auctions and sales, on the one hand, could not sufficiently contribute to the revenue side of the federal budget, and on the other, could result in underpricing. Potential investors expressed their interest in the auctions in 10 % of cases vs. about 30 % in previous years.

According to Head of Rosimushchestvo Yu. Petrov, in 2009 the total amount of his agencys proceeds from privatization of state property was 1.93 bn Rb (vs. 7.19 Bn Rb a year earlier). This information was forwarded by Petrov to the deputies of the State Duma in his report during the Governments Hour on 24 February 20101. In his turn, Deputy Head of Rosimushchestvo Yu.

Medvedev stated, in his 30 March 2010 interview to Rossiiskaia Gazeta, that in 2009 the agency privatized only 52 blocks of shares, half of which (26) were those that had been announced for sale in accordance with the forecast privatization plan of the previous year2. For reference: in 2008, their numbers were 209 and 135 respectively. It should be mentioned that the 2009 year plan envisaged the sale of shares in 287 joint-stock companies.

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