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    HEAD OF SBERBANK: 90% OF DEPOSITS OF RUSSIAN CITIZENS CHANNELED INTO HIGHLY EFFICIENT PROJECTS

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    MOSCOW, March 4 (RIA Novosti) - The head of Sberbank (Savings Bank) Andrei Kazmin has reported to the Russian President that 90% of population's deposits are channeled to highly efficient projects.

    "The increase in the population's deposits totaled 240 billion rubles with 215 billion rubles out of this sum being the growth of advances portfolio," Mr. Kazmin said at a meeting with the head of state on Thursday. That is, practically 90 percent of the citizens' attracted funds are forwarded into highly effective projects.

    He noted that the year 2003 saw a breakthrough as far as Sberbank is concerned with many-fold growth of credits being disbursed to citizens for housing construction and improving their living conditions." According to him, the volume of mortgage credit lending made up 3 billion rubles.

    The banker said that as of today 2.5 million Russian citizens are Sberbank's borrowers.

    Mr. Kazmin informed the President about novelties in the sphere of mortgage crediting. The loaning product "Young Family" was launched on February 1. "In line with this kind of credit the family can receive the sums amounting to 90 percent of the cost of housing they are buying. Previously Sberbank used to grant only 70 percent of the necessary sum."

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