ANNOUNCEMENT 13 Sep 2010In September 2010, the government of Russia announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
The Government Decree # 721 issued 13 September 2010 -
The Government Decree # 2253- issued 14 December 2010
Russian Prime Minister Vladimir Putin signed a ruling (Decree # 721 issued 13 September 2010) to provide state guarantees to the government-controlled defense company «United Aircraft Corporation»on its bonds. The ruling is part of the program to develop the aircraft sector which was announced in the "Programme of the long term socio-economic development of the Russian Federation until 2020" (Government Decree # 1662-p from 17 November 2008).
According to the information provided at the official website of the company (http://www.uacrussia.ru/en/):
UAC and its member companies' priorities include design, manufacture, sales, operation maintenance, guarantee and service maintenance, upgrading, repair and utilization of civil and military aircraft. The Russian Government contributed assets of the largest state-owned Russian aircraft building companies to UAC's charter capital. The size of UAC's chartered capital was 96.72 billion rubles (2.7 billion Euros) at the moment of the establishment of the Corporation in 2006. Upon the completion of the additional share issues UAC's chartered capital amounts to RUR 174.61 bln(about 5 billion Euros) in 2010. The share of the Russian Federation in UAC's chartered capital is 80.29%.
The Government Decree #2253-p from 14 December 2010 defines the sum of the state guarantees to "United Aircraft Corporation" in 2010 at 46.3billion rubles (1.15billion rubles).