General description and structure of the regional banking system of Volgograd. Credit and consumer cooperative stores, normatively-legal bases of their activity. Insurance companies and their value on the modern stage. Non-government pension funds.

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Finance

The local regional banking system incorporates 6 local commercial bankswith 16 branches, one representation office and 17 branches ofinterregional chain banks and also the Volgograd branch of Sberbank (Savings bank) with 24 offices and 465 divisions.

Volgogradprombank made 38 mln rubles (highest profit among Vjlgogradbanks), Volgo-Don lnvesment Bank - 24 mln rubles, Russkiy Yuzhniy Bank (RusYugBank - South Russia Bank) - 19 mln rubles, KOR Bank - 12 mln rubles, NOKSSBANK - 12 mln rubles, - 690.000 rubles.

5 Volgograd banks increased their own capital and on January 1,2000 itamounted to 112 mln rubles - Volgoprombank, 60 mln rubles - NOKSSBANK, 48 mln rubles - RusYugBank, 36 mln rubles - Volgo - Don investment Bank, 35 minrublts - Kor Bank.

VoldoPramBank rates among 200prime. Russian banks for its own bank capitaland net assets. The loan figoures by the end of 1999 amounted to 232 mlnrubles - Volgoprombank, 70 mln rubles - Kor Bank, 66 mln rubles - RusYugBank, 40 mln rubles - Volgo-Don investment Bank; 29 mln rubies - NOKSSBANK; 6 mln rubles - MikhailovskiyPromzhilstroyBank.

All Volgograd local banks are entitled to do exchange transactions. Volgoprombank has a general license. NOKSSBANK is authorized to operatewith precious metals.

The interregional chain banks with offices in Volgograd includeGazPromBank, Alfa - Bank, SOBINBANK, Menatep Sankt Peterburg (St. PetersburgMenatep), Vneshtorgbank, GUTABANK, Petrovskiy Bank, Vozrozhdenie, Flora-Moskva (FloraMoscow), Moskovskiy Industrialniy Bank (Moscow Industrial Bank), Petrokommerts Bank, Express - Volga andothers. GazPromBank, Alfa - Bank, Express - Volga, Moskovskiy IndustrialniyBank (Moscow Industrial Bank) are the leaders in giving credits to localbusinesses and Sberbank (Savings Bank) leads in credit portfolio.

Credit and consumers' cooperatives (CCC)

The Volgograd Region is a leader among Russian territories in developingmutual credit unions such as credit consumers' cooperatives (CCC) for citizens and agricultural credit unions.

The first credit unions in our region were created in 1996 and after thatthe region has developed local regulations for and after thatthe region has developed local regulations for credit unions that were usedas a basis for developing national laws and regulations in this area. Nowadays licensing and control system has been designed for investmentinstitutions.

To date 23 CCC's for citizens and 32 agricultural CCC'soperate in the region.

CCC leaders in the region are CCC «Soiuz-TsUM» set up by retail outletsmanagers and owners renting space at the Tsentralniy Univermag (CentralDepartment Store), Garmala credit cooperative that has a pawnshop as itsmember andNovoannensky agricultural cooperative.

At the moment CCCs have become nearly the only source of loans for farmersand rural entrepreneurs.

1999 saw the growth of credit unions and brought 2,273 new shareholders inthe Volgograd CCCs. The total number of legal entities and individualsengaged in credit unions amounts to 6,795. The assets grew almost three-foldand on January 1,2000 equaled 13.8 million rubles. 18.4 million rubles were given as loans including 7million rubles received by farmers by farmers and 4.1 million rubles - by micro, small and medium size businesses.

For four years of their history credit unions granted 45.6 million rublesin loans. Agricultural are the real leaders in this (12million rubles), entrepreneurs CCCs hold the second place (9.8 millionrubles in loans), retired people CCCs are the third (6.3million rubles).

Created in 1999 Guarantees and Mutual Assistance fund for AgriculturalCredit Cooperatives called Sodruzhestvo (Commonwealth) has played animportant role in the inception and development of farmers' CCCs. The first investment was made by agricultural cooperatives themselves, theyhave to donate 7% of their assets to the Fund. The regional government budget contributedone million rubles, two more million rubles is stipulated in the regionalbudget for FY 2000. So far not a single ruble of the collateral has beenspent, all the cooperatives and individual shareholders pay back the loans very diligently, which areissued against the regional funds guarantees. First of all these are the loans granted from the Russiannational fund of rural credit cooperatives, which in its won turn draws thefunds from the ACDI/VOCA. The first credit tranche to the Volgograd credit cooperatives is 1,090,000 rubles; the pay back deadline was inDecember 1999. In January 2000 the placement of a new tranche began, it isexpected to be twice as large as the first one. The Volgograd regional fundof guarantees and assistance to agricultural credit cooperatives granted 335,000 rubles in loans in 1999.

Insurance companies

26 local insurance companies and 17 affiliated insurance companiesoperated in the Volgograd Region in early 2000. After the 1998 crisis thevolume of insurance operationsgrew three-fold in the region. It is noteworthy that the growth happened thanks to voluntary varietiesof insurance policies (insurance of property, life, liabilities, personalinsurance). Among local insurance companies.

95% of total insurance fees are collected by 6 local leaders of the insurance market: ASCO-Volgograd, RosGosStrakh-Volgograd (VolgogradGovernment Insurance Company), Volga-Alliance, Podderzhka (Support), ASCO-Frolovo, Volga-Don. The regional insurance inspection rates as mostdynamic developing companies ASCO-Volgograd, RosGosStrakh-Volgograd, Podderzhka. Most «fattening» for all local insurance companies in 1999 were property insurancecollections, total amount of such transactions grew by three-fold or more.

However departments of companies from Moscow and other major financialcenters enjoy leading positions on the Volgograd insurance market. Volumesof their operations in 1999 compared to the first half of 1998 grew dy100-fold. The leading players are the Industrial Insurance Company, Lukoil Insurance Society, Medved LK, ROSNO, InGosStrakh (International Insurance Company), EnergoGuarant, SpasskiyeVorota. By the first of the year 2000 the market share of outsiders'departments was the following:

98% of collections for life insurance;

80% of personal insurance;

70% of property insurance;

31% of liabilities insurance.

banking system credit insurance

Non-government pension funds

The Volgograd Region was one of the first in Russia to enact locallegislation, which regulates and stimulates development of non - governmentpension funds.

The following characteristics of these investment institutions'activity are quoted as of January 1, 2000:

Number of pension fund partners (persons): 25,155

Volume of funds' own assets: 20,961,000 rubles

Pension reserve: 83,980,000 rubles

Paid to pensioners from non-government pension funds during 1999: 9,851,000

Pension funds' reserves invested: 85,813,000 rubles

Pension funds' own assets invested: 20,862,000 rubles

No doubt, Imperiais the leader on the non-government pension fund market. Imperia holds astable position among 20 most viable non-government pension funds inRussia. In 1999 Imperia received a record-breaking investment profit of 32%, which was distributed among thepartners' individual accounts.

Regional banking system

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Insurance companies

98% of collections for life insurance;

80% of personal insurance;

70% of property insurance;

31% of liabilities insurance.

banking system credit insurance

Non-government pension funds

The Volgograd Region was one of the first in Russia to enact locallegislation, which regulates and stimulates development of non - governmentpension funds.

The following characteristics of these investment institutions'activity are quoted as of January 1, 2000:

Number of pension fund partners (persons): 25,155

Volume of funds' own assets: 20,961,000 rubles

Pension reserve: 83,980,000 rubles

Paid to pensioners from non-government pension funds during 1999: 9,851,000

Pension funds' reserves invested: 85,813,000 rubles

Pension funds' own assets invested: 20,862,000 rubles

No doubt, Imperiais the leader on the non-government pension fund market. Imperia holds astable position among 20 most viable non-government pension funds inRussia. In 1999 Imperia received a record-breaking investment profit of 32%, which was distributed among thepartners' individual accounts.

The dictionary

Incorporates - Соединяется

Divisions - Разделения

Increased - Увеличенный

Entitled - Названный

Operatewith - Предоставление

Portfolio - Портфель

Territories - Территории

Citizens - Граждане

Credit - Кредит

Unions. - Союзы

Region - Область

Developed - Развитый

National - Национальный

Laws - Законы

Designed - Разработанный

Owners - Владельцы

Cooperative - Кооператив

Nearly - Почти

Entrepreneurs - Предприниматели

Number - Число

Amounts - Количество

Donate - Пожертвовать

Regional - Региональный

Stipulated - Предусмотренный

Single - Единственный

Individual - Человек

Guarantees - Гарантии

Tranche - Часть

Deadline - Крайний срок

Placement - Размещение

Large - Большой

Assistance - Помощь

Three-fold - Тройной

Noteworthy - Примечательный

Insurance - Страхование

Liabilities - Долги

Property - Собственность

However - Однако

Major - Главный

Half - Половина

Leading - Продвижение

Following - Следующий

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