Printer Friendly

Russia will not cut holdings in Fannie, Freddie.

Global Banking News-21 August 2008-Russia will not cut holdings in Fannie, Freddie(C)2008 ENPublishing -

Global Banking News - 21 August 2008(c)2005 - Electronic News Publishing -

Russia is not planning to raise its exposure to debt issued by US mortgage financing agencies Fannie Mae (FNM.N) and Freddie Mac (FRE.N), but will not cut it rapidly, Reuters has reported.

'At the moment we are not planning to increase our holdings. We are also not planning a sharp exit, because this is decent paper and it is bringing us decent earnings,' deputy finance minister, Dmitry Pankin reportedly said.

Russia's finance minister Alexei Kudrin had said on Tuesday that Russia has continued buying the debt of the US agencies this year, but not in sufficient quantities to replace all of the maturing paper.

At the start of 2008 Russia held USD100bn -- or over one sixth of its gold and forex reserves -- in Fannie Mae, Freddie Mac and Federal Home Loan Banks (FHLB), which have since then been reduced by around 40 percent, the central bank reportedly said.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications Ltd -
COPYRIGHT 2008 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Aug 21, 2008
Previous Article:Shenzhen Development Bank reports strong results.
Next Article:Glacier Bancorp to acquire Colorado bank.

Related Articles
Empty promises.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters