Ministry of Finance of Russia has decided that the Fund is a national well-being (FNB) and the Reserve Fund will be invested in debt obligations of foreign government agencies. This is stated in the order number 115 and the order number 116 of 24 February, published at the Ministry of Finance.
Thus, the Russian funds can not be invested, for example, in the biggest U.S. securities mortgage agencies Fannie Mae and Freddie Mac.
According to the Ministry of Finance, the possible investment FNB may be one hundred percent made in bonds of foreign countries. There is no investment in the deposits of foreign banks, as well as shares and bonds of foreign companies. The funds accumulated in the Reserve Fund, 95 per cent can be invested in bonds of foreign countries and to five percent - in debt from international financial organizations.
March 5, also became aware that the Ministry of Economic Development Ministry of Finance agreed on the proposed concept of a new goskorporatsii "Russian Financial Agency. It will be controlled by domestic financial assets, ie the means FNB, and in the future - the Reserve Fund and the pension Russians.
FNB and the Reserve Fund have been established on the basis of Stabilization 1 February 2008. According to the Ministry of Finance, on 1 March 2009 the volume of the Reserve Fund stood at 4.87 trillion rubles, and FNB - 2996 trillion rubles.
In late January 2009, Central Bank reported that completely sold all the bonds agencies Fannie Mae and Freddie Mac, which invested funds of the Russian international reserves in early 2008. Then the Central Bank has invested in the securities of these companies and agencies Federal Home Loan Banks more than one hundred billion dollars. Fannie Mae and Freddie Mac has suffered from the financial crisis and in September 2008 were taken under public administration the U.S. government.
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