The Finance Ministry decided to confiscate state-owned corporations income from deposits

The Ministry of Finance of Russia intends to deprive the public corporations the opportunity to use their allocated government funds for more profits, placing money in Bank deposits. The official portal for the publication of bills already placed the draft amendments to the Budget code, according to which banks accrued interest is proposed to be deleted in the budget.

“The bill proposes to sources of non-tax Federal budget revenues include the revenues of public corporations from the placement of deposits with credit institutions funds received from the Federal budget”, — stated in the explanatory Memorandum.

Now in Russia there are six state corporations Vnesheconombank, Rosatom, rostec, the DIA, the Fund of assistance to reforming of housing and communal services and “Roscosmos”.

“Scroll” on Deposit

On the problem of large volume of temporarily free funds of state corporations and state companies, in which they place deposits and receive the income, has repeatedly drawn the attention of audit. In November 2015 the activists of the popular front pointed out this problem to President Vladimir Putin on the example of the state company “Special economic zones”, which, according to onf, instead of putting budget money into the construction of “scrolls” in their banks, earning annually on the percent of the nearly 3 billion rubles. “Honestly, I did not know that money allocated in the Federal budget for these purposes instead of investing them in real production, in organization, in infrastructure, just lying in the accounts and in banks spinning for profit it is unclear where going,” admitted Putin.

Temporarily available assets of Fund of housing and communal services at the end of 2015 amounted to 58.7 billion rubles, of which 88% were placed on deposits in commercial banks, follows from statements of the Fund. In 2015, revenue from placement of these funds (interest received) amounted to almost 5 billion rubles Weighted average rate on such deposits for the housing and utilities Fund at December 31, was about 11.4 per cent. The Fund enjoys tax exemption on income in respect of this income (this benefit was recently extended until 1 January 2018).

Rosatom and rostec also have significant remains of temporarily surplus funds placed on accounts with credit institutions, the audit chamber said in the report on Federal budget execution for January—November 2015. Earlier the audit chamber pointed out that on October 1, more than half of temporarily available assets of “Rosatom” was placed on Deposit in a Russian Bank.

“Rosatom” does not place the Federal budget on deposits, and immediately passes it to subsidiary and dependent companies for the execution of targeted interventions under the Federal program, investment programs, etc., said the representative of “Rosatom”. The chamber in its report, apparently, mean the own funds of the state Corporation, he added.

The DIA, as stated on its website, conducts “moderately conservative” policy on placement of free funds and places funds in banks. DIA invests in deposits of Bank of Russia shares, bonds of international financial organizations corporate bonds bonds of subjects of the Russian Federation, as well as OFZs, are listed on the Agency’s website.

The “Roscosmos” no Deposit accounts in banks, said the representative of the Corporation. The representative of “Rostec” did not comment on the presence of deposits in the banks, but said that all remaining funds “rostec” has to transfer to the Federal budget before April 1. Vnesheconombank on October 1, 2015 no income for deposits in Russian credit organizations, follows from the quarterly report of the Corporation.

Verification of the accounts chamber

In particular, in the spring of 2014 on the results of monitoring the implementation of the far Eastern projects, the audit chamber reported that the Company earned in 2013, 3.5 billion rubles, placing allocated for the construction of power plants in the far East of 50 billion rubles on accounts in the savings Bank.

In the summer of 2015 was completed verification of budget spending that went into the Charter capitals of economic societies in the period 2012-2014. By results of check the audit chamber reported that contributions to the Charter capital exceeds the current needs of companies for year-end accounts remained more than 84 billion rubles, due to which the company has received additional revenues of about 7 billion rubles.

In September 2015 in an interview with the head of audit chamber Tatyana Golikova pointed to the fact that the money allocated to recipients of funds from the national welfare Fund, in some cases also not used as directed. “Funds have been allocated, but they are not spent. So, maybe, have saved funds if the project is not ready yet? Maybe didn’t need to highlight them, until you are ready to use the funds? If the company has requested the money, it does not mean that they should be on the Deposit, they need to work on the infrastructure project, which are intended”, — said Golikova.

The head of audit chamber has urged to toughen the requirements to the feasibility study of planning of allocations to companies. “If the company received money and did not use them, and don’t need her to provide more budget allocations for next year,” she explained.

In February 2016 Golikova in an interview with “Vedomosti” described the situation, when budgetary funds “are not used for the purposes for which they were intended, and just lie on accounts”, the example of the “classic inefficiency”.

with the participation of Timothy Dzyadko and Yulia Titova