FEDERAL LAW

of May 10, 1995 No. 73-FZ

About recovery and protection of savings of citizens of the Russian Federation

Accepted by the State Duma on February 24, 1995

Approved by the Federation Council on March 1, 1995

This Federal Law establishes obligations of the Russian Federation on recovery and ensuring safety of value of cash savings of citizens of the Russian Federation.

Article 1. The state guarantees recovery and ensuring safety of value of the cash savings created by citizens of the Russian Federation by the room of money:

on deposits to Savings bank of the Russian Federation (earlier State labor savings banks of the USSR operating in the territory of RSFSR; Russian republican bank of Sberbank of the USSR; Sberbank of RSFSR) during the period till June 20, 1991;

on deposits to the organizations of national insurance of the Russian Federation (before the organization of national insurance of the USSR, acting in the territory of RSFSR; the organizations of national insurance of RSFSR) by contractual (accumulative) types of personal insurance during the period till January 1, 1992;

in government securities (the USSR and RSFSR) which placement was made in the territory of RSFSR during the period till January 1, 1992;

(further for the purposes of this Federal Law - guaranteed savings of citizens.

Article 2. Guaranteed savings of citizens are the public internal debt of the Russian Federation.

Article 3. The public internal debt of the Russian Federation on guaranteed savings of citizens is guaranteed by state-owned property according to the Constitution of the Russian Federation and all assets which are at the disposal of the Government of the Russian Federation.

Article 4. The value of guaranteed savings of citizens purchasing power of made money at the time of their investment is recognized.

Purchasing power of money is calculated proceeding from the cost of the fixed set of the main consumer goods and services including the food allowance, goods and services providing normal physiological existence of the person.

For guaranteed savings of the citizens created till March 1, 1991, purchasing power of money is considered constant and is determined by purchasing power of currency of the USSR in 1990.

Article 5. Recovery and ensuring safety of value of guaranteed savings of citizens is made by their transfer to the target debt obligations of the Russian Federation which are government securities.

Article 6. In case of transfer of guaranteed savings of citizens to target debt obligations of the Russian Federation the size of nominal of these obligations is equated to initial nominal of the money made in the specified savings taking into account terms of the contract of money deposit for the entire period of existence of contribution.

For guaranteed savings of the citizens created after March 1, 1991, the nominal of target debt obligation of the Russian Federation is determined taking into account change of purchasing power of money after the specified date.

Article 7. For unit of nominal of target debt obligation of the Russian Federation the debt cost expressed in currency of the Russian Federation is established.

The debt cost of unit of nominal of target debt obligation of the Russian Federation (further - the debt cost) is determined from ratio of purchasing power of currency of the Russian Federation of time and purchasing power of currency of the USSR in 1990 at the moment.

Article 8. Debt responsibility of the Russian Federation on target debt obligations of the Russian Federation is expressed in currency of the Russian Federation through debt cost, is regular (at least once a month) established for unit of nominal of target debt obligations of the Russian Federation.

Article 9. When servicing target debt obligations of the Russian Federation the purposes determined by state programs of social and economic development of the Russian Federation are priority.

First-priority servicing of target debt obligations of the Russian Federation is established for cases of their use for the purpose of:

social protection and ensuring urgent socially necessary needs;

economic incentives of production.

Part of the money provided in the federal budget on the specified purposes is subject to use on the established purposes through servicing of target debt obligations of the Russian Federation according to the procedure, established by the Government of the Russian Federation.

Article 10. The address of target debt obligations of the Russian Federation to currency of the Russian Federation is made according to debt cost at the time of their address and terms of the contract by specific types of target debt obligations of the Russian Federation.

Article 11. Target debt obligations of the Russian Federation can serve as means of payment when implementing all actions for sale (privatization) of objects of state-owned property, shares of the state companies, and also the privatized companies which are in ownership of the state of shares.

When implementing of the specified actions target debt obligations of the Russian Federation are the legal means of payment obligatory to acceptance, and are equated to the quantity of currency of the Russian Federation determined proceeding from the size of nominal of the shown target debt obligations of the Russian Federation and debt cost at the time of their use as means of payment.

Article 12. The procedure for the transfer of guaranteed savings of citizens to target debt obligations of the Russian Federation, their types, conditions and forms of their servicing and procedure for determination of debt cost are established by the Federal Laws.

Article 13. Control of the public internal debt of the Russian Federation on target debt obligations of the Russian Federation is exercised of the Government of the Russian Federation.

Article 14. Suggest the President of the Russian Federation to bring the decrees into accord with this Federal Law.

To the government of the Russian Federation to bring the regulatory legal acts into accord with this Federal Law.

Article 15. This Federal Law becomes effective from the date of its official publication.

Article 11 of this Federal Law becomes effective from the date of entering of corresponding changes and amendments into the Law RSFSR "About privatization of the state and municipal companies in RSFSR".

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