• ACI Russia

08/19/1998 20:05:30 Russian govt issues statement on debt conversion

MOSCOW, Aug 19 (Reuters) - The Russian government on

Wednesday issued a statement outlining its plans to help ease

the stain on state coffers by converting some state


The following is a full text of the statement, entitled "On

the Terms of Redemption of Some State Securities," as carried

by Russian news agencies.

"The government is continuing its work on the forced

changes in the terms of redemption of state securities in

accordance with the August 17, 1998 statement," it said.

1. The government has decided to redeem internal rouble-

denominated state securities with new state securities.

2. The new procedure for redeeming state securities will

apply to all GKOs and OFZs due December 31, 1999. The new

procedure will not apply to the State Savings Bonds.

3. The new plan does not touch upon the Russian

Federation's state obligations in foreign currency.

4. State securities will be redeemed at their face value.

5. The government has invited major banks (Deutsche Bank

and G.P. Morgan), which have relevant experience to act as

advisers to specify the technical terms of redemption. We

firmly intend to carry out the given forced operation taking

world experience into account.

6. The new procedure of redemption will apply to all legal

relations pertaining to state securities, which arose on August

17, 1998.

7. The government is preparing relevant legal acts

explaining various aspects of the new procedure of redemption.

8. Given the complexity and significance of the situation,

it has been decided that the final terms of redemption of state

securities will be announced on Monday, August 24, 1998.

"We will use all our efforts to defend the interests of all

groups of investors to the maximum degree and ensure Russia's

financial stability," said the statement, carried by Itar-Tass

and other news agencies.

((Moscow Newsroom, +7095 941-8520


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