The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today that a meeting of the Board of Directors, held 24 December, has recommended to the General Meeting of NDC Members approval of an Income and Expenditure Budget for 2008 and Capital Expenditures and Investments Budget for 2008. The Board has also taken into consideration a Report on Income and Expenditure Budget Fulfillment for the first nine months of 2007 and the company's preliminary financial results for 2007, and also information on changes in the Income and Expenditure Budget for 2007.
The NDC Board set the date of the general meeting of NDC members as 24 January, 2008. The meeting is scheduled to make a decision on NDC's position on key agenda items for an extraordinary meeting of shareholders in Depositary Clearing Company CJSC (DCC).
The NDC Board has also recommended that the general meeting of NDC members vote at the forthcoming extraordinary general meeting of Settlement Depository Company CJSC (RDC) for an increase in RDC's authorized capital and approval of the new version of the Charter, and to nominate Nikolai Egorov, Director, NDC, and Eddie Astanin, Deputy Director, NDC, to RDC's Board of Directors.
The Board approved new tariffs for NDC services. The tariff for NDC services for ADR- and GDR-related operations was brought into line with tariffs for NDC inventory services for securities on deposit with international depositories. The tariff for inventory operations on Unit Investment Trusts was fixed at the average level of those for services for other securities. There is no payment for storage and accounting relating to Unit Investment Trusts.
Sergei Lykov, Chairman of the Board of Directors, NDC, said: "Expansion of the list of foreign securities served by NDC and also NDC's plans for active operations abroad in 2008, and its interaction with non-resident investors confirm that the settlement depository system in the Russian stock market is entering a new, higher level, with NDC integration into the international infrastructure."
NDC's Board has acknowledged fulfillment of the Internal Control Department's Plan of Activities for 2007 and approved the Department's plan for 2008.
Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, 95% conducted in the corporate and regional bond markets, and 90% of stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. For the first nine months of 2007 the value of assets in storage was more than RUR4 trillion, securities turnover was more than RUR40 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating agency for the CIS, authorized to assign the international ISIN and CFI indexes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan and the NDC of the Republic of Azerbaijan. Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property are 46.7% and 39.3% respectively, and in the votes 50.2% and 42.3% respectively). Members include GPB OJSC, Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, International Moscow Bank, Deutsche Bank, and Sberbank of Russia. The Partnership also has a stake in Depositary Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (29%).
For further information about NDC: www.ndc.ru, or NDC Public Affaires Department: +7 495 232 0910, .