Joint-Stock Commercial Bank “BANKank OFof INVESTMENTS AND SAVINGSIinvestments and Ssavings “Investsberbank” (Open Joint Stock Company ОAO) (стр. 5 )

As of 31 December 2004 and 2003 OFZ amounting RUR 70,303 thousand and RUR 118,090 thousand, respectively, were blocked by the Central Bank of Russian Federation. Collateral represented by these securities enables the Bbank to use the one-day and automatic overdraft loans while transfer payments through the current accounts with the CBR.

15. LOANS AND ADVANCES TO CUSTOMERS

Loans and advances to customers comprise of the following:

	2004		2003
Loans to customers	4,47588,456100		2,083,989
Accrued interest income on loans and advances to customers	326,006408		6,604
	4,50714,41062508		2,090,593
Less allowance for loan losses	(2179,94583209)		(114,376)
Total loans and advances to customers, net	4,334217290,2951923925		1,976,217
	2004		2003
Unsecured loans	2,56451,478343,146,383		325,591720,904
Loans collateralized by real estate	657,301533,644		791,223597,738
Loans collateralized by claim rights and inventories	530,647422,821		849,103655,268
Loans collateralized by securities	176,489372,252		102,669103,265
Loans collateralized by the Bank’s promissory notes	559,185-		15,4033,080
Loans collateralized by cash	-		3,734
Accrued interest income on loans and advances to customers	326,006408		6,604
	4,50147,41062508		2,090,593
Less allowance for loan losses	(2179,94583209)		(114,376)
Total loans and advances to customers, net	4,334217290,299251923		1,976,217

Movements in allowances for loan losses for the years ended 31 December 2004 and 2003 are disclosed in Note 5.

As at 31 December 2004 and 2003 loans and advances to customers include non-performing loans amounting to RUR 52,653 thousand and RUR 7,468 thousand, respectively, on which no interest was accrued. The unaccrued interest on non-performing loans as at 31 December 2004 and 2003 amounted to RUR 2,873 thousand and RUR 1,181 thousand respectively.

As of 31 December 2004 loans to 10 customers accounted for 254.,463% (RUR 1,145087,116755 thousand) of the total loan portfolio (31 December 2003 – 10 customers accounted for 49.55049% or RUR 1,01433,84920 thousand).

As at 31 December 2004 and 2003 the Bank had loans to 12 and 113 borrowers totaling
RUR 1,29016,30182 thousand and RUR 1,215073,749033 thousand, respectively, which individually exceeded 10% of the Bank’s equity.

Analysis by sector:	2004		2003
Individuals	2,530,891		171,401
Trading	1,321,460		1,109,715
Realty	292,029		327,273
Construction	152,986		162,031
Manufacturing	83,225		93,127
Leasing companies	58,885		72,983
Services	4835,980624		35,777
Investment companies	-		50,073
Energy resources trading	-		58,909
Science	-		2,700
Interest accrued on loans and advances to customers	326,006408		6,604
	4,50147,41062508		2,090,593
Less allowance for loan losses	(2179,94583209)		(114,376)
Total loans and advances to customers, net	4,332417290,299251923		1,976,217

16. Investment securities SECURITIES AVAILABLE-FOR-SALE

As of 31 December 2003 included in securities available-for-sale were investments into NP “Moscow Stock Exchange” amounting to RUR 50 thousand, which is less than 1% of issuer’s Share Capital.

176. FIXED and intangible assets

	Buildings		Vehicles		Equipment		Intangible assets		Total
At initial indexed cost
As at 31 December 2003 (unaudited)	53,197		54,96664		375,00709		-		94,870
Additions	6,700		1,830		44,82018		9,862		63,2120
Disposals	(59,897)		(678)		(4,081)		-		(64,656)
As at 31 December 2004	-		75,818116		767,7448		9,862		93,4264
Accumulated depreciation
As at 31 December 2003 (unaudited)	14,589		21,363064		178,51213		-		34,165
Charge for the period	147		1,62522		68,61985		-		8,467
Disposals	(14,736)		(678)		(3,83941)		-		(19,2535)
As at 31 December 2004	-		3,310508		202,0869		-		23,3797
Net book value
As at 31 December 2004	-		35,83106		564,38795		9,862		70,047
Net book value
As at 31 December 2003 (unaudited)	38,608		3,6021		18,4956		-		60,705

187. OTHER ASSETS