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Oncall deposits

2.6

2.4

3.2

1.2

Maturing in 90days

31.2

31.5

38.0

21.6

Maturingbetween 91 and 180 days

23.8

23.5

21.4

26.7

Maturingbetween 181 days and up to one year

17.1

16.6

13.5

21.4

With a maturityof more than a year,

25.4

25.9

23.9

29.1

of which withmaturities over 3 years

13.0

13.5

13.6

13.3

Forreference:

Average assets(in current prices, billion rubles)

3.28

2.35

4.18

1.02

Number of banks

778

777

327

450

Source: estimated from data bySTIiK

The return on deposits with a maturityover one year in 2000 – 2001, according to the Central Bank of Russia, was noticeablyhigher than that on more popular three-month deposits (Fig. 8).

Fig. 8

Offered rate for corporate ruble depositsin 2000 - 2001

1 – maturities between 31 and 90days

2 – maturity over 1year

Source: Central Bank of Russia

Sharp variations in the offered depositrates seen in the series published by Central Bank of Russia for all depositmaturities as well as for other instruments will smooth out, if one is toanalyze the dynamics of the rates offered by Moscow banks and published byFinmarket Information Agency (Fig. 9).

Fig. 9

Dynamics of corporate ruble deposit ratesoffered
by Moscow banks in 2000 -2001

1 – 3 month maturity

2 – maturities up to 6months

Source: Finmarket

The analysis of Russian statisticssuggests that open market investments prior to 1998 had a higher rate of returnthan bank deposits. This was no longer true in 2000 - 2001. The yield of GKOissues placed in that period was, for the most part, close or lower than thedeposit rates in the same period. For comparative returns on deposits and GKOs,provided the latter were purchased at any of 2000 – 2001 auctions, see Fig.10.

Fig. 10

Nominal and real rate of return on rubledeposits and GKOs in 2000 - 2001

1 – nominal non-redeemed GKO yield

2 – effective GKO yield

3 – nominal rate of return oncorporate ruble deposits maturing between 91 and 180, subject tore-investment

4 – real rate of return oncorporate ruble deposits maturing between 91 and 180 (for calculation purposes,the term of deposits is 3 months).

Source: estimated from data by the CBR andFinmarket

As the figure shows, the lower inflationrates offered better conditions both for GKO investors and depositors, from thepoint of view of real rate of return. Starting with the auctions in March 2001and deposit contracts from June 2001, the rate of return for these instruments,adjusted for inflation, remained positive.

Corporate currencydeposits

Despite the trend towards de-dollarizationof the balances, the foreign exchange segment of the corporate deposits marketremains more capacious than the ruble segment. As of the end of quarter threeof 2001, it amounted to about USD 7.2 billion. However, given a more stable orstronger ruble, the offered deposit rates fail to result in positive rates ofreturn in real terms.

Fig. 11

LIBOR and corporate currency deposit ratesin 2000 - 2001

1 – deposit rate in dollars formaturities between 30 and 90, subject to reinvestment

2 – 3 month LIBOR, inUSD

Source: CBR, Finmarket

The rates that banks offered for thesedeposits were close to 3 month LIBOR in US dollars (Fig. 11). Taking intoaccount the changing ruble-to-dollar exchange rate, for the most part of theyear the rate of return on such deposits was close to that of the rubledeposits in the same period, in contrast to 2000, when the ruble-denominatedrate of return of currency deposits for the most part of the year was smallerthan the offered rates for ruble deposits in the same period. However, asa result of price growth, the rate of return on currency deposits remainednegative for the most part of the year (Fig. 12). At the same time, rates thatMoscow banks offered for dollar deposits varied significantly, ranging in 6month maturities from 5% to 13.75% in March and from 2.5 to 12% in November.

Fig. 12

Compared rates of return for ruble andcurrency deposits in 2000 - 2001

1 – rates for ruble deposits with30 – 90 daysmaturities, subject to reinvestment

2 – nominal rate of return oncurrency deposits adjusted for ruble-dollar exchange rate

3 – rate of return on currencydeposits, adjusted for ruble-dollar exchange rate and inflation in Russia (realrate of return of currency deposits converted to rubles)

Note. For calculations, the depositmaturity was three months

Source: CBR, Goskomstat of Russia

The most widespread maturity for currencydeposits raised by banks in 2001 was from 30 to 90 days (Table 14). Maturitiesin Moscow banks distributed relatively evenly, and longer deposits withmaturities over 12 months accounted for more than a quarter of all raisedamounts. The overall amount of currency deposits raised by the banks for a termof 12 months and longer at the start of the year stood at ca. USD970million.

By the end of quarter three of 2001, bothMoscow banks and regional banks significantly increased the share of currencycorporate deposits with maturities over one year. While at regionalbanks, the proportion of deposits with maturities under 3 months remainedvirtually unchanged, at Moscow banks it dropped considerably (from 26% to 16%).All banks definitely increased their proportion of deposits with maturitiesover 6 months as the proportion of deposits with maturities between 3 and 6months shrank. As a result, during the year clients of the Russian banksopted for longer deposits.

Table 15

Maturity structure of US dollar deposit atthe end of 2000 (in percent, less banks under ARCOadministration)

Maturity

Banks raising deposits from residentcorporates

All active banks

All active banks less Sberbank

Banks in Moscow and Moscow Oblast, lessSberbank

Regional banks

Oncall

0.5

0.4

0.6

0

Up to 90 day

49.3

51.4

26.4

86.2

From 91 to 180 days

16.3

15.5

22.9

5.2

From 181 days to 1 year

16.2

16.4

23.5

6.5

Over 1 year,

17.7

16.4

26.6

2.1

of which over 3 years

6.2

6.7

10.7

1.0

For reference:

Average assets (in current prices, billion rubles)

10.11

6.70

8.99

3.40

Number of banks

160

159

94

65

Table 16

Maturity structure of USD corporatedeposits by the end of September 2001 (in percent, less banks under ARCOadministration)

Maturity

Banks raising deposits from residentcorporates

All active banks

All active banks less Sberbank

Banks in Moscow and Moscow Oblast, lessSberbank

Regional banks

Oncall

0.8

0.7

1.2

0.0

Up to 90 day

44.1

46.2

16.2

84.2

From 91 to 180 days

8.7

7.5

12.1

1.8

From 181 days to 1 year

21.8

21.6

31.1

9.5

Over 1 year,

24.7

24.1

39.5

4.5

of which over 3 years

8.2

8.6

14.8

0.8

For reference:

Average assets (in current prices, billion rubles)

10.36

7.03

9.72

3.44

Number of banks

216

215

123

92

Source: database by STIiK

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