Training on modelling fundamentals December 17–18

Russian regions have become net lenders for financial institutions

Russian regions' financial reserves and commercial debt overview

  • In 2017, Russian regions earned RUB 99.4 billion as bank deposit interest… 12 Russian regions earned additional revenues, of which 74.7% is the share of Moscow. Bank deposits placed by regions include surplus funds of previous periods, intra-year cash surpluses and temporary free cash balances of state-owned enterprises.
  • … and spent RUB 110.1 billion to pay loan interest. Most payments (in absolute terms) were made by Krasnoyarsk Region and Moscow Region (RUB 6.8 billion and RUB 6.6 billion, respectively). Moscow Region earned about RUB 7 billion from its bank deposits, which completely covered its debt service costs. Note that, in 2017, the interest earnings on bank deposits exceeded debt service costs in nine Russian regions.
  • Regions' bank deposits and commercial debt are comparable in volume: as of March 1, 2018, the volume of bank deposits placed by regions amounted to RUB 1.122 trillion, while the volume of commercial debt (bonds and bank loans) was RUB 1.069 trillion (RUB…

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