The collapse of the largest private bank "Otkrytie" in Russia and the one that enters the top-12 of Binbank hit hard on non-state pension funds that keep retirement savings of Russian citizens.
In the third quarter, 6 out of the 10 largest NPFs recorded a loss from investing pension money for a total of 51.1 billion rubles, the banki.ru reports with reference to the accounts of the funds. Four funds were in the red and the results of 9 months of this year.
The biggest damage was incurred by the "NPF of the electric power industry": the fund's capital became negative, and on September 30 a hole of 2 billion rubles appeared in its balance sheet, Maxim Osadchy, head of the analytical department of the BKF, estimated.
In the third quarter, the fund lost 13.8 billion rubles, which completely blocked the profits of the first half of the year. As a result, by the end of 9 months, APFs were down by 10.4 billion rubles.
The maximum loss - 14.9 billion rubles - showed NPF Lukoil-Garant. The main reason for losses in all cases, Osadchy says, is investments in securities related to the "Discovery" and Binbank, which were either impaired or were written off after both banks went to the Central Bank for reorganization.
With the banks of the "Moscow Ring" are associated 7 of the 10 largest APF, notes Osadchy. Three of them are direct affiliates of the "Discovery" - NPF "Lukoil-Garant", NPF RGS and "NPF Electricity", and NPF "Future" belongs closely to the "Discovery" Boris Mints.
Two more funds are connected with Binbank. This NPF "Safmar" and NPF "Trust" belonging to the group "Safmar". Finally, NPF Soglasie is a member of the Moscow Credit Bank group.
Many of these funds are the product of mergers and acquisitions, which banks have been actively pursuing in recent years, seeking access to pension money.
"There are two uncontrolled dangerous processes in the segment of APFs that are not related to the state: first, consolidation (in the form of pyramid formation - when a new fund is bought at the expense of the old fund), and second, the use of funds to finance business owners. Russians get unknown to anyone with a completely understandable result, "Osadchy states.
Negative processes in the pension market caused a banking crisis; they are still "invisible to the public, but soon they can manifest themselves both in the growing deficit of the pension system and in the growth of inflation," the expert warns.