Shvetsov: the Central Bank expects market consolidation firm in terms of the new freezing of pension savings

NEW YORK, October 7. The Bank of Russia expects consolidation of the market pension funds and revision of the business model of funds of their owners in terms of another freeze of pension savings, told journalists the first Deputy Chairman of the CBR Sergey Shvetsov during new York session of Moscow exchange forum.

“The business model of the NPF should be the owners verified as significant investments in shares pension funds and infrastructure were designed to increase savings and the savings from economies of scale later. PSF managers must consider whether they can continue this business or to undergo consolidation and to integrate themselves NPF in order to stay in the zone of profitability”, – said Shvetsov.

“I have my doubts that pension funds can provide a return on shares, which are owned by their shareholders,” he added.

Earlier on Wednesday the head of the FIU Anton Drozdov said that the decision on freezing of pension savings by 2016.

The Deputy Minister of Finance of the Russian Federation Alexey Lavrov also reported that the Ministry of Finance has laid the draft budget freeze of pension savings in 2016 in the amount of 342,2 billion rubles.