“We are not asking for funds from the Federal budget, we have the good investment ratings, high credibility in the market borrowings,” so a little over a month ago at a meeting with the President announced the plans of Russian Railways, Chairman of the Board Oleg Belozerov. For the investment programme it is proposed to use perpetual bonds in total some 370 billion rubles And, in return, the Railways promises additional revenues to the Treasury of more than 40 billion rubles. it is one thing to say another to do. In a not so developed in the Russian financial market, specificity of the product, restrictions on its purchase to find investors willing to invest hundreds of billions of rubles in such assets— it’s not the easiest. But well, when has the sanction of the President: “I Ask the government in touch with the Central Bank in a short time to prepare the necessary legal and regulatory base.” Indeed, others may want to release “eternal” bonds without asking for a penny of budget money.And who in the country is large and “unlimited” money to “undertime”? No, not the oligarchs. And retirees, more of the NPF. And the state is increasingly about ‘ em, especially in terms of the budget deficit. Central Bank less than eighteen months issued amendments to the rules of investment of pension reserves. Now “infinite” bonds of the narrow limit of risk tools (10% of reserves), which almost completely filled the largest NPF, displayed in a 40-cent limit, where the highly liquid shares. Earlier, the government changed investigacio of the Bank, the controlling means of the “silent ones”, allowing gosupravleniem to buy perpetual bonds (up to 20% of pension savings). It is possible that soon we will see the rules change and pension savings of NPFs. It is possible to allocate a special limit for “eternal” bonds as previously received from mortgage-backed securities “to maintain the availability of mortgage lending”.And then certainly the pension money will flow like a torrent flow in the desired homeland, its infrastructure, and budget direction. However, the effect of this will be short-lived. Savings to VEB and pension funds (about 5 trillion) will soon begin to melt due to increasing payments to pensioners, and the reserves of private foundations has long been hardly exceeded 1 trillion rubles. In recent years, nothing was done to bring additional resources into the pension system. The concept of pension capital or pension plans remain on paper, the incentives for voluntary programs do not exist.But the waiting list to get a piece of the pension pie added, Yes, with beautiful slogans: “not a drop of budget money”, “infrastructure Development”, “the Availability of mortgage loans,” “high-Tech breakthrough.” Just need to find a beautiful excuse when ��t pie will some crumbs?