The highest paid defense Ministry official resigns

The head of the Federal Department of savings and mortgage system of housing for military personnel (“Rosvoenipoteka”) Vladimir Shumilin will soon leave his post, said three sources in the real estate development market. The same information have two sources in banking circles.

According to several interlocutors , Vladimir Shumilin may leave his post before the New year. “He’s still a couple of months ago were asking their friends about job vacancies, considered various options, including in business. So I’m absolutely not surprised by the reports of his possible resignation” — said another interviewee , a senior Executive of the management company.

In a press-service “Roveniemi” the request is not answered. Vladimir Shumilin said that “can neither confirm nor deny this information”, saying that it is a question of the defense Ministry, which is responsible for “Rosvoenipoteka”. The press service of the defense Ministry’s request also was left unanswered.

What does “Rosvoenipoteka”

“Rosvoenipoteka” was created in 2006 to ensure the operation of the savings and mortgage system for the military (the military mortgage program). This system on behalf of the President developed Ministry of defense and Ministry of economic development.

Law 117-FZ “On accumulative and mortgage system of housing for military personnel”, governing the subject, was adopted in 2004 and entered into force in 2005. Meaning — in the provision of servicemen of the ability to purchase housing under the mortgage at any time after three years of participation in the mortgage system without waiting for the end-of-life.

Once a soldier joins the program on his account to get the money. Three years later, from this moment you can get a mortgage and use the accumulated amount for its repayment. Banks participating in the program, give military personnel loans at a lower rate than normal borrowers.

According to the “Roveniemi”, the program involved more than 386 thousand troops, more than 171 thousand people have bought a house. The program involved more than 150 billion rubles of Federal budget funds for financing of target housing loans for down payments on mortgages (these are just tools and rules “Rosvoenipoteka”: keeps a register, invests, executes and issues in the form of loans, etc.) and more than 300 billion rubles of credit funds from banks participating in the program.

42-year-old Shumilin heads “Rosvoenipoteka” in 2010. Information about it free a bit. As published on the website of the Ministry of defence biography, he graduated from Russian economic Academy named. G. V. Plekhanov University in Magdeburg. Prior to joining “Rosvoenipoteka” for four years (from 2006 to 2010) in “TNK-VR Management” (a company formed in 2003 to manage the assets “TNK-BP Holding” in 2013 which became part of Rosneft).

Possible causes

Sources name several possible causes of the coming care Shumilina. According to the source in banking circles, the resignation may be connected with the change of the curator “Roveniemi” in the defense Ministry. From may 2016 the direction of the housing support of the armed forces supervises the former General Director of “Oboronstroy” Deputy defense Minister Timur Ivanov.

One of the sources of the development market says that the prerequisite for the resignation could ensure publication in the summer of 2016 revenue details Shumilina for 2015: head of “Roveniemi” was the highest-paid official of the defense Ministry. According to the income Declaration, he earned 106,1 million rubles — ten times more Shoigu. 2014 income Shumilina increased by RUB 17 million of His income for previous years on the website of the Ministry of defense were not disclosed.

There are questions as to the functioning of most of the mortgage programs for military, specify the interlocutors .

The risks of the program

Traditionally, the state contributions to the funded element is indexed annually for inflation, but in 2015 the government in view of the lack of funds made the decision to leave the contribution per person for 2016 at the 2015 level, in the amount of 245,9 ths. RUB. per year (or by 20.5 thousand per month). This decision leads to the fact that borrowers-the military is becoming difficult to service their loans in accordance with laid down in the contract schedule (provided for the indexing, as it is written in the law).

This, in turn, leads to the need for restructuring such loans, for example, through their extension. For loan partner program it is fraught with additional reserves (for banks) and revenues (for banks and the Agency for housing mortgage lending (AHML)). As noted in the Agency’s accounts for January—June under IFRS, due to the lack of planned indexation “Rosvoenipoteka” may not be enough 29 billion rubles for repayment of the mortgage program of the Agency. For the seller this shortfall in income.

For new borrowers under the program of military mortgage the absence or omission of indexation reduces the potential amount of the loan and, accordingly, opportunities to purchase housing. In addition, it is, in the event of further deindexation, makes the program unpredictable for creditors, reducing the potential interest on their part, says one of the interlocutors . In 2017 the government plans to carry out the indexing of a cumulative fee for one participant of the program of military mortgage is 5.8%, to 260 thousand rubles, said Vladimir Shumilin.

Banking optimism

According to bankers, for them it is first important quality of the program military mortgage, not personnel decisions regarding its leadership. “This is an attractive, low-risk program, says, in particular, the head of the retail business, Absolut Bank Anton Pavlov. — We plan to join the program in February 2017”. According to the chief of Department of development of mortgage lending of Sberbank Alexey Trubnikov, in 2016 the share of Sberbank on the “Military mortgage” was 33%. According to Trubnikov, the banks amid the current economic situation in the country in the first half of the year began to give less of the mortgage loans under this program, but within a year the situation has normalized.