The resolution, adopted in accordance with the Government’s anti-crisis plan, is expected to create conditions for successful implementation of Russian aircraft production and leasing programmes; raise efficiency of state support for their production and sale; facilitate the conclusion of new contracts for the purchase and lease of SSJ-100; help stabilise the financial situation at Sukhoi Civil Aircraft without the need for additional budget allocations.
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Drafted by the Ministry of Industry and Trade in fulfilment of paragraph 49 of the Plan of Priority Measures to Ensure Sustainable Economic Development and Social Stability in 2015 (adopted by Government Resolution No. 98-r of 27 January 2015).
The document amends the Regulations for the Provision of Subsidies to Russian Leasing Companies to reimburse part of interest payments on loans obtained at Russian financing institutions and Vnesheconombank State Corporation for the purchase of Russian-made aircraft in 2008-2015, with these aircraft to be subsequently transferred to Russian airlines in accordance with leasing contracts. The above Regulations, which were approved by Government Resolution No. 1073 of 22 October 2012, are also designed to reimburse these companies and aircraft manufacturers for loans obtained for the purchase of flight simulators.
The Regulations will now apply to operating aircraft leases.
In addition, subsidies for loans obtained after 1 January 2015 will be calculated in accordance with the Russian Central Bank base rate.
Leasing companies are currently subsidised for loans obtained to lease over 40 Ilyushin Il-96-300, Tupolev Tu-204/214, SSJ-100 and Antonov An-148 aircraft, and flight simulators for them. Subsidies are calculated at 0.9 of the Bank of Russia’s refinancing rate.
Given the twofold increase of the cost of commercial loans, their servicing renders any purchase or lease deal unprofitable, which can precipitate the cancellation of short-term aircraft production programmes currently being implemented. This concerns especially the production of SSJ-100.
To eliminate the adverse effects of the financial market situation for Russian aircraft manufacturing, the resolution pegs the maximum subsidy volume to the key rate of the Bank of Russia for loans obtained after 1 January 2015, but not exceeding 0.9 of 14 percent per annum.
The measures will facilitate the implementation of plans for the production and leasing of Russian aircraft under existing or future contracts. They will help raise the efficiency of state support for the production and sale of Russian aircraft, particularly SSJ-100, and help stabilise the financial and economic situation at Sukhoi Civic Aircraft without the need for additional budget allocations.