Mr Kozak said that “the funds would be placed on long-term deposits for a period of over six months.” He said that the “funds would be placed in the banks, provided they issue loans amounting to 50% of the deposit to Russian legal entities working in the key sectors of the economy.”
Deputy Prime Minister Dmitry Kozak told reporters that the state corporation Olympstroi would soon place its temporarily uncommitted funds in the amount of 20 billion roubles on Russian bank deposits. Mr Kozak serves as the state corporation's Supervisory Board Chairman.
Mr Kozak said that "the funds would be placed on long-term deposits for a period of over six months." He said that the "funds would be placed in the banks, provided they issue loans amounting to 50% of the deposit to Russian legal entities working in the key sectors of the economy."
Mr Kozak added that banks responded positively to the proposed scheme. "Banks have accepted our terms and have offered good interest rates on the deposits," he said.
According to Mr Kozak, "the decision was easy to take, as it was based on a precedent: On December 11, the Housing and Utilities Development Fund placed 15 billion roubles on the same conditions."
