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Kostroma oblast

7 668

2,21

0,05

Lipetsk oblast

40

0,03

0,00

Smolensk oblast

500

0,21

0,00

Moscow

6 683 451

30,67

44,19

Republic of Kareliya

15 834

3,76

0,10

Republic of Komi

9 912

1,49

0,07

Leningrad oblast

377 608

30,67

2,50

St.-Petersburg

5 283 325

77,93

34,93

Kabardino-Balkar Republic

20 000

4,19

0,13

Stavropol Territory

109 917

16,18

0,73

Volgograd oblast

375 541

34,35

2,48

Republic ofBashkortostan

971 800

99,49

6,43

Republic of Mariy-El

1 454

0,69

0,01

Chuvash Republic

115 010

31,23

0,76

Sverdlovsk oblast

70 236

10,95

0,46

Khanty-Mansiisk AutonomousDistrict

138 736

24,06

0,92

Yamalo-Nenets AutonomousDistrict

100 208

1,77

0,66

Republic of Khakassiya

24 445

9,96

0,19

Altai Territory

323 619

17,69

2,14

Krasnoyarsk Territory

499

0,02

0,00

Tomsk oblast

350 000

15,07

2,31

Chita oblast

1 500

1,29

0,01

Amur oblast

1 400

0,38

0,01

Total

15 123 785,00

15,00

100

Data source: calculations performed by theInstitute of Economies in Transition basing on the data provided by the RFMinistry of Finance

With the general post-crisis decline in theamount of loan proceeds secured by regional and local authorities, the value offloated municipal and subfederal securities fell more than 4 times, from 0.77%of the GDP in 1997 to 0.17% of the GDP in 2001. The number of securities issuesalso went down as compared to 1997-1998, actually returning to the level of1992 –1993.

Table 31

Issued value of subfederal and municipalsecurities (% of GDP)

Year

1996

1997

1998

1999

2000

200132

Issued

0,63

0,77

0,47

0,31

0,19

0,17

Redeemed

0,47

0,56

0,48

0,36

0,46

0,23

Net funds

0,16

0,22

-0,01

-0,05

-0,27

-0,07

Data source: calculations performed by theInstitute of Economies in Transition basing on the data provided by the RFMinistry of Finance

In 2001, issuers from nine territorialsubjects of the Russian Federation managed to raise in the subfederal andmunicipal securities market an amount exceeding the face value of domesticbonds liable for redemption this year, including the relevant interest. Theseissuers include Moscow, with the loan proceeds of 4,560.5 mln. bln. RF Rublesnet of the cost of redemption and internal debt servicing, the Republic ofBashkortostan (971.8 mln. RF Rubles), St.-Petersburg (440.2 mln. RF Rubles),the Leningrad oblast (358.8 mln. RF Rubles), the Tomsk oblast (350.0 mln. RFRubles), the Chuvash Republic (34.6 mln. RF Rubles), the Kostroma oblast (2.5mln. RF Rubles), the Republic of Mariy-El (1.3 mln. RF Rubles), and theKrasnoyarsk Territory (0.4 mln. RF Rubles).

The aggregate value of municipal andregional bond issues remained virtually unchanged at 15.1 bln. RF Rubles in2001 as compared to 13.0 bln. RF Rubles in 2000. At the same time, it isnoteworthy that the volume of securities floated by municipal entities hadsignificantly declined: while in 2000 they accounted for 22.6% of theterritorial issues, in 2001 their share nearly quartered to 5.9% (Table32).

Table32

Net loan proceeds in the domesticsubfederal and municipal securities market, in thousand RF Rubles


Consolidated regional budget

Regional budgets

Municipal budgets

2001

Net loan proceeds

6 601 447

6 667 592

-66 145

Funds raised

15 123 785

14 226 931

896 854

Principal repaid

8 522 338

7 559 339

962 999

2000

Net loan proceeds

- 1 877328

-2 286 175

408 847

Funds raised

13 042 220

10 090 208

2 952 012

Principal repaid

14 919 548

12 376 383

2 543 165

Data source: the RF Ministry ofFinance

Over the past three years, only 14territorial subjects of the Russian Federation and 7 cities have availedthemselves of the securities market instruments to raise the required funds.Through the entire post-crisis period, bonds were annually issued by Moscow,St.-Petersburg, the Republic of Chuvashiya, the Volgograd oblast and the cityof Volgograd (Table 33).

Table 33

Subfederal and municipal securities issuedin 1999 –2001

Issuer

Issue registration

Territorial subjectsof the Russian Federation

1999

2000

2001

Moscow

*

*

*

St.-Petersburg

*

*

*

ChuvashRepublic

*

*

*

Volgogradoblast

*

*

*

Tomskoblast


*

*

Republic ofKomi


*

*

Republic ofBashkortostan



*

StavropolTerritory



*

Leningradoblast



*

Irkutskoblast



*

PrimorskiTerritory


*


Kabardino-Balkar Republic


*


Republic ofMariy-El


*


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