The Central Bank spent nearly 140 billion rubles to save non-state pension funds (APF) This is more than a quarter of their pension savings, or almost 1 thousand rubles. for every citizen of Russia. For the Russian NPF market, the scale of support has become unprecedented, and the Central Bank intends to stop at this. Next, the funds will have to manage themselves. According to experts, under favorable conditions, APFs will be able to earn 3.5% of the investment income by the end of the year.
The Central Bank will allocate the next tranche of assistance to the pension funds of FC "Otkrytie". The regulator intends to repurchase the additional issue of FC Opening in the amount of 42.7 billion rubles, of which 31.8 billion rubles. the bank itself will send to NPF "LUKOIL-Garant", NPF electric power and NPF RGS. "Providing financial assistance ... will compensate for the losses incurred by them reflecting at fair value the shares of Rosgosstrakh Insurance Company, as well as from the depreciation of assets mainly represented by the requirements for Otkryt Holding and O1 Group," the regulator said in a statement.
The main loss to the funds, apparently, was brought by the bonds "Opening of the Holding", which are currently traded on the Moscow Stock Exchange at a price less than 10% of the face value, that is, for the year they have fallen by more than 10 times. In the "Opening FC" and its NPF did not respond to the request of "b".
FC Opening has already transferred money received from the Central Bank, its NPF. To cover the negative result of 2017 and replenish the reserve for compulsory pension insurance at the end of 2017, the bank transferred 42.9 billion rubles to the funds, which allowed them not to distribute the losses received in the accounts of citizens (see "Kommersant" on May 3). However, even after capitalization in three funds, an actuarial deficit of 12.8 billion rubles was recorded. (see "Kommersant" on May 25).
According to the results of the first quarter of 2018, about 5% of idle assets (about 30 billion rubles) remained in the portfolios of these APFs, which dealt with the issue of transferring bad debts to the bank's balance sheet. The source of Kommersant, close to the Pension Division of FC Otkritie, said that several options for helping the funds are being considered - from 20 billion to 30 billion rubles. The lower limit was the real loss received by the funds. NPF "LUKOIL-Garant", according to the Central Bank, in the first quarter showed the profitability of investing pension savings minus 0.8% per annum, NPF electric power industry - minus 9.3% per annum.
In "Otkrytie Otkrytie" they told Kommersant that in the second quarter it is planned to transfer to the APF aid in 18 billion rubles. "In December 2017, the Bank of Russia did not make a decision to provide financing for possible depreciation of Rosgosstrakh's shares and investing in the assets of O1 Group, given the uncertainty about the value of these assets in the future," the Central Bank notes.
However, in addition to covering losses, the regulator intends to withdraw "non-core assets and low-quality assets" from the NPF balance sheets. To this end, the Central Bank will place three-five-year deposits with a rate of 0.5% per annum in the bank Trust for a total of 73.8 billion rubles. He will redeem the assets "Opening of the Holding" and O1 Group. According to the accounts of LUKOIL-Garant and the non-state pension fund of the electric power industry, the bonds "Opening of the holding" in them were at 8.6 billion rubles.
Due to the deposit, "a ransom of 24 billion rubles is envisaged. problem assets of APFs to "Trust", they say in the Central Bank. "Trust" has already helped the funds that entered the perimeter of FC Opening, just before the bank's reorganization. The bank bought out a 13% stake in FC Otkritie for a total of 40 billion rubles. (see "Kommersant" on October 25, 2017). Later, these actions within the framework of the readjustment were almost completely written off.
General assistance to the Central Bank of the funds "FC Opening" as a result amounted to 138.7 billion rubles, or more than a quarter of the pension savings of these APFs in mid-2017. For the Russian NPF market, this is an unprecedented rescue. In autumn 2015, the Central Bank compensated the losses of clients of the NPF Anatoly Motylev for more than 39 billion rubles.
"For the regulator, this situation is forced: after taking a financial group for recovery, he can not refuse to reorganize the funds," said Yuri Nogin, director of the rating group for financial institutions of ACRA. The Central Bank does not envisage additional funding for the APF. "This year, the funds should show the investment income at the market level, the benchmark - above 6% per annum", - said in early 2018 in an interview with Reuters the chairman of the bank "FC Opening" Mikhail Zadornov. With a conservative approach to investment and the absence of shocks, Mr. Nogin believes, the pension division of the bank will be able to earn slightly more than 3.5% of the investment income for its clients.
The final cleansing of the "Discovery"
The Central Bank believes that assistance to the bank "Opening FC" and its structures will no longer be required, the Bank of Russia said. According to the Central Bank, "there is a low probability of providing additional funds for the capitalization of the insurance company (IC) Rosgosstrakh, but the volume of these funds is not significant." On Friday, the Bank of Russia announced that it would capitalize on FCK Otkryt to 42.7 billion rubles. Also, the Central Bank will place deposits in FC Opening, in the Trust and Growth Bank for a period of 3-5 years and at a rate of 0.5% per annum. FC Opening will receive 63.3 billion rubles. "For the implementation of measures for the reorganization of the bank in the form of a bank" Discovery Special ". The assets of FC Otkritie will be transferred to it together with the bank's obligations under the previously granted CBR deposit for 107 billion rubles. In total, the total assets of this bank will amount to about 170 billion rubles. after deducting any allowance for impairment. Growth-Bank will receive deposits in the amount of 37.1 billion rubles. for the repayment of distressed assets from the balance of Binbank. Deposit in the "Trust" in the amount of 73.8 billion rubles. provides for the repurchase of assets from private pension funds "FC Otkritie" and from SC "Rosgosstrakh".