Single Treasury Account Funds Management

Division

Federal Treasury of Russia

November 2009

Federal Treasury Accounts

Single Federal Treasury Account (STA)

RTO 1 RTO 2 RTO 3 RTO 83…...83 accounts of Regional Treasury Offices (RTO)

Foreign exchange accounts

Reserve Fund National Welfare Fund

Transfer of funds for federal budgets cashexpenditures

Refund(cash-concentration)

Purchaseof foreign exchange

Cash transfer to the Funds

Cash transferfrom the Funds

Cash Plan NotionCash plan is the forecast of cash receipts to the budget and

cash payments from the budget within the current fiscal year.

The fiscal body sets forth the procedure for the cash plan compilation and maintenance, as well as the composition of the information necessary for cash plan compilation and maintenance and the terms of this information provision by chief administrators of budget funds, chief administrators of budget revenues, and chief administrators of the budget deficit financing sources.

Budget Code of Russia

Bank of Russia Ministry of Finance of the Russian Federation

Chief administrators of the federal budget deficit

financing sources

Chief administrators of the federal budget

revenues

Chief administrators of the federal budget funds

Federal Treasury

Participants of compilation process of the federal budget execution cash plan

Opening STA balances

Cash Plan Structure

+

-

STA balances at the end of the period

-Cash paymentsCash receipts

Transfer of funds to the bank deposits

Cash refund from bank deposits

Cash payments

Expenditures•Intra-budget transfers•State debt servicing •Grant transfers to institutions •Increase of share value and other forms of participating interest

Payments from budget deficit financing sources

•External debt repayment•Domestic debt repayment

Transfer of oil and gas revenues to a separate account

Chief federal budget funds administrators (CBFA)

Intra-budget transfer expenditures

33 CBFA

Expenditures related to increase of share value and other forms

of participating interest 23 CBFA

Grant transfers to institutions expenditures

41 CBFA

State debt servicing expenditures

1 CBFA

Federal budget expenditures structure

35%

65%

Intrabudget transfers Other expenditures

Structure of intra-budget transfers of the federal budget

4%

16%

1%1%

1%

3% 2%

2%

67%

3%

RF Ministry of Energy

RF Ministry of Health Care and social development

Federal Agency for Education

RF Ministry of Agriculture

RF Ministry of Finance

Federal Road Agency

Federal Service for Labour and Employment

RF Emergency Control Ministry

RF Regional Development Ministry

Other CBFA

Chief administrators of the federal budget deficit financing sources

Ministry of Finance of the Russian Federation The Federal Agency for

State Property Management

Chief administrators of the federal budget revenues

Federal Tax Service

Federal Customs Sevice

Ministry of Finance of the Russian Federation

Federal Management for State Property Management

Federal budget revenues structure (%)

44%

7%

48%

1%

Federal CustomsService

Federal Agency for State Property Management

Federal Tax Service

Others

Oil and gas revenues to the federal budget in 2008-2009 (bln RUB)

411,8

254,2240,8

303,1

432,3 435,8

303,4

371,2

328,9

345,4

454,6

368,0

391,4

360,6

309,2

165,3164,7181,2 175,8

199,9

272,4

168,7

277,7295,5

150,0

300,0

450,0

January February March April May June July August September October November December

2008 2009 Planned indicators for 2009

Scheme of transactions related to generation and utilization of the federal budget oil and gas revenues

Single Treasury Account

Reserve Fund Account National Welfare Fund Account

1. O&G revenues2. O&G revenues transfer

O&G revenues account

4. O&G revenues3. O&G revenues

Oil and Gas transfer to the federal budgetin 2008-2009 (bln RUB)

243,6

272,4

309,2

360,6

11,326,8

303,4

371,2

328,9

391,4

345,4368,0

164,7179,1

210,9 210,9 210,9

256,3

0,0

150,0

300,0

2008 2009 Planned indicators for 2009

Cash balances of the federal budget on 40105 account of the federal Budget in 2008-2009

Currency structure of the funds

45% 45%

10%

3 069,0 3 068,4 3 056,5 3 559,2 4 007,2 4 089,32 915,9

2 250,8 2 196,4

20,4 28,3

41,7

47,2 45,7

0,0

1 000,0

2 000,0

3 000,0

4 000,0

5 000,0

на 31

.01.08

на 01

.04.08

на 01

.07.08

на 01

.10.08

на 01

.01.09

на 01

.04.09

на 01

.07.09

на 01

.10.09

на 01

.11.09

остатки на счетах в Банке России финансовые активы

Reserve Fund in 2008-2009 bln RUB.

782,8 773,6 770,6 1 228,92 184,5 2 483,1 2 381,8 2 312,0 2 139,8

432,1 452,4 572,8432,1

400,0

0,0

1 000,0

2 000,0

3 000,0

4 000,0

на 31.01.08на

01.04.08на

01.07.08на

01.10.08на

01.01.09на

01.04.09на

01.07.09на

01.10.09на

01.11.09

остатки на счетах в Банке России финансовые активы

National Welfare Fund in 2008-2009 Bln Rub

On the RF CB accounts

Financial assets

4 007.2 bln RUB 20.4 bln RUB.

On the RF CB accounts

Financial assets

2 184.5 bln RUB 400.0 bln RUB

Reserve Fund 4,027.6 bln RUB

National Welfare Fund 2?584.5 bln RUB

Total income generated as a result of the Funds’ cash administration

in 2008 – 271.1 bln RUB

including: including:

Interest income 205.05 bln RUB

Interest income63.41 bln RUB

Placement income2.63 bln RUB

Reserve Fund and National Welfare Fund as of 01.01.2009

Placement of the federal budget funds in the bank deposits

Transfer of interests accrued on deposited amounts

Placement of the federal budget funds in the bank deposit Transfer of accrued deposit

interests to the federal budget

Moscow RTO(account 40101

Federal Treasury (single account )

Credit organization

Repayment of deposit amounts

Expected revenue before 23.12.2009

5.5 bln RUB

Depositing of funds in 2008-2009

Due for reimbursement

before 23.12.2009252.1 bln. RUB

Deposit gains as of 1.11.2009 29.6 bln RUB

Reimbursed funds as of 1.11.2009

2165.4 bln RUB.

Deposited funds2417.5 bln RUB

Number of banks general agreements concluded with – 32Cases of tardy repayment or non repayment - 0

Clients

4

51

2

3 Funds transfer

Cash payments are made no later than the second working day following

submission of the request for cash spending, refund

and cash receipt

6Daily transfer of

balances

Mobilising temporary free off-budget funds

Federal Treasury Single Federal Treasury Account

Consolidated request

Regional Federal Treasury Offices (off-budget accounts) Payers

Requests for cash spending, refund and cash

receipt

Requests for cash spending, refund and

cash receipt

Local Treasury Offices

Perm Region

Novosibirsk Oblast

Smolensk Oblast

Mobilising temporary available off-budget funds

Federal Treasury Single Account

Total balances of mobilized funds as of 1.11.2009 – 3.8 bln RUB,

inclding:

From 40503account

3.3 bln RUB

From 40302account0.5 bln RUB

Bank electronic immediate payment system (BEIP)• Number of RTOs that are associated participants of BEIP – 79

• The Federal Treasury started to use BEIP on July 15, 2009.

• Number of transactions on funds transfer from the federal budget to the RTOs from July 15, 2009 – 267,including basing on additional requests – 172.

• Volume of RTO accounts replenishment transactions via BEIP system –171.9 bln. RUB

• Min time needed for the Bank of Russia to execute payment in the BEIP system is less than 1 minute.

• Max time needed for the Bank of Russia to execute payment in the BEIP system – 21 minutes.

Federal Treasury Central Bank of the Russian Federation

STA

Possibilities of the BEIP system

4

Regional Treasury Office

Office of the RF Central Bank

RTO accounts

Write-off information

4

32

1

Payment order on behalf of the FT

Budget funds

Information on the funds credit

Payment order for balance refunding

Спасибо за внимание!

Thank you for your attention!

Hvala lepa!