Finance Minister Anton Siluanov told RBC at the Sochi investment forum, as citizens with benefits to lend money to the state why we do not need to increase government spending and that the Ministry of Finance think about robots
“Such proceeds in foreign currency now is not”
— “People” BFL that you have been told today that needs to be released in April. How it would work, what would it be, for whom it is intended?
— We want to make this tool very interesting for our citizens. It will be more profitable than deposits and OFZ bonds for professional investors. This project, which is designed not so much for attraction of resources to the Treasury, how much for market testing. You can certainly bring money to the Bank and get interest, but the banking system is now quite mobile. On Bank deposits the government guarantees up to 1.4 million rubles., and in the case of OFZ state offers 100% reliability and is higher than in banks profitability. I think that this tool will find a buyer among our citizens.
Under the 100% reliability you have in mind any legal guarantees or the very meaning of instrument?
— The meaning. It is a state paper, the state will meet all of its assets to investors in these securities. We now aim to encourage the development of medium-term savings and offered three-year paper. The yield, that is, 0.5 PP higher than the yield of Federal bonds, that is, about 8.5%, even higher than that. If you look at our forecasts, we see that inflation is reduced and the yield on the securities will fall, then buying that paper today, in three years you can get the value plus a good income. I think this is a good investment for our citizens. First and foremost, we rely on the citizens who still keep their money at home. Some people think that they will benefit from investing their savings into foreign currency. Nothing of the sort. Such income in the currency now, no. The currency in recent years, not strengthened. And in General, currency volatility is largely dependent on external factors. We will improve the conditions of issuance and as they adjusted to the demands of customers.
— This explains the small amount of accommodation?
We are not aiming to attract some resources for the budget. It’s more the Institute of teaching financial literacy. This is the first step to ensure that the purchase of securities was not difficult to open a Deposit. While a person will already have an investment account. They will open the Sberbank and VTB24. The account will be credited with receipts, coupons and so on. And terms of the loan will be structured in such a way that each year the yield increased. The maximum yield of 8.5% or a little more after the end of three years, and a citizen came to the Bank and get the amount and interest. In this tool we took into account the interests of our citizens. The only caveat — the minimum purchase volume — about 30 thousand rubles. a Lot or a little, to judge our citizens.
“It is possible to return the paper to the denomination”
— The main goal is not to teach people to lend to the state, but rather to accustom the population to the financial market?
— First, to issue a state paper, which you can buy without resorting to special brokers or brokerages. This should be simple, clear, reliable. Even if a person wants to get out of this paper in two month or in a month, it will receive its own denomination. That is, there is no discount.
— How is it?
— If people bought the paper for three years, and six months later, assume that life circumstances forced him to get the money back, he comes to the Bank and the Bank pays him the value that he has invested.
And if rates rose?
— He might not get the coupon, but the value he will receive.
And if at this time the stakes are much increased, when he came to pass, the bond price fell, the Bank will buy at face value or at market price?
— The fact that the Bank in the end the state will buy the paper. And we agreed that in the first year, if the person who bought this bond, will want to get to the cache, he will bring it to the Bank and get the denomination without losing those savings, which he invested in this paper.
— What is the interest of partner banks?
— Partner banks receive a Commission. Drawing population, they will offer other products. And actually, I think it is prestigious to work together with the state, placing new products.
Output under 100%… it Will be split — a simple private investor or “Warren Buffett” brought and handed over the paper?
— We make no distinction between categories of participants. The main thing that was physical, not legal entity. We specially manufactured tools for citizens to banks tracked that the role of the buyers are citizens and who want to earn higher interest than on the OFZ market.
— The minimum amount of 30 thousand and the maximum is not limited?
— Maximum — 25 million rubles for one issue. Releases will be at least two per year.
Photo: Oleg Yakovlev / RBC
“Again I do not want to step on the old rake”
— Many took the beginning of acquisition Finance currency market intervention. In fact you introduced ahead of the budget rule. It is in this form will basementideas or will change?
— Purchases of foreign currency revenues in excess of $40 per barrel to ensure the predictability of the course. In other words, we are about two thirds of the additional oil and gas revenues pick up in the budget, and thereby supported their reserves. This is also important because in recent years we only spent. Secondly, this measure will create a mechanism for exchange rate stability. Without it the movement would be more volatile, and predictability, the predictability would be worse than now. So really, preparing proposals for the budget rule, we will rely on our present experience, and in General, the mechanism of action of this rule will not be much different from today’s.
— With the additional income to you probably already a queue of supplicants, and they all want money. Is it really so?
— If we are going to spend additional revenues, not only oil and gas. The situation in the economy is now more positive than in the forecast, and we expect to receive more income as a result of increased economy, but not at the expense only of improving market conditions. These resources we can use in the current year by amending the budget law. Of course, there are other areas that rely on additional support, we will such decisions very carefully weigh in the first place will allocate funds to those sectors that will give the greatest effect from the point of view of growth.
— If next year will be the high price of oil and the budget be balanced without any problems, you have the power to insist on further nanoradian government spending?
— The budget must come into balance. In recent years, we have focused on large income on expensive oil. The change in the external environment, of course, forced to change the budget. Our main goal for this three-year period — a gradual reduction of the budget deficit and stopping the use of reserves. It would seem that it is possible to increase spending over there, here it will give a positive result. What’s next? And then we can get into the same situation, which was a year and a half ago: changed external factors, revenues declined, and had to cut the budget. Who cares? We have already passed. Again I do not want to step on the old rake.
— The Finance Ministry wants the current situation of state-owned companies were paid 50% dividend from net profit under IFRS, in particular, “Rosneftegaz”. By the way, does have access to the investment program of “Rosneftegaz”?
— Here a matter of principle. If the state has problems with income, it wants to with its assets more money. This is not our innovation. Other countries have established a dividend in the amount of 70% or more. We’re talking about 50%. In the present circumstances the state may rightly raise the question of a level of dividends. The investment programs of the companies, if they are profitable, efficient and give out, could this period be based on borrowed funds. Now the government will analyse the possibility of payment of the dividends of large companies in the amount of 50%. Based on this analysis, the final decision.
— The investment program of “Rosneftegaz” I don’t know?
The last option is not seen.
“Robots will not replace human intelligence”
— When the planned placement of Eurobonds? And a very important question: do you expect that there will be a softening of informal sanctions — and then Eurobonds will be placed by Goldman Sachs (instead of “VTB Capital”)?
You know that last year we placed bonds, based on its own infrastructure. And we enjoyed it very much. Therefore, we did no worse than Western banks and settlement agencies. This year, we expect to place Eurobonds with the use of Russian banks and the Russian infrastructure. We believe that it is right and we need to raise their own organizations and primarily rely on them.
— That is, easing informal sanctions you are waiting for?
— We are in his calculations in the budget that the forecast that when issuing bonds, do not assume changes in current mode. Of course, I would like to have all these restrictions were lifted, but we see that it is not as fast, and simple. And so, in their economic and financial assumptions proceed from the current situation.
— There is much talk about robots. Many financiers replace algorithms. You’re ready to replace part of the staff of the Ministry of Finance by robots?
— Represent the Ministry of Finance, when at the tables sat the robots, or at least the computers and respond to the instructions of the government. Just kidding, of course. Seriously, it is, of course, with the introduction of robots in the future. But questions of strategy, tactics, intelligent response will remain. There are many events that affect decision-making. In addition, a person relies on intuition. In our lifetime it is unlikely that robots will displace humans. And further, it is possible. But still I think that the place of the human mind and intellect will be found.
with the participation of Oleg Makarov