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TVECM — Momentum Threshold Vector Error Correction Model, Threshold Vector Error Correction Mode NPF — non-governmental pension fund MONETARY june 2016 No. 2 (14) POLICY REPORT 55

Russia has completed the review of applications received from non-governmental pension funds (NPF) for joining the guarantee system for insured persons’ rights. As a result,

Bulletin publishes information on the meetings of employees, former employees of OJSC NPF Blagodenstviye in a voting by correspondence format, as well as Bank of

sessions with the property of NPF Industrialny and meetings of employees, former employees of NPF Vremya, NPF Pravo, and PJSV NPF Siberian Capital in a

companies, private pension funds and public financial ments” and No. 1 FS (NPF) “Private Pension Fund Financial corporations to households. Operations” quarterly reported by insurance

on staff meetings, and meetings of the former employees of JSC NPF Blagovest, NPF PNPF (Professional Nezavisimy Pension Fund) Garant-Prof conducted in the form of

companies, private pension funds and public financial ments” and No. 1 FS (NPF) “Private Pension Fund Financial corporations to households. Operations” quarterly reported by insurance

in deposits and long-term securities of banks and financial institutions contributed to NPF reinvesting in more lucrative stock market instruments. Investments increased considerably in corporate

and reinsurance portfolio to JSC SOGAZ and on conducting property sale of NPF Transstroy. The issue publishes information notices of the Bank of Russia. The

companies, private pension funds and public financial ments” and No. 1 FS (NPF) “Private Pension Fund Financial corporations to households. Operations” quarterly reported by insurance