Press releases | Archive 2006
RBC contributes to secured financing development in Russia
Moscow, March 30, 2006 - Today, OAO RBC Information Systems (RTS, MICEX: RBCI) has announced the creation of a secured financing system, developed as a joint project with the University Research Corporation International (URCI) at the University of Maryland (USA) entitled "Creation of a Modern Secured Financing System Involving Movable Property for the Finance Ministry of the Russian Federation."
The main aim of the project is to develop financing secured with movable property. Secured financing is among the main driving forces of business activities worldwide, but it has not become widespread in Russia yet, due to imperfect legislation and the lack of proper IT infrastructure.
In the course of the project's implementation RBC worked out recommendations regarding amendments to the Russian legislation to eliminate contradictions hampering the development of financing secured with movable property, as well as developed an IT system to keep track and control such transactions.
New legislation provides for the creation of a centralized registration system for movable property used as collateral and will create favorable conditions for secured transactions. Borrowers who have no immovables but have valuable movable property (such as equipment, cars, etc.) will now be able to use such assets as collateral. This project will help increase the amount of affordable loans, improving lending conditions for individual and corporate borrowers.
While working on the registry of claims on movable property, special attention is paid to efficient instruments set to ensure collecting, storing and providing information on encumbrances and liens on movable property. The information system developed by RBC experts ensures the accumulation and storage of information about pledges and other encumbrances in a single database. This system makes it possible for users to quickly obtain all necessary information and make motivated decisions on granting loans secured by movable property.