41. Subsequent Events
In January 2013 the Group Group issued the thirteenth series of loan participation notes under the MTN issuance programme in the amount of 25 billion RUB equivalent. The notes mature in January 2016 and have contractual fixed interest rate of 7.0% p.a.
In February 2013 the Group issued the fourteenth series of loan participation notes under the MTN issuance programme in the amount of 0.25 billion CHF equivalent to 8.2 billion RUB as at the date of issue. The notes mature in February 2017 and have contractual fixed interest rate of 2.065% p.a.
In March 2013 the Group issued the fifteenth series of loan participation notes under the MTN issuance programme in the amount of 0.55 billion TRY equivalent to 9.4 billion RUB as at the date of issue. The notes mature in March 2018 and have contractual fixed interest rate of 7.4% p.a.
On 22 March 2013 Supervisory Board in accordance with the Dividend policy recommended to the General Shareholders Meeting to pay 58.7 billion RUB to shareholders as dividends for the year ended 31 December 2012.
In March 2013, Republic of Cyprus experienced financial and economic crisis. Sberbank of Russia, through it’s subsidiaries has presence in Cyprus. The Central Bank of Cyprus mandated additional bank holidays and the government and the parliament of Cyprus undertake measures, including certain capital transfer restrictions and restructure of certain largest Cypriot banks, aimed at averting the default of the country. Although currently it is not possible to fully predict further developments in Cyprus and potential economic, tax and banking regulatory measures and restrictions, management of Sberbank of Russia believes based on all available information that the financial and economic crisis in Cyprus will not have material effect on the financial standing and the results of operations of the Group. Management of Sberbank of Russia will continue to monitor further developments in Cyprus and take measures to protect the economic interests of the Group.