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IAOD and helps us to optimize the site. Each site can send its own cookies to your computer, if your browser settings allow it. Because the Russian Federation. Companies that operate in emerging or. Additionally, the availability of credit to entities operating within the emerging markets is. Financial turmoil in any emerging or developing market country could adversely affect our business, as.
Political and governmental instability or conflict could adversely affect the value of investments in. Since , Russia has changed from a one-party state with a centrally-planned economy to a federal. However, the Russian political.
The course of political, economic and other reforms has in some respects been uneven, and the. Future changes in the Government, State Duma or the presidency, major policy shifts or eventual lack of. Emerging markets such as Russia are also subject to heightened volatility based on economic, military. For example, a military conflict in August between Russia and Georgia. The emergence of any new or escalated tensions in the region could negatively affect the.
Such tensions or conflicts may lead to reduced. Conflict between federal and regional authorities and other domestic political conflicts could create an. Russia is currently a federation of various sub-federal political units.
Some of these political units exercise. This uncertainty could hinder our long-term planning efforts and may create uncertainties in. However, the recent amendments to Russian legislation whereby heads of regions are. In addition, ethnic, religious, historical and other divisions have on occasion given rise to tensions and, in.
The conflict in Chechnya, for example, brought normal economic activity. Violence and attacks relating to this conflict also spread to other parts of Russia and resulted in terrorist. In the future, such tensions, military conflict or terrorist. Over the past several years, Russia has been involved in economic disputes and military conflicts, with.
For example, the military conflict which commenced in August between Russia and. On 26 August , Russia recognised the independence of South Ossetia and. Abkhazia and continues to maintain a military presence in both regions. As a result, the Russian stock. In addition, there has been a notable foreign capital outflow from Russia and the Rouble has been subject. Published news reports have indicated that some countries are. The emergence of new or.
Moreover, the emergence of such tensions or conflicts could have a material adverse effect on our. Since the dissolution of the Soviet Union, the Russian economy has experienced at various times:. The Russian economy has been subject to abrupt downturns. In particular, on 17 August , in the face.
These actions resulted in an immediate and severe devaluation of the. Rouble and a sharp increase in the rate of inflation; a dramatic decline in the prices of Russian equity and. These problems were aggravated by the near collapse of the Russian banking sector after the events of. In , several Russian banks experienced a sharp reduction in liquidity, and the licenses of certain of. The resulting uncertainty in the Russian banking system led to the virtual collapse.
The collapse of a. As Russia produces and exports large quantities of crude oil, natural gas and other commodities, the. Russian economy is particularly vulnerable to fluctuations in the prices of crude oil, natural gas and other. Russian banks, and the Russian economy generally, have. In light of these recent developments,. These assessments may lead to a further reduction in foreign investment and an increased.
In late , the Government announced plans to institute more. Since the advent of the global financial crisis, the Government has made. Russian Federation—Measures to support the liquidity and solvency of Russian banks and legal entities. The positive trends in the Russian economy in recent years, such as increases in gross domestic product, a.
From mid to the end of , industrial production and. Moreover, due to the. In addition, there has been some concern about the quality of banking sector credits as. If financial stimulus packages, policy and other measures prove to be insufficient,. A continuing decline in the price of. Social instability caused by weakening economic conditions and turmoil in the financial markets in.
Russia could increase support for renewed centralised authority, nationalism or violence and thus. Early in , unemployment levels in Russia surpassed 10 per cent. More recent labour data has also become. The weakening economic conditions and. These conditions have already lead to a certain. Such labour and social. Any of these. The Russian legal system and Russian legislation are at a developmental stage and this may create an. Russia is still developing the legal framework required by a market economy.
Since , Soviet law has. Russian Federation, including the Civil Code and other federal laws, as well as decrees, orders and. These legal norms, at times, overlap or. Several fundamental Russian laws have only become effective within the past five. The recent nature of much Russian legislation and the rapid evolution of the Russian legal. In addition, Russian legislation sometimes leaves substantial gaps in.
Among the possible risks of the current Russian legal system are:. Government, federal ministries and regulatory authorities; and regional and local laws, rules and. All of these weaknesses could affect our ability to enforce our rights under contracts, or to defend. The difficulty of enforcing court decisions and the discretion of governmental authorities to file and join. The independence of the judicial system and its immunity from economic and political influences in.
Russia is also developing. The court system is understaffed and underfunded. Russia is a civil law. Additionally, court claims are often used in furtherance of personal aims different from the formal. If we become subject to such claims, the courts may render decisions with respect. State authorities have a high degree of discretion in Russia and at times exercise their discretion.
Unlawful or unilateral state actions could include the withdrawal of licenses, sudden and unexpected tax. Federal and local government entities could also use. Such state action, if directed at us, could have. There are also legal uncertainties relating to property rights. However, it is possible that these protections may not be. The press has. Although we believe.
Russian courts may not enforce any judgment obtained in a court established in a country other than the. Russian Federation unless there is a i treaty in effect between such country and the Russian Federation. Russian Federation providing for recognition and enforcement of foreign court judgments.
No such. Even in the event that there is such a treaty and a federal law, Russian courts may nonetheless. Russian legislation in effect on the date on which such recognition and enforcement is sought. Arbitrazh Procedural Code of the Russian Federation establishes the procedures for the recognition and. Moreover, Russian procedural legislation may change and no. However, we are aware of at least two instances in which Russian courts have recognised and enforced.
The courts determined that such treaties constituted grounds for the recognition and enforcement. In the absence of established court practice, however, it. In addition, Russian courts have limited experience in the enforcement of foreign court judgments. The relevant Loan Agreement is governed by English law and provides for disputes, controversies and.
Furthermore, enforcement of any arbitral award pursuant to arbitration proceedings held in accordance. The Russian Government is constantly reforming the tax system by redrafting parts of the Tax Code of. These changes have resulted in some improvement in. As of 1 January the corporate profits tax rate was reduced to 20 per cent. Russian tax laws, regulations and court practice are subject to frequent change, varying interpretations.
In accordance with the Constitution of the Russian. Nonetheless, there have been several instances when such laws have been introduced and applied. Additionally, taxes have been utilised as a tool for significant. In addition to the usual tax burden imposed on Russian taxpayers, these conditions complicate tax. These uncertainties could possibly expose the Group to. Generally, taxpayers are subject to tax audits for a period of three calendar years immediately preceding.
This provision of the Tax Code relates to the fact that the tax. The statute of limitations for the commission of an. Nevertheless, based on current judicial interpretation, there may be. Tax audits or inspections may result in additional costs to the Group, in particular if the relevant tax.
Such audits or. In this context, a tax benefit means a. The ruling provides that where the true economic intent of. The same conclusion may apply when an operation lacks a. As a result, obtaining a tax benefit cannot be regarded as a. On the other hand, the fact that the same economic result might have. Moreover, there are no rules and little practice for distinguishing.
The tax authorities have actively sought to. Although the intention of this ruling was to combat tax. Federation and foreign countries for the avoidance of double taxation and the prevention of tax evasion. This Russian Model Treaty was. The above conditions create tax risks in the Russian Federation that are more significant than the tax. These tax. Furthermore, Russian tax legislation is consistently becoming more sophisticated. It is possible that new.
Although it is unclear how any new measures would. We cannot offer prospective investors any assurance that. Additional tax exposures could have a material adverse effect on. Vaguely drafted Russian transfer pricing rules and lack of reliable pricing information may subject the.
Transfer pricing legislation became effective in the Russian Federation on 1 January Controlled transactions include transactions with related parties,. Transfer pricing adjustments are also applicable to. There has been no formal guidance although some very limited. Moreover, the State Duma of.
Such amendments, if adopted,. If the tax authorities were to impose significant. Although it is unclear how any new measures. We cannot offer prospective investors any. Additional tax exposures could have a material. The legislative framework governing bankruptcy in the Russian Federation differs substantially from.
Russian bankruptcy law often differs from comparable law in Western European countries and is subject. There is little precedent to predict how claims on behalf of the Noteholders. Weaknesses relating to the Russian legal system. In addition, under Russian law, our obligations under the Notes would be subordinated to the following. In the event of our insolvency, this subordination may substantially decrease the amounts available for. Our failure to comply with the requirements for the membership in the system of mandatory insurance of.
In particular, under the Deposit Insurance Regime, banks are required to meet certain standards on the. We submitted our application to join the System on 24 June , and were. Being a member of the System, we must comply with the. Failure to meet these requirements may in certain instances. This would cause. The implementation in Russia of international guidelines on capital adequacy could adversely affect. The implementation of the Basel Capital Accord in Russia is still underway.
In November the CBR. The adopted amendments provide, inter alia, for the inclusion of the. N1 amounts to Gazprombank has a sufficient amount of the capital for the compliance with the capital adequacy ratio. Capital Accord issued in Implementation of the new framework within the 25 EU Member States. The Basel Committee members have encouraged. Framework and recommended that they proceed at their own pace, based upon their own priorities.
Despite the lack of implementing regulations in Russia to date, Gazprombank has been independently. The full impact of the adoption of. If any future alterations to the capital adequacy standards under Basel II Framework or. The rights of our shareholders, the public reporting requirements and the Russian accounting regulations. Our corporate affairs are governed by our charter, internal regulations and by the laws governing Russian.
The rights of shareholders and the responsibilities of. The Federal Law No. For instance, we are. The Group consists of a large. A majority of the companies in the. Group are governed by Russian law, including Russian accounting regulations. These factors, as well as. Therefore, we believe that it may take us more time than many western European companies to prepare.
Such publications do not contain all of the. We have regularly published such reports and generally comply with the reporting. In accordance with Russian legislation applicable to securities issuers, we are required to file quarterly. These reports include certain information about us, our management, subsidiaries,. In addition, Russian law requires certain disclosures be made by open joint-stock companies, such as the.
Nonetheless, despite. Shareholder liability under Russian legislation could cause us to become liable for the obligations of. Russian legislation generally provides that shareholders in a Russian joint stock company or participants. This may not be the case,. Under certain circumstances, the effective parent bears joint and. Accordingly, in our position as the effective parent of the subsidiaries in which we own more than.
This liability could have an adverse. Some transactions conducted by us involving interested parties as defined under Russian law require the. If the approval procedures are not. However, a shareholder may have to prove actual damages to the company or the shareholder in order to.
The interested party could be held liable for damages. Transactions between members. Our Russian. Our failure to follow the required approval procedures for interested party. Your right to receive payments in respect of the Notes will be limited to payments received by the Issuer.
The Issuer is only obliged to make payments under the Notes to the Noteholders in an amount equivalent. Consequently, if we fail to fully satisfy our obligations under the relevant Loan Agreement, you will. We may not have sufficient funds to satisfy our obligations under the relevant Loan Agreement, or our. At maturity, we may not have the funds to fulfil our obligations under the relevant Loan Agreement and. If the maturity date of the relevant Loan occurs at a. However, we cannot assure you that we would be able to.
Agreement or the relevant Loan exists for the benefit of the Noteholders. Subject to the terms of the. Trust Deed, no Noteholder will have any entitlement to enforce any of the provisions of the relevant. Loan Agreement or have direct recourse to us, except through action by the Trustee under the Security. Neither the Issuer nor the Trustee. Noteholders will have no further recourse against the Issuer or us after such payment is made.
There are risks associated with the newness of debt instruments that are both denominated and settled in. Roubles and the inexperience of both the Clearing Systems and the Russian and international banking. The Issuer may issue series of Notes under the Programme which are denominated and settled in. Offerings of debt instruments that are both denominated and settled in Roubles are a relatively. This, coupled with the relative inexperience of.
Debt instruments that are both denominated and settled in Roubles only became accepted by. Clearing Systems with settling, clearing and trading debt instruments that are both denominated. Russian law previously prohibited or otherwise severely restricted the transfer and holding of. Roubles offshore and their repatriation onshore.
Although these restrictions have now been lifted. As with much recent Russian legislation, there is. If restrictions or prohibitions were placed on the. Payments of principal and interest under the relevant Notes and proceeds from the sale of such. Notes will be made in Roubles. All payments of Roubles to, from, or between Rouble accounts. The Russian banking system is less developed than many of its Western counterparts and at.
Consequently there is a risk that payments of both principal and interest under. In order for Noteholders to remove Roubles received from payments of principal and interest on. The administrative difficulties associated. Non-resident Noteholders may also. There can therefore be no guarantee that Noteholders will be able to successfully open up a Rouble.
Upon the occurrence of certain circumstances described in the relevant Loan Agreement, we may prepay. Under the terms of the relevant Loan Agreement, we may, subject to certain conditions, prepay the. We may also prepay the relevant Loan if we are required to indemnify the. Issuer in respect of certain increased costs to the Issuer as set out in the relevant Loan Agreement.
Loan, we may be required by the Issuer to repay the relevant Loan in full. In case of any prepayment, all. The Notes are expected to be listed on the Irish Stock Exchange. However, there can be no assurance. If an active trading market for the Notes is not. The market for securities issued by Russian issuers is influenced by economic and market conditions in.
In view of disruptions. In general, interest payments on borrowed funds made by a Russian legal entity to a non-resident are. Based on professional advice received, Gazprombank believes that interest payments. However, the application of. Tax Code, which could enter into force in Currently, it is not clear when or if these amendments will. Therefore, at this time it is not possible to. Therefore, there can be no.
If any payments under the relevant Loan are subject to any Russian or Irish withholding tax,. Gazprombank will be obliged to increase the amounts payable as may be necessary to ensure that the. In addition, payments in respect of the Notes will, except in certain limited. Based on professional advice, Gazprombank believes that payments in respect of the. Notes will only be subject to deduction or withholding for or on account of Irish taxes as described in.
In the event of such a deduction or withholding, the Issuer will only be required to. While the Loan Agreement provides for Gazprombank to pay such corresponding. Due to the limited recourse nature. Any failure by Gazprombank to increase such.
In certain circumstances. The Issuer will grant security over certain of its rights in the Loan Agreement to the Trustee in respect of. The security under the Trust Deed will become enforceable upon the. In these circumstances, payments under the Loan Agreement other than in respect of Reserved.
Rights would be required to be made to, or to the order of, the Trustee. Under Russian tax law,. It is not expected that the Trustee will, or will be able to, claim a. In addition, while it may be possible for some.
Noteholders who may be eligible for an exemption from Russian withholding tax under double tax. Under the Russian thin capitalisation rules, there is a risk that in certain circumstances where parties. Loan could be reclassified as dividends for Russian tax purposes. This would occur if the overall amount.
Interest on the. Under the Russian. Tax Code, there is a risk that the controlled debt of Gazprombank may include all or part of the Loan, to. Such reclassification of all or a portion of the interest as a dividend could potentially lead to the.
Tax Code will not exceed by more than However, changes in these assumptions could result in all or a. Such withholding on dividends. As indicated above, it is currently unclear whether the provisions obliging Gazprombank to gross-up. If, in the case of litigation in the Russian. Federation, a Russian court does not rule in favour of the Issuer or the Trustee and Noteholders, there is. Gazprombank at a rate of 20 per cent. Tax might be withheld on disposals of the Notes in the Russian Federation, reducing their value.
If a non-resident Noteholder that is a legal person or organisation, which in each case is not organised. Russian withholding tax even if the disposal is resulted in a loss. The foreign Noteholder may be. There is no assurance that advance double tax treaty relief would be granted to an. The imposition or risk of. From 1 July.
A number of countries. If a payment were to be made or collected through a Member State which has opted for a withholding. If a withholding tax is imposed on a. The Issuer is subject to risks, including the location of its COMI, the appointment of examiners and. The Issuer has its registered office in Ireland. As a result there is a rebuttable presumption that its centre. In the decision by the European Court of Justice.
EC No. As the Issuer has its registered office in Ireland, has Irish directors, is registered for tax in Ireland. Examinership is a court procedure available under the Irish Companies Amendment Act , as. The Issuer, the directors of the Issuer, a contingent, prospective or actual creditor of the Issuer, or. The examiner, once appointed, has the power to halt, prevent or rectify acts or omissions, by or. Furthermore, where proposals.
During the period of protection, the examiner will compile proposals for a compromise or scheme of. A scheme of arrangement may be approved by the Irish High Court when i a minimum of one. The fact that the Issuer is a special purpose entity and that all its liabilities are of a limited recourse nature. If however, for any reason, an examiner were appointed while any amounts due by the Issuer under the. If the Issuer becomes subject to an insolvency proceeding and the Issuer has obligations to creditors that.
In particular:. Notes certain rights under the relevant Loan Agreement and to the relevant Account. Under Irish. There is a risk therefore. Commissioners for certain unpaid taxes , as well as those of creditors mentioned above, will rank in. The trading price for the Notes could be adversely affected by changes in certain credit ratings.
In February , Fitch downgraded its long-term issuer default rating for the Russian Federation from. Any change in the methodology used by rating agencies could result in a downgrade in the. Any such downgrading in. Credit ratings assigned to the Notes do not necessarily mean that they are a suitable investment and.
A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or. Similar ratings on different types of notes do not necessarily mean the same thing. The ratings do not. Any negative change in the credit rating of Gazprombank or the Russian Federation could adversely.
The significance of each rating should be analysed independently. We have not independently verified information regarding our competitors, nor have we independently. We have derived substantially all of the information contained in this document concerning our.
In addition, some of the information. The official data published by Russian federal, regional and local governments is substantially less. Official statistics may also be produced based on. Any discussion of matters relating to Russia in. The veracity of some official data released by the Russian government may be questionable. Due to the unavailability of alternative reliable sources of country-specific data, Russian companies.
As a result, assumptions. The lack of accurate. The proceeds from each offering of a Series of Notes will be used by the Issuer for the sole purpose of. Gazprombank for general corporate purposes, including financing the expansion of our loan portfolio. In connection with the receipt of such Loan,. The following table shows our actual consolidated total liabilities and capitalisation as at 31 December.
This information should be read in conjunction with our Group Financials contained. Amounts owed to the Central Bank of the Russian Federation Amounts owed to credit institutions Amounts owed to customers Subordinated deposits Financial liabilities held-for-trading Eurobonds issued Certificated debts Other liabilities Total liabilities Share capital Additional paid-in-capital Treasury stock Foreign currency translation reserve Fair value reserve Retained earnings Minority interest Total equity Total liabilities and equity In April we redeemed at their maturity U.
Issued share capital comprised 19,, ordinary shares as. All shares have a par value of 1, Roubles. The holders of ordinary shares are entitled to receive dividends as annually. Save as disclosed above, there has been no material change in our consolidated total liabilities and.
The summary statement of consolidated financial position data and summary profit and loss data set forth. Cash and due from the CBR Due from credit institutions Financial assets held for trading Loans to customers Receivables and prepayment Profit tax assets Property, plant and equipment Intangible assets Other assets Total assets Amounts owed to the CBR Financial liabilities held for trading Profit tax liabilities Tier 1 capital adequacy ratio BIS Total capital adequacy ratio BIS CBR capital adequacy ratio Interest income Interest expense Net interest income Impairment of interest-earning assets Non-banking operating profits Fees and commissions income Fees and commissions expense Gain from foreign exchange Other operating income Non-interest income loss Banking salaries and employment benefits Banking administrative expenses Impairment of assets and provisions for other risks Impairment of goodwill Non-interest expense Profit loss from operations Loss income from associates Profit loss before tax Profit tax expense benefit Net profit loss Net interest to average total assets Return on average total assets As at 31 December , based on.
Our principal business areas are corporate banking, investment banking, and retail banking. However, we acquired these companies for the. We are registered under registration number and exist under the laws of the Russian. Our registered office is located at 16 Block 1, Nametkina St. Federation and our head office is located at 63, Novocheremushkinskaya St. We hold a general banking licence No. The global financial crisis, which commenced in July and escalated from mid and thereafter,.
Russian banks and to increase the availability of credit to the Russian economy. We actively participated. In order to support the stability of the Russian. Each of these loans was fully secured with substantial discounts applied to the. In late and early , together. Traditionally, our lending focus has been on corporate borrowers and in particular on large,.
This focus benefitted. While our net interest income increased from to and from to. Non-performing loans amounted to 1. From September through the first half of we relied on customer deposits and, to a significant. As one of the three banks designated. RUB billion as of 31 December , and , respectively.
We also received significant shortterm. CBR loans were partly unsecured or collateralised by pledges of commercial loans issued by us and. Russian banks. As a result of the gradual improvement of the economic situation during the course of. In late and in the first half of , in common with other banks, the adverse impact on the wholesale.
In addition,. We have recently experienced that our increased cost of funding cannot be fully passed on to our. Having experienced fast and substantial growth of our loan portfolio and assets during last three years, as. To support the further growth of our operations and as a part of. Government initiatives to provide liquidity for the Russian economy, we received the following.
As a result of these capital injections, our CBR capital adequacy ratio was Our results from securities and foreign exchange operations were adversely affected by global and. Russian financial market conditions in the second half of In , we recorded a net loss of. The loss on securities held for trading was. In , we had a. In addition, due to the adverse market conditions resulting largely from the global financial crisis.
Such losses were largely. In late we set up and formed an off-setting on-balance sheet position,. As a result of. We were founded by Gazprom on 31 July to improve the quality and effectiveness of financial. On 31 July , we were. In , we were granted a general banking licence by. On 13 November , we were re-registered by the. CBR as a closed joint-stock company, established for an indefinite period of time.
On 3 October , we. These changes. We have a long and close relationship with the Gazprom Group. Since , we have been the Gazprom. Among other things, we have traditionally. Products and services we offer to the Gazprom Group include.
We have also developed sophisticated cash management. As at 1 April , our shareholders and their respective holdings comprised Gazprom. Historically, we have been reliant to a significant extent on our relationship with the Gazprom Group.
For the year ended 31 December , net profit from transactions with members of the Gazprom. Group, before income tax, accounted for RUB6 billion. As at 31 December , assets from members. This constituted 11 per cent.
While we have been diversifying our asset and risk base and aim to further diversify our asset and risk. In January , we signed a Cooperation Agreement with. Gazprom for the period to , reinforcing our current relationship with Gazprom and envisaging. Priority areas of cooperation include commercial. We have also developed sophisticated. The following diagram illustrates certain companies in the Group and the relationship of Gazprombank.
The main objective of our strategy is to experience balanced growth and to increase value to our. In February the Management Board of Gazprombank approved the following strategic guidelines. Our primary mission is to continue to develop our corporate banking activities through the following. Diversification of customer base. We plan to continue to diversify and expand our customer base by. We intend to extend our focus to medium-sized clients, particularly, in the regions of the Russian.
Federation in order to increase the interest margins on our lending. We believe that developing business. Optimisation of our regional network. One of our priorities is to further develop our commercial banking. We believe that having. We are evaluating competitive strengths of our regional.
At the same time, we. Expansion of product range. We currently offer our corporate clients a full range of loan and deposit. In addition, our product range includes investment banking products that provide opportunities. We are offering mortgage and consumer loans, as well as.
We are also developing a. We plan to expand our investment banking activities as part of our efforts to sustain strong returns on our. We plan to expand and actively develop the following areas of investment banking: capital markets both. Our goal is to maintain our leading role and position in the Russian financial market and to increase our.
We have a significant portfolio of private equity investments, which were or will be made as medium-term. The strategic decisions as to when, how and on what terms we make new equity. We already have significant retail banking operations in Russia that are principally based on providing.
On 10 February , we were admitted to the Russian. According to the Interfax, as at 31 December , we were the. We plan to expand the services we offer to retail clientele by continuing to develop our retail product. We also plan to expand the provision of consumer, vehicle and mortgage loans to individuals and to.
In spite of the diversified nature of our business and operational model, the Gazprom Group remains one. We are currently the leading bank for the Gazprom Group and the leading settlement agent for market. We aim to continue to broaden our strategic cooperation with. Russian gas and associated industries by further developing our business in line with the interests of the. Gazprom Group. In view of our established position within the Russian gas industry, we believe we are.
Priority areas of cooperation include commercial banking products, investment projects in the gas. We plan to continue to improve our internal operational efficiency and the competitiveness of our.
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nature of foreign exchange transactions is provided by the MMB, which, though not an offshore bank, virtually makes no transactions in roubles. Without. Almost banks have a license to deal in foreign exchange, including Most Bank, Neftekhimbank, Probusinessbank, Rossiskiy Kredit and Toribank. banks, as well as on the securities market and foreign-exchange market; work in this field: Orgbank, Iugorskii Bank, Neftekhimbank, and.