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By the beginning of 2007 there were less than a half of the citizens of categories under question that remained in the APM system, that is 7.7 mln of people. Allocation of RUR 34.9 mln for their provision with medicines was envisaged by the federal budget initially. However in 2007 the cost of really supplied medicines according to the preliminary estimation by the Federal Fund of CHI will be no less than RUR 55 bln.

According to the Federal Law On the budget of the Federal Fund of Compulsory Health Care for 2008 and for the planned period of 2009 and 2010 from 21.07.07 No 184- it if envisaged to assign RUR 15 bln more to settle payments for medicines really supplied in 2007 as well as allocation for these aims of RUR 8.0 bln of the means of the Federal Fund of CHI as a part of subsidies to CHI regional funds and use of up ro RUR 10.3 bln from regular insurance reserve of the Federal Fund of CHI. So, the sum of the means allocated is RUR 68.2 bln.

Thus, the financial results of APM program over 3 years are not satisfactory. In 2006 the sum of the bills drew by distributors for payment for medicines provided for benefit recipients exceeded the initially planned in the budget amount by 2.2 times, on 2007 by 1.6 times. It is true that provision of benefit recipients with medicines has improved as compared with the situation before 2005, but problems with timely payment by bills drawn by medicines suppliers have led to temporarily reduction in medicines supply, evolution of uncertainty as to the waiting period for prescribed medicines provision. Benefit recipient were given ungrounded hopes that were later replaced by disappointment and dissatisfaction. And all that cost dear to the government - no less than RUR 174 bln over three years, not including the monetary compensation for more than a half of benefit recipients that left the program. In 2008 the number of the benefit recipients has decreased down to 5.5 mln of people, that is equal to 33% of the total number of the population categories that have right to receive social support from the federal budget (16.9 mln of people).

The fulfillment of APM program has made it evident that dismiss of the authorities of the subjects of the Russian Federation from the full-fledged participation in its realization has and the attempt to fulfill this program, concentrating the control at the federal level, was erroneous. As a result a decision to transfer to bodies of government of the subjects of the Russian Federation of authority to organize medicines, medical items and special food for dietotherapy of the disabled children provision for citizens, included in the Federal list pf people having right to receive governmental social support was made (clause 18 of the Federal Law from 10 October 2007 No 230- On making changes to some legislative acts of the Russian Federation in connection with improvement of authority separation). From 1 January 2008 the organization of order placement for medicines supply according to APM program in the form of auctions, signing of government contracts as well as organization of provision of population with medicines purchased by governmental contracts will be carried out by government bodies of the subjects of the Russian Federation. Financing of APM program will be executed in the form of subventions from the federal budget. The responsibility for excess of APM expenses over the means allocated from the federal budget is in fact transferred to the subjects of the Russian Federation.

Table. Indices of Program of Additional Provision with Medicines of Citizens that Have a Right to Receive Governmental Social Support from the Federal Budget Fulfillment 2005 2006 Number of citizens included in the Federal 14.5 16.3 16.register of people having right to receive governmental social support, mln of people a) The total number of social goods set recipients, 12.6 8.4 7.thousand of people a) The share of social goods recipients in the 87.1 51.4 45.number of citizens included in the Federal register, % The cost of the set of social services per person per month, RUR, 450 477 513 ) of which for medicines, RUR 350 424 The total of the bills for payment for medicines 44.0 74.9 55.supplied according to the program of additional provision with medicines Expenses of the federal budget for the program of additional provision with medicines, RUR bln Initially established amount of allocations 48.3 29.1 34.Extra allocations 10.0 22.0 ) 15.Total: 48.3 39.1 71.Means of the Federal Fund of Compulsory 5.0 8.8 ) Health Care 18.Total: 5.0 27.Expenses of the government for APM program 44.0 44.1 99.- total a) for 01.01. of the corresponding year ) to settle the payments for medicines supplied in Sources: the Ministry of Health Care and Social Development of the Russian Federation; http://www.mzsrrf.ru/inform_fz/; Federal Fund of the Compulsory Health Care http://www.ffoms.ru/ffoms.

Investments of pension savings in the system of mandatory pension insurance in the first half-year L. Mikhailov, L. Sychiova In 2002 2006 the total of insurance contributions to the funded component of labor pension amounted to approximately 350 billion roubles. By late 2006, the value of the pension savings invested by the government asset manager (Vneshekonombank) exceeded 267 billion roubles. However, in the first quarter 2007, when the Pension Fund of the Russian Federation (PFR) was transferring to asset managers or independent pension funds (IPF) the contributions to the funded component of labor pension for the year 2005, the total bulk of funds under Vneshekonombanks management became somewhat smaller. In the procedure of executing citizens applications concerning their choice of an asset manager and IPF, Vneshekonombank transferred 9.6 billion roubles to the PFR. As a result, the market value of pension assets under the management of Vneshekonombank as of the end of Q I 2007 amounted to 260.6 billion roubles23, in Q II it increased by 4.1 billion roubles to 265.1 billion roubles, and by the end of Q III this index became equal to 329 billion Hereinafter, the data from the official websites of the PFR and the Federal Service for Financial Markets are applied.

roubles. Its growth in the last period is associated mainly with additional transfers of insurance contributions from the PFR.

The market value of assets in which pension savings were invested by private asset managers (PAM) in Q I 2007 also diminished to 9.4 billion roubles. This is due to the fact that during that period they were experiencing net outflow of insured persons monies, though less significant than that experienced by Vneshekonombank (202 million roubles). In Q II the market value of assets in which pension savings were invested by private asset managers remained practically unchanged.

Table 1.

Data on the mandatory funded pension system, The value of net assets in which the pension savings transferred to asset managers were invested 274.as of the end of June 2007 (billion roubles) including the government asset manager (billion roubles) 265. including private asset managers (billion roubles) 9.pension savings held by PAMs as of the end of June 2007 (billion roubles) 19.Total (billion roubles) 293.Insurance contributions to the funded component of labor pension received by the PFR in 6 58.months of 2007 (billion roubles) Insurance contributions to the funded component of labor pension received by the PFR and 62.temporarily placed during the reporting period total (billion roubles) 15. including the PFRs investment portfolio of the PFRs investment portfolio of 2007 47.Insurance contributions to the funded component of labor pension received by the PFR and not 11.earmarked for temporary placement during the reporting period (billion roubles) Income received during the reporting period from the temporary placement of insurance contributions received by the Pension Fund of the Russian Federation during the reporting period 4.total (billion roubles) 4. including the PFRs investment portfolio of the PFRs investment portfolio of 2007 0.The PFRs expenditures associated with the temporary placement of the 0.insurance contributions received by the PFR during the reporting period (billion roubles) The PFRs expenditures associated with the keeping of the special part of individual client accounts of insured persons during the reporting period 0.total (billion roubles) Applications received from insured persons as of 1 October 2007, total (thousands) 539.including those concerning the choice of investment portfolio (asset manager) (thousands) 28. including those concerning the transfer from the PFR to a non-government pension fund (thou504.sands) including those concerning the transfer from a non-government pension fund to another non3.government pension fund (thousands) including those concerning the transfer from a non-government pension fund to the PFR (thou2.sands) The inflow of pension savings to PAMs on applications of insured persons produced a more than twofold growth of the mandatory pension insurance funds held by these organizations in Q I (during that quarter, the PAMs pension savings increased from 9.96 to 19.85 billion roubles). In Q II, when the external inflow factor was active no more, while the situation on the stock market was not favorable, the results changed only slightly (to 19.25 billion roubles).

The structure of Vneshekonombanks investments24 and the aggregate investment portfolio of all the PAMs as of the end of Q I and Q II 2007 is shown in Fig. 1-4.

Transformed into the Bank for Development in Monies at credit institutions RF rouble-denominated govRF government securities, de5,7% Other ernment securities nominated in for-eign currencies 2,0% 85,6% 6,7% Fig. 1. The structure of the investment portfolio of the government asset manager (Vneshekonombank), as of the end of Q II 2007.

RF government securities, deRF roubleMonies at credit Other 0,0% nominated in for-eign denominated govinstitutions 1,9% currencies ernment securities 5,3% 10,6% 82,2% Fig. 2. The structure of the investment portfolio of the government asset manager (Vneshekonombank), as of the end of Q I 2007.

As seen from the diagrams, the structure of pension savings investments held by the government asset manager did not change in any significant way during the quarters. A certain decrease in the share of RF government securities denominated in foreign currencies can be noted (from 10.6 % to 6.7 %). Besides, the PFR for the first time disclosed the investments of pension savings transferred into the trusteeship management in the form of government savings bonds non-market securities issued by the RF Ministry of Finance specifically for institutional investors. Their sum as of mid-2007 amounted to 66.2 billion roubles25 (or 41 % of the total investments in rouble-denominated government securities (161.5 billion roubles), which constitutes 24.1 % of the total value of managed assets (274.5 billion roubles), or 25 % of the total value of assets managed by Vneshekonombank (265.1 billion roubles).

There are no such securities in PAMs portfolios RF government Monies on ac-counts securities of credit institutions 9,0% 0,2% Deposits Other Subfederal bonds 7,2% 3,8% 15,3% Municipal bonds 1,6% Shares Bonds of Rus-sian 30,0% economic societies 32,9% Fig.3. The structure of the aggregate investment portfolio of private asset managers (PAM) as of the end of Q II 2007.

RF government Deposits Other securities Monies on ac-counts 7,2% 8,6% 10,2% of credit institutions Subfederal bonds 5,5% 17,6% Bonds of Rus-sian Municipal bonds economic societies 1,7% Shares 22,6% 26,6% Fig. 4. The structure of the aggregate investment portfolio of private asset managers (PAM) as of the end of Q I 2007.

The estimations are based on the data provided by the Federal Service for Financial Markets, the Pension Fund of the Russian Federation, Vneshekonombank.

% 7,6,5,4,3,1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 2006 between 90 days and 1 year more than 1 year Vneshekonombanks rate of return Source: RF CB, Vneshekonombank Fig 5. Average weighted interest rates on the GKO OFZ market and the GAMs rate of return in 2006 and first half-year The rate of return on the GAMs investment portfolio in the first half-year 2007 remained at the level of 2006 and amounted to 5.7 % per annum, which is higher than the rates of return on the Federal Governments rouble-denominated bonds (OFZ) with maturities under one year but lower than the rates of return on securities with maturities over one year (see Fig. 1.5).

Table 2.

The rates of return on investments of PAMs with the most substantial investment portfolios as of end of June Mid - 2007 For reference:

Rate of return per annum, Assets, Assets as of end of Asset manager % Rate of return million year 2006, million In 6 In 12 In 3 in 2006, % roubles roubles months months months UK Rosbanka 1408.6 3.04 15.65 9.94 1892.4 18.PENSIONNYI REZ- 1071.7 3.90 14.89 16.92 840.7 19.ERV SOLID Management 884.0 -0.48 23.27 19.15 910.6 28.UralSib UK 799.3 - 2.14 16.61 23.48 660.0 31.AK BARS KAPITAL 787.9 4.15 15.58 13.33 793.7 21.The share of OFZ in PAMs investment portfolio became somewhat lower (from 10.2 to 9.04 %). On the whole, the share of securities with fixed rates of return (federal, subfederal, municipal, corporate bonds) in the aggregate investment portfolio of private asset managers as of the end of Q II 2007 was 58.8 % (against 64 % as of the end of 2005 and 57 % as of the end of 2006). The percentage of shares in the aggregate investment portfolio of PAMs, after having decreased in Q I 2007 from 29.4 to 26.7 %, reversed its trend and amounted to 30 %26. However, in contrast to the situation in 2006, shares did not provide PAMs with an overall high rate of return. As seen by the end of the first half-year 2007, the maximum rate of return (UK The maximum permitted percentage of shares in PAMs assets from the year 2007 onward is 65 % Alemar) was only 8 % per annum, while the median value 2.9 %. The results achieved by PAMs (entrusted with the investment of savings belonging to a considerable number of invested persons) are shown in Table 2. As can be seen by the results of the first half-year 2007, none of the asset managers succeeded in achieving a rate of return higher than that of Vneshekonombank; moreover, two asset managers demonstrated negative investment results. However, over a longer period of time they all demonstrated rates of return higher than the average per annum rate of return on the GAMs investments, which amounted to 7.98 %.

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