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21. Subordinated Debt

In billions of Russian Roubles 2012 2011
Subordinated debt received from the Bank of Russia 303.3 303.3
Subordinated debt received under the MTN programme 61.1
Other subordinated debts 20.3 0.2
Total subordinated debt 384.7 303.5

In December 2008 the Group received a subordinated loan of 500 billion RUB from the Bank of Russia with a contractual fixed interest rate of 8.0% p.a. The transaction was structured in three tranches. In May 2010 the Group paid back 200 billion RUB of the loan. The remaining part of the loan matures in two tranches: in October 2019 and December 2019. On 30 July 2010 under the additional agreement with the Bank of Russia the interest rate was changed to 6.5% p.a. As at 31 December 2012 the loan was accounted for at amortised cost of 303.3 billion RUB (2011: 303.3 billion RUB); the effective interest rate on the loan was 6.5% p.a. (2011: 6.5% p.a.).

In October 2012 the Group issued the twelfth series of loan participation notes under the MTN issuance programme in the amount of 2 billion USD equivalent to 63.0 billion RUB as at the date of issue. The notes have the status of subordinated. The notes mature in October 2022 and have contractual fixed interest rate of 5.1% p.a. As at 31 December 2012 the notes were accounted for at amortised cost of 61.1 billion RUB; the effective interest rate on the notes was 5.2% p.a.

In the event of the Bank’s liquidation the holders of these debts would be subordinated to all other creditors.

The estimated fair value of subordinated debt is disclosed in Note 35. Currency and maturity analyses of subordinated debt are disclosed in Note 32. The information on related party balances is disclosed in Note 37.

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