ANNOUNCEMENT 16 Apr 2015
In April 2015, the government of the Russian Federation announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
The Russian Government (2015). ПОСТАНОВЛЕНИЕ ПРАВИТЕЛЬСТВА РФ ОТ 16 АПРЕЛЯ 2015 Г. N 364 "О ПРЕДОСТАВЛЕНИИ СУБСИДИЙ РОССИЙСКИМ КРЕДИТНЫМ ОРГАНИЗАЦИЯМ НА ВОЗМЕЩЕНИЕ ВЫПАДАЮЩИХ ДОХОДОВ ПО КРЕДИТАМ, ВЫДАННЫМ В 2015 ГОДУ В РАМКАХ ПРОГРАММЫ ЛЬГОТНОГО АВТОКРЕДИТОВАНИЯ". (Resolution of the Government of the Russian Federation of April 16, 2015 No. 364 "On granting subsidies to Russian credit organizations for reimbursement of shortfall in income on loans issued in 2015 under the framework of preferential car loans"). Available at http://government.ru/docs/17741/
As part of the anti-crisis measures of the Russian Government, Decree No. 364 of 16 April 2015 approved the allocation of federal subsidies, related to credits for purchase of cars, issued in favour of physical persons.
The federal subsidy is at the amount of 1.5 billion Russian Roubles (ca. 29.70 million USD as of the date of the issuance of the legal act). The state subsidises 2/3 of the key reference rate (14% at the moment of approval of this state intervention), provided by the Central Bank of Russia. The maturity of the credit must not surpass 36 months. The purchased cars must be produced in 2015.
The state measure is approved as part of the framework of the sub-program "Automotive industry" of the state program of the Russian Federation "Development of the industry and increasing of its competitiveness".
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.