The Bank of Russia has a negative attitude to the location of the non-state pension funds (NPF) funds pensioners in Bank deposits. This was stated by first Deputy Chairman of Bank of Russia Sergey Shvetsov at the XV national conference on microfinance and financial inclusion, the correspondent of RBC.
“We have to develop our distribution channels so that the intermediary margin and generally, the number of intermediaries in the chain was less. For example, the Bank of Russia has a negative attitude to the fact that pension funds put their money credit organizations”, — said Shvetsov.
He explained that themselves to NPF, the management companies that serve them, credit institutions are intermediaries. “To satisfy the appetites of the margin in all these categories of intermediaries or the ultimate owner of the funds, that is, the pensioner will receive a small percentage or the borrower, which in the end, the Bank provides financing should pay a higher percentage,” — said the first Deputy Chairman of the Central Bank.
“A large number of intermediaries eat up margin. Therefore, we must create an environment where pension funds do invest in stocks and bonds, and not put the money in a credit organization, which then provides the financing of the economy”, — said Shvetsov.
According to him, the Central Bank has prepared a program for the reduction of limits on investments of different categories of financial intermediaries in the banks ‘ liabilities. This is due to reduced line intermediaries to more effectively use the money, said Shvetsov told reporters.
“However, the limit will remain. Now it is 40%. He will decline based on the business model the actual volume of placements in credit institutions will fall faster than our limit. Regarding the limit, it is up to each pension Fund that manages their money. I think this should be in the region of 5-10%. The rest should be invested in the capital market,” said Shvetsov.