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Central Bank of Russia Confessed That Had More Than 100 Billion Dollars in Losing Value American Securities

Central Bank of Russia Confessed That Had More Than 100 Billion Dollars in Losing Value American Securities
20.05.2008

Almost 2,5 bln. roubles that makes more than 37% of the total sum of money resources under such item as "Securities of Foreign Emitters" Bank of Russia invested in the American hypothecary market. At that 1,5 bln. roubles Central Bank invested in those papers the last year when system crisis of the mortgage of the USA was already in its full power. It became clear when Bank of Russia promulgated the exact data of 2007 about volumes of investments into bonds of the American hypothecary agencies.

According to the annual report published on Friday as of January, 1, 2008 more than 100 billion dollars were invested in the bond of the American hypothecary agencies Federal Home Loan Bank, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).

On data of The Wall Street Journal, hypothecary crisis in the USA provoked fall of stocks Fannie Mae from the beginning of 2007 on 54,2% and Freddie Mac on 63,3%. In result those companies informed about the loss on results of 2007 in 2,1 billion dollars and 3,1 billion dollars accordingly. Forecasts for 2008-2009 are pessimistic: Freddie Mac is threatened by losses of 2,9 billion dollars, agency Moody's warns about the substantial damages expecting Fannie Mae.

Volumes of investments miss former applications of a management of Central Bank that a share of the American hypothecary papers in the structure of investment portfolio of the bank is insignificant.

In particular, the first vice-president of Bank of Russia Alexey Uljukaev assured in the beginning of March that it's a question of few percents.

"Central Bank has own investment portfolio and it contains papers Fannie Mae, Freddie Mac. We are responsible for fall of listing and consequently losses", - Uljukaev said to journalists. To tell you the truth, already next day he had to disavow his scandalous recognition. He said that, despite of crisis, there were no losses from investments in those securities and bonds Fannie Mae and Freddie Mac were and remained highly reliable and riskfree conceding in the respect only to papers of exchequer of the USA. According to Uljukave, there is no risk from the point of view of maintenance of safety of money resources. "We can simply receive bigger or smaller profitableness", - "Independent newspaper" informs.

Federal Home Loan Bank, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation supervise up to 40% of the market of hypothecary crediting of the USA. By those criteria they were included in the list of 15 foreign state agencies in which liabilities a part of gold and exchange currency reserves of Russia was allowed to be placed as well as means of Reserve Fund and Fund of National Well-being. The order was signed in February, 2008 so it is quite possible that Central Bank continues to place the Russian gold and exchange currency reserves there.

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