Financial Statements. For the year ended 31 December 1999 and 1998 (стр. 12 )

Management has performed an assessment of the required general and specific provisions for loans outstanding as at 31 December 1999 and 1998. The above provisions have been assessed on the basis described in Note 3.

Analysis of movements in the provision for losses

		1999		1998
		RUR ‘000		RUR ‘000
Balance at the beginning of the year		221,354		-
Net (recovery)/charge to the profit and loss statement		(106,911)		221,354
Balance at the end of the year		114,443		221,354

Amounts shown in the above table represent net movements in provisions for the year. Movements shown as positive amounts represent net increases in provisions. Movements shown as negative amounts represent net decreases in provisions.

Large exposures

As at 31 December 1999, the Bank has one group of borrowers with total loans exceeding 10% of the Bank’s loans to customers. The aggregate exposure of this group at 31 December 1999 was 1,539,972 RUR’: 1,781,704 RUR’000).

15. LOANS TO CUSTOMERS (continued)

Non performing loans

		1999		1998
		RUR ‘000		RUR ‘000
Gross loans		367,500		384,253
Interest not brought to account		44,657		-

Loan maturities

The maturity of the Bank’s loan portfolio is presented in Note 33 which shows the remaining period from the balance sheet date to the contractual maturity date. However, in the current market, many short-term credits are granted with the expectation of renewing loans at maturity. Accordingly, the effective maturity of a loan portfolio may be longer than indicated by a classification based on contractual terms.

16. AMOUNTS RECEIVABLE UNDER REVERSE REPURCHASE AGREEMENTS

		1999		1998
		RUR ‘000		RUR ‘000
Amounts receivable under reverse repurchase agreements		62,615		471,310
Less provisions for losses		-		(329,319)
		62,615		141,991

Analysis of movements in the provision for losses

		1999		1998
		RUR ‘000		RUR ‘000
Balance at the beginning of the year		329,319		-
Amounts written off during the year		(148,340)		-
Net (recovery)/charge to the profit and loss statement		(174,280)		329,319
Transferred to provision for losses under placements with banks and other financial institutions		(6,699)		-
Balance at the end of the year		-		329,319

Amounts shown in the above table represent net movements in provisions for the year. Movements shown as positive amounts represent net increases in provisions. Movements shown as negative amounts represent net decreases in provisions.