<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" xml:lang="ru" lang="ru">
<head><meta http-equiv="Content-Type" content="text/html; charset=windows-1251" />
<meta name="robots" content="index, follow" />
<meta name="keywords" content="1Ñ-Áèòðèêñ, CMS, PHP, bitrix, ñèñòåìà óïðàâëåíèÿ êîíòåíòîì" />
<meta name="description" content="1Ñ-Áèòðèêñ: Óïðàâëåíèå ñàéòîì" />
<link href="/bitrix/js/main/core/css/core.css?1367665323" type="text/css" rel="stylesheet" />
<link href="/bitrix/templates/.default/components/bitrix/menu/menu_my/style.css?1367665317" type="text/css" rel="stylesheet" />
<link href="/bitrix/templates/work_en/styles.css?1367665321" type="text/css" rel="stylesheet" />
<link href="/bitrix/templates/work_en/template_styles.css?1367665321" type="text/css" rel="stylesheet" />
<script type="text/javascript" src="/bitrix/js/main/core/core.js?1367665322"></script>
<script type="text/javascript">BX.message({'LANGUAGE_ID':'ru','FORMAT_DATE':'DD.MM.YYYY','FORMAT_DATETIME':'DD.MM.YYYY HH:MI:SS','COOKIE_PREFIX':'BITRIX_SM','bitrix_sessid':'a0bd56179860c0e091c02f5da14a3b08','JS_CORE_LOADING':'Çàãðóçêà...','JS_CORE_WINDOW_CLOSE':'Çàêðûòü','JS_CORE_WINDOW_EXPAND':'Ðàçâåðíóòü','JS_CORE_WINDOW_NARROW':'Ñâåðíóòü â îêíî','JS_CORE_WINDOW_SAVE':'Ñîõðàíèòü','JS_CORE_WINDOW_CANCEL':'Îòìåíèòü'})</script>
<script type="text/javascript" src="/bitrix/js/main/core/core_ajax.js?1367665322"></script>
<script type="text/javascript" src="/bitrix/js/main/session.js?1367665325"></script>
<script type="text/javascript">
bxSession.Expand(1440, 'a0bd56179860c0e091c02f5da14a3b08', false, '689f8d72e2081005bede98031d1bb950');
</script>
<title>Risk Management — Annual report 2010</title>
<link rel="Stylesheet"  href="/css/main.css" type="text/css" />
<link rel="Stylesheet"  href="/css/window.css" type="text/css" />
<meta http-equiv="Content-Type" content="text/html; charset=windows-1251" />
<script type="text/javascript" src="/js/jq.js"></script>
<script type="text/javascript" src="/js/add.js"></script>
<script type="text/javascript" src="/js/corner.js"></script>
<script type="text/javascript" src="/js/interface.js"></script>
<script type="text/javascript" src="/js/easyTooltip.js"></script>
<script type="text/javascript"><!--//--><![CDATA[//><!--
    $(document).ready(function(){
	$(".switch").corner("5px");
	$(".act>span").corner("5px");
	$("a.term").easyTooltip();

    }); 
//--><!]]></script>
<script type="text/javascript">

  var _gaq = _gaq || [];
  _gaq.push(['_setAccount', 'UA-24800204-1']);
  _gaq.push(['_trackPageview']);

  (function() {
    var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true;
    ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js';
    var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s);
  })();

</script>
</head>
<body>

<!-- Yandex.Metrika counter -->
<div style="display:none;"><script type="text/javascript">
(function(w, c) {
(w[c] = w[c] || []).push(function() {
try {
w.yaCounter12877375 = new Ya.Metrika({id:12877375, enableAll: true, webvisor:true});
}
catch(e) { }
});
})(window, "yandex_metrika_callbacks");
</script></div>
<script src="//mc.yandex.ru/metrika/watch.js" type="text/javascript" defer="defer"></script>
<noscript><div><img src="//mc.yandex.ru/watch/12877375" style="position:absolute; left:-9999px;" alt="" /></div></noscript>
<!-- /Yandex.Metrika counter -->

<div id="panel"></div>
<div id="page">
  <div id="header">

     <a href="/eng/" id="logo"><img src="/img/logo_eng.gif" alt="" title=""/></a>
     <a href="http://www.vbank.ru/press/news/2010/2445/" id="boe"><img src="/img/bank2010.gif" alt="Bank of the year 2010" title="Bank of the year 2010"/></a>
  </div>
  <div id="blue_line">
     <div id="title">Annual Report 2010</div>
     <div id="noname">
        <a href="http://www.vbank.ru/en/" class="vbank">To the bank’s web-site</a>
        <a href="/rus/risk_management/index.php" class="switch"><norb>ïî-ðóññêè</norb></a>

     </div>
  </div>
  <div id="main_area">
     <div id="left_block">
           
<ul id="submenu">


   	
		
										<li  class="root-item"><span><a href="/eng/portrait_of_the_bank/" class="root-item">Portrait of the Bank</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/letter_from_the_chairman_of_the_management_board/" class="root-item">Letter from the Chairman of the Management Board</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/strategy/" class="root-item">Strategy</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/main_events_of_2010/" class="root-item">Main Events of 2010</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/russian_economy_and_banking_sector/" class="root-item">The Russian Economy and Banking Sector</a></span></li>
			
		
			
	
	
   		
							<li  class="root-item"><span><a href="/eng/business_overview/" class="root-item">Business Overview</a></span>
									 
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/shareholder_structure/" class="root-item">Shareholder Structure</a></span></li>
			
		
			
	
	
   		
							<li  class="root-item"><span><a href="/eng/corporate_governance/" class="root-item">Corporate Governance</a></span>
									 
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
			
		
			
	
	
   	
		
										<li  class="act"><span><a href="/eng/risk_management/" class="act">Risk Management</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/social_responsibility/" class="root-item">Social Responsibility</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/financial_statements/" class="root-item">Financial Statements</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/branches_in_russia/" class="root-item">Branches in Russia</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/offices_of_vozrozhdenie_bank/" class="root-item">Offices of Bank Vozrozhdenie</a></span></li>
			
		
			
	
	
   	
		
										<li  class="root-item"><span><a href="/eng/contacts/" class="root-item">Address and Contacts</a></span></li>
			
		
			
	
	

	</ul></li>
</ul>
     </div>                
     <div id="middle_block">
        <div id="text">
        
        <object width="100%" height="233" align="absmiddle" codebase="http://fpdownload.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,0,0" classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000">
          <param value="sameDomain" name="allowScriptAccess">
          <param value="/img/flash/loader.swf" name="movie">
          <param value="xml_path=/img/flash/risk_management_en.xml" name="FlashVars"> 
          <param value="false" name="menu">
          <param value="opaque" name="wmode">
          <param value="high" name="quality">
          <param value="#D0D0D0" name="bgcolor">

          <embed width="100%" height="233" align="absmiddle" flashvars="xml_path=/img/flash/risk_management_en.xml" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" allowscriptaccess="sameDomain" bgcolor="#D0D0D0" quality="high" menu="false" wmode="opaque" src="/img/flash/loader.swf">                 </object><br /><br />
        <a name="top"></a>
           <h1>Risk Management</h1><a name="top"></a>
 
<p>Effective management and minimization of&nbsp;risk is&nbsp;a&nbsp;top priority for Bank Vozrozhdenie. Its risk management strategy focuses on&nbsp;achieving an&nbsp;optimal balance between profitability and the risk assumed.</p>
 
<p>When developing its risk management system, the Bank takes into account recommendations of&nbsp;the Central Bank of&nbsp;Russia and the Basel Committee on&nbsp;Banking Supervision.</p>
 
<p>The Bank&rsquo;s risk management system takes account of&nbsp;risks both when making management decisions and during day-to-day banking activity. The system is&nbsp;designed to&nbsp;detect, identify and classify potential risks quickly, as&nbsp;well as&nbsp;analyze, measure and assess risk exposure and apply specific methods for managing banking risks. Procedures for assessing and managing risk are integrated into day-to-day business processes.</p>
 
<p>Bank Vozrozhdenie’s main risk management objectives are to&nbsp;mitigate the overall threats to&nbsp;its operations using the resources available, reduce the number of&nbsp;unforeseeable events/losses, evaluate the effectiveness of&nbsp;the business given the risks assumed, and streamline the risk management system.</p>
 
<p>To&nbsp;evaluate risks, the Bank uses the following key indicators:</p>
 
<ul> 	 
  <li>Capital at&nbsp;risk&nbsp;&mdash; the maximum possible losses associated with the main types of&nbsp;risk</li>
 	 
  <li>Economic capital&nbsp;— the capital necessary to&nbsp;cover overall risk, including potential and materialized</li>
 	 
  <li>RAROC (Risk-Adjusted Return on&nbsp;Capital)&nbsp;— the return on&nbsp;economic capital, calculated as&nbsp;the ratio of&nbsp;net income to&nbsp;economic capital</li>
 </ul>
 
<p>Bank Vozrozhdenie’s business is&nbsp;exposed to&nbsp;a&nbsp;wide range of&nbsp;risks, the most significant ones in&nbsp;terms of&nbsp;potential losses being: credit, market, liquidity and operating risk.</p>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Level of credit risk</h4>
       
        <p><img src="/img/grafiki_en/32.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RISK_MANAGEMENT.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<h2>Credit risk</h2>
 
<p>Bank Vozrozhdenie defines credit risk as&nbsp;the risk of&nbsp;losses due to&nbsp;non-fulfillment, delayed or&nbsp;incomplete fulfillment by&nbsp;a&nbsp;debtor of&nbsp;his financial obligations, as&nbsp;stipulated by&nbsp;a&nbsp;credit agreement. The Bank assumes credit risks in&nbsp;lending operations with all types of&nbsp;counterparties (corporate clients, financial organizations and individuals).</p>
 
<p>Efficient credit risk management is&nbsp;a&nbsp;priority in&nbsp;the course of&nbsp;the Bank’s business. Bank Vozrozhdenie has a&nbsp;system of&nbsp;authorizations and limits on&nbsp;products that carry credit risk. </p>
 
<p>The Bank has established a&nbsp;Credit and Investment Committee (CIC), which is&nbsp;responsible for managing credit risk efficiently and consists of&nbsp;various bodies and subcommittees:</p>
 
<ul> 	 
  <li>The CIC main body is&nbsp;responsible for general issues relating to&nbsp;managing credit risk and defining and implementing credit policy as&nbsp;part of&nbsp;the Bank’s approved development strategy</li>
 	 
  <li>The CIC minor body deals with issues relating to&nbsp;implementing credit policy when offering products that carry credit risk to&nbsp;clients and when making investments</li>
 	 
  <li>The subcommittee on&nbsp;corporate clients is&nbsp;responsible for managing credit risk and implementing credit policy in&nbsp;the corporate segment</li>
 	 
  <li>The subcommittee on&nbsp;retail lending is&nbsp;responsible for managing credit risk and implementing credit policy in&nbsp;the retail segment</li>
 	 
  <li>The subcommittee on&nbsp;bank cards is&nbsp;responsible for managing credit risk and implementing credit policy when offering bank cards that carry credit risk</li>
 </ul>
 
<p>The subcommittees and managers responsible for individual lending are empowered to&nbsp;make decisions about accepting credit risk that restrict the maximum amount that a&nbsp;debtor can borrow.</p>
 
<p>As&nbsp;part of&nbsp;their authorization of&nbsp;decisions about lending, the subcommittees liaise with the corresponding subdivisions of&nbsp;the Head Office (Credit, Retail and Bank Cards departments).</p>
 
<p>Last year, to&nbsp;minimize credit risk and ensure that sufficient provisions for the loan portfolio are in&nbsp;place at&nbsp;all times, the Department for Credit Risk Control became one of&nbsp;the bodies that must approve loan applications from branches.</p>
 
<p>The authority to&nbsp;disburse loans and set other types of&nbsp;lending limits and conditions is&nbsp;approved by&nbsp;the Management Board and are subject to&nbsp;quarterly review. As&nbsp;of&nbsp;the first quarter of&nbsp;2010, the Bank authorizes branches to&nbsp;issue loans independently if&nbsp;they meet certain criteria for the level of&nbsp;NPLs and returns on&nbsp;their financial and economic operations.</p>
 
<p>Alongside the system of&nbsp;authorization and decisions, Bank Vozrozhdenie’s methods for managing credit risk include a&nbsp;centralized system for setting and regulating interest rates and tariffs, as&nbsp;well as&nbsp;a&nbsp;system for limiting credit risk. In&nbsp;addition to&nbsp;the overall limits, the Bank’s credit policy sets planned qualitative and quantitative targets that determine the structure of&nbsp;the corporate loan portfolio by&nbsp;segment, sector and region and the structure of&nbsp;the loan portfolio in&nbsp;terms of&nbsp;currency and duration.</p>
 
<p>When lending to&nbsp;legal entities and individual entrepreneurs, preference is&nbsp;given to&nbsp;small and medium-sized enterprises. Priorities when providing clients with products carrying credit risk are also dependent&nbsp;on:</p>
 
<ul> 	 
  <li>The importance, profitability and creditworthiness of&nbsp;a&nbsp;client for the Bank</li>
 	 
  <li>The client’s business sector</li>
 	 
  <li>The Bank’s regional policy</li>
 	 
  <li>The amount, type, form and purpose of&nbsp;the loan requeste</li>
 </ul>
 
<p>The business activity of&nbsp;a&nbsp;client who has received a&nbsp;loan is&nbsp;constantly monitored by&nbsp;a&nbsp;branch of&nbsp;Bank Vozrozhdenie and, where necessary, by&nbsp;internal divisions of&nbsp;Head Office: the Economic Security Service and Legal Department.</p>
 
<p>In&nbsp;the case of&nbsp;consumer lending, the Bank analyzes a&nbsp;borrower’s financial standing, sources of&nbsp;income and credit history. Preference is&nbsp;given to&nbsp;the following types of&nbsp;clients:</p>
 
<ul> 	 
  <li>Staff and managers of&nbsp;large corporate clients of&nbsp;the Bank</li>
 	 
  <li>Cardholders and depositors of&nbsp;the Bank</li>
 	 
  <li>People with proved high incomes, a&nbsp;high social status and a&nbsp;decent reputation</li>
 	 
  <li>Clients who regularly use Bank services to&nbsp;make payments</li>
 	 
  <li>Clients with a&nbsp;good<wbr></wbr> credit history at&nbsp;the Bank</li>
 </ul>
 
<p>To&nbsp;obtain loans from Bank Vozrozhdenie, borrowers should offer collateral in&nbsp;adequate and sufficiently liquid form. When accepting real estate as&nbsp;collateral against a&nbsp;loan, the Bank uses a&nbsp;system of&nbsp;discounts for all types of&nbsp;property. Security provided for loans is&nbsp;subject to&nbsp;mandatory regular reviews for adequacy and liquidity.</p>
 
<p>Bank Vozrozhdenie pursues a&nbsp;balanced policy for provisions against losses on&nbsp;loans, equivalent debt and other operations, in&nbsp;accordance with branches’ internal documents.</p>
 
<p>Control over creating provisions on&nbsp;products bearing credit risk is&nbsp;carried out at&nbsp;the branch level and by&nbsp;the relevant internal divisions of&nbsp;Head Office: the Credit, Retail, and Bank Card departments. Overall supervision is&nbsp;provided by&nbsp;the Department for Credit Risk Control, and day-to-day control is&nbsp;the responsibility of&nbsp;the Internal Control and Audit Service.</p>
 
<p>Bank Vozrozhdenie has developed and implemented policies and procedures to&nbsp;avert and minimize losses arising from credit risk. The following procedures have been introduced:</p>
 
<ul> 	 
  <li>Mandatory regular assessment of&nbsp;the financial standing of&nbsp;borrowers and the economic effectiveness of&nbsp;events and projects</li>
 	 
  <li>Assessment of&nbsp;the adequacy and liquidity of&nbsp;collateral, objective evaluation of&nbsp;collateral and its insurance by&nbsp;appraisal and insurance companies accredited by&nbsp;the Bank</li>
 	 
  <li>Ongoing monitoring of&nbsp;the borrower’s fulfillment of&nbsp;his obligations to&nbsp;the Bank and the actual existence of&nbsp;the collateral</li>
 	 
  <li>Assessment of&nbsp;credit quality and the level of&nbsp;risk associated with loans</li>
 	 
  <li>Procedure for creating provisions against losses on&nbsp;loans and other operations</li>
 	 
  <li>Procedure for transferring NPLs to&nbsp;the Department for Legal Enforcement of&nbsp;Payments and completing follow-up work with them</li>
 	 
  <li>Procedure for determining and controlling the authority for issuing loans by&nbsp;branches and management bodies within the Bank according to&nbsp;loan size</li>
 </ul>
 
<p>In&nbsp;2010, the Bank carried out work to&nbsp;implement a&nbsp;risk management strategy in&nbsp;accordance with the Action Plan approved by&nbsp;the Management Board:</p>
 
<ul> 	 
  <li>Options for further developing the front-office system and automating the collection of&nbsp;initial information to&nbsp;implement a&nbsp;credit rating system were considered</li>
 	 
  <li>A&nbsp;methodology for calculating capital at&nbsp;risk on&nbsp;the loan portfolio was devised</li>
 	 
  <li>A&nbsp;new edition of&nbsp;the Regulation on&nbsp;Stress Testing was approved</li>
 	 
  <li>The methodology for creating provisions for corporate loan portfolio impairment according to&nbsp;IFRS was updated</li>
 </ul>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Market risk</h2>
 
<p>The Bank distinguishes the following types of&nbsp;market risk: currency risk (operations on&nbsp;the FOREX&nbsp;market), interest-rate risk (bonds) and equity risk (quoted shares). Each of&nbsp;these is&nbsp;treated separately by&nbsp;the Bank. Limits are set for each issuer of&nbsp;financial instruments based on&nbsp;the volatility and liquidity of&nbsp;its securities. The volume and structure of&nbsp;the securities portfolio is&nbsp;considered not only as&nbsp;an&nbsp;income source, but also as&nbsp;a&nbsp;tool of&nbsp;current liquidity management. Limits on&nbsp;the interbank market are set according to&nbsp;the financial standing of&nbsp;a&nbsp;counterparty.</p>
 
<p>Decisions on&nbsp;managing market risk are made by&nbsp;the Assets and Liabilities Management Committee. It&nbsp;defines the volume and structure of&nbsp;the securities portfolio by&nbsp;assessing the quality of&nbsp;the securities based on&nbsp;capacity to&nbsp;generate income and maintenance of&nbsp;the necessary liquidity. The Bank’s market risk is&nbsp;subject to&nbsp;regular stress tests.</p>
 
<p>Bank Vozrozhdenie carries out transactions with stocks (local shares, ADRs and GDRs of&nbsp;Russian issuers), although this is&nbsp;not a&nbsp;primary business. The Bank manages its equity risk mainly by&nbsp;establishing and adhering to&nbsp;limits on&nbsp;investments in&nbsp;stocks. Given the limited investments and absence of&nbsp;transactions involving derivatives, the Bank considers the methods set out in&nbsp;Central Bank Regulation No. <nobr>313-P,</nobr> &ldquo;On&nbsp;the Procedure for Calculating Market Risk by&nbsp;Credit Organizations&rdquo; (dated 14&nbsp;November 2007) as&nbsp;sufficient for calculating risk on&nbsp;the trading portfolio.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Interest-rate risk</h2>
 
<p>Interest-rate risk management of&nbsp;is&nbsp;aimed at&nbsp;minimizing the negative impact of&nbsp;fluctuations in&nbsp;interest rates on&nbsp;Bank margins. The main objective of&nbsp;interest-rate risk management is&nbsp;to&nbsp;ensure that the Bank achieves an&nbsp;interest margin (the difference between interest obtained from interest-earning assets and interest costs on&nbsp;interest-bearing liabilities) that is&nbsp;sufficient to&nbsp;cover operating costs and ensure profitable operations. The Bank does not consider interest-rate risk as&nbsp;a&nbsp;source of&nbsp;additional income and does not increase it&nbsp;in&nbsp;response to&nbsp;market expectations. Bank Vozrozhdenie reacts quickly to&nbsp;any changes in&nbsp;the overall level of&nbsp;interest rates and adjusts current base rates on&nbsp;funds received and allocated to&nbsp;meet its targets for interest income.</p>
 
<p>The Bank has an&nbsp;internal transfer pricing mechanism for resources. Prices for cash resources within the Bank (purchase and sale of&nbsp;cash between internal divisions) are regulated in&nbsp;accordance with the situation on&nbsp;the short-term capital market. This encourages internal divisions to&nbsp;structure their assets and liabilities in&nbsp;a&nbsp;way that ensures that interest-rate risk is&nbsp;liquid and profitable.</p>
 
<p>Issues relating to&nbsp;interest-rate risk management are regulated by&nbsp;the quarterly Regulation “On&nbsp;the Main Principles for Managing the Resources of&nbsp;Bank Vozrozhdenie in&nbsp;Rubles and Foreign Currency”, the Regulation “On&nbsp;the Procedure for Calculating Interest-Rate Risk at&nbsp;Bank Vozrozhdenie, while the general parameters are defined in&nbsp;the Financial Plan for the year.</p>
 
<p>Mortgage loans and the possibility of&nbsp;their early repayment are the main sources of&nbsp;interest-rate risk. However, the volume of&nbsp;early repayments is&nbsp;not material. The Bank constantly monitors early repayments in&nbsp;its long-term loan portfolio.</p>
 
<p>The main ways of&nbsp;reducing interest-rate risk are balancing assets and liabilities according to&nbsp;dates of&nbsp;interest-rate adjustment and maturity, as&nbsp;well as&nbsp;regularly reviewing current rates. Base rates for funds received are defined by&nbsp;the Regulation “On&nbsp;the Main Principles for Managing the Resources of&nbsp;Bank Vozrozhdenie”, which is&nbsp;approved by&nbsp;the Management Board on&nbsp;a&nbsp;quarterly basis. Rates may be&nbsp;adjusted during a&nbsp;quarter depending on&nbsp;changes in&nbsp;the Central Bank refinancing rate and rates on&nbsp;financial markets.</p>
 
<p>The Bank’s interest-rate risk is&nbsp;subject to&nbsp;regular stress tests. Interest-rate risks on&nbsp;loan and deposit operations are assessed during gap analysis in&nbsp;compliance with the Regulation “On&nbsp;Calculating Interest-Rate Risk at&nbsp;Bank Vozrozhdenie”. Interest-rate risk is&nbsp;analyzed by&nbsp;the Treasury at&nbsp;least once a&nbsp;month.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Currency structure of assets 
          <br />
         and liabilities, % </h4>
       
        <p><img src="/img/grafiki_en/34.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RISK_MANAGEMENT.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<h2>Currency risk</h2>
 
<p>The main method for assessing and controlling currency risk is&nbsp;calculating open currency positions. The Bank uses Central Bank methodology to&nbsp;estimate the risks from maintaining open positions in&nbsp;foreign currencies.</p>
 
<p>Bank Vozrozhdenie adheres to&nbsp;a&nbsp;conservative currency policy that strives to&nbsp;restrict currency risk by&nbsp;minimizing open positions. The quality of&nbsp;assets denominated in&nbsp;foreign currency is&nbsp;monitored carefully, particularly the quality of&nbsp;the loan portfolio.</p>
 
<p>The Bank’s policy for managing open positions in&nbsp;foreign currency includes establishing external and internal limits on&nbsp;currency positions as&nbsp;well as&nbsp;controlling compliance with these limits.</p>
 
<p>Internal management of&nbsp;currency risks includes a&nbsp;procedure for daily revaluation of&nbsp;positions and a&nbsp;system of&nbsp;control over volumes and stop-limits for positions that carry currency risk. The Bank sets limits on&nbsp;cash and term transactions by&nbsp;types of&nbsp;transactions and currencies. All currency operations are within the limits that the Bank sets for counterparties.</p>
 
<p>The Bank periodically carries out a&nbsp;revaluation of&nbsp;assets and liabilities and uses a&nbsp;stress test, which includes calculating potential losses from drastic changes in&nbsp;currency exchange rates. The frequency of&nbsp;such tests depends on&nbsp;the speed at&nbsp;which market conditions are changing and the level of&nbsp;currency risk. Bank Vozrozhdenie regularly analyzes the potential consequences of&nbsp;changes on&nbsp;the market.</p>
 
<p>To&nbsp;limit losses from anticipated changes in&nbsp;currency exchange rates, the Bank uses currency baskets (combinations of&nbsp;currencies in&nbsp;specific proportions). The basket consists of&nbsp;currencies with negatively correlated fluctuations, making the aggregate value of&nbsp;a&nbsp;basket more stable. The most obvious example is&nbsp;a&nbsp;basket consisting of&nbsp;US dollars and euros on&nbsp;the basis of&nbsp;the dual-currency basket of&nbsp;the Central Bank.</p>
 
<p>Open positions in&nbsp;foreign currency on&nbsp;the spot market are regulated in&nbsp;“today”, “tomorrow”, and spot transactions within the limits for correspondent banks and the National Clearing Center.</p>
 
<p>The effect of&nbsp;currency risk on&nbsp;capital at&nbsp;the end of&nbsp;a&nbsp;business day is&nbsp;evaluated using the methodology stipulated in&nbsp;Central Bank Regulation No. <nobr>313-P</nobr> of&nbsp;14&nbsp;November 2007, “On&nbsp;the Procedure of&nbsp;Calculating the Size of&nbsp;Market Risk for Credit Organizations” and the internal Regulation “On&nbsp;the Procedure for Bank Vozrozhdenie Calculating the Size of&nbsp;Market Risks”.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Stock risk</h2>
 
<p>This risk is&nbsp;not significant for the Bank, as&nbsp;transactions involving financial instruments are not a&nbsp;priority business. Bank Vozrozhdenie manages its stock risk mainly by&nbsp;establishing and monitoring limits on&nbsp;investments in&nbsp;financial instruments, as&nbsp;stipulated in&nbsp;the “Procedure for the Treasury of&nbsp;Bank Vozrozhdenie Conducting Transactions Involving the Securities Portfolio in&nbsp;2010”. This gives a&nbsp;list of&nbsp;issuers in&nbsp;which securities the Treasury may invest.</p>
 
<p>Management of&nbsp;stock risk is&nbsp;regulated by&nbsp;the Regulation “On&nbsp;Managing Stock Risk at&nbsp;Bank Vozrozhdenie (OAO)”.</p>
 
<p>Given the limited investments and absence of&nbsp;transactions with derivatives, the Bank considers the methods set out in&nbsp;Central Bank Resolution No. <nobr>313-P</nobr> of&nbsp;14&nbsp;November 2007, “On&nbsp;the Procedure for Credit Organizations Calculating the Size of&nbsp;Market Risk”, as&nbsp;sufficient for calculating trading portfolio risk.</p>
 
<p>Management of&nbsp;currency, interest-rate and stock risk is&nbsp;carried out by&nbsp;the Management Board, the Committee for Asset and Liability Management, and the Internal Control and Audit Service, which has constant access to&nbsp;all information at&nbsp;all stages of&nbsp;the management process.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Liquidity risk</h2>
 
<p>Liquidity risk is&nbsp;one of&nbsp;the most significant for Bank Vozrozhdenie, which has a&nbsp;centralized procedure for managing liquidity. A&nbsp;unified system operates at&nbsp;both internal divisions of&nbsp;the Head Office and branches. Most client operations (cash and settlement service, lending, deposits, etc) are carried out through the branch network. The Head Office carries out operations on&nbsp;financial markets, including international markets.</p>
 
<p>The liquidity-risk management system complies with both external requirements (standards set by&nbsp;the Central Bank) and with internal limits and operating procedures. These ensure that Bank Vozrozhdenie always has sufficient funds to&nbsp;meet the cash demands of&nbsp;its clients and counterparties in&nbsp;a&nbsp;full and timely fashion, as&nbsp;well as&nbsp;ensuring that the Bank’s business systems run smoothly.</p>
 
<p>General management and control over Bank liquidity is&nbsp;the responsibility of&nbsp;the Management Board, and is&nbsp;carried out on&nbsp;a&nbsp;permanent basis by&nbsp;the Committee for Asset and Liability Management, which is&nbsp;a&nbsp;working committee&nbsp;of, and subordinate&nbsp;to, the Management Board. Day-to-day liquidity management is&nbsp;carried out by&nbsp;the Treasury.</p>
 
<p>The procedure for interactions between subdivisions and the control mechanism are regulated by&nbsp;the “Policy for Managing and Evaluating the Bank’s Liquidity” and the “Regulation on&nbsp;the Main Principles for Managing the Resources of&nbsp;Bank Vozrozhdenie in&nbsp;Rubles and Foreign Currency”, as&nbsp;well as&nbsp;the Financial Plan for the year. The documents are approved by&nbsp;the Management Board.</p>
 
<p>Liquidity risk is&nbsp;managed by&nbsp;matching time limits for returning assets placed and liabilities attracted, as&nbsp;well as&nbsp;maintaining the necessary volume of&nbsp;high-liquidity funds (cash, balances on&nbsp;correspondent accounts at&nbsp;the Central Bank, interbank lending, REPOs).</p>
 
<p>Bank Vozrozhdenie adheres to&nbsp;the following basic principles in&nbsp;liquidity management:</p>
 
<ul> 	 
  <li>Liquidity management is&nbsp;a&nbsp;constant, day-to-day process</li>
 	 
  <li>When making decisions, the Bank always gives priority to&nbsp;liquidity rather than profitability in&nbsp;case of&nbsp;a&nbsp;conflict</li>
 	 
  <li>Every transaction that has implications for liquidity must be&nbsp;taken into account when liquidity risk is&nbsp;calculated</li>
 </ul>
 
<p>Bank Vozrozhdenie takes strict account of&nbsp;the maturity and size of&nbsp;its investments in&nbsp;various financial instruments. Monitoring of&nbsp;actual and estimated short-term liquidity is&nbsp;carried out every day on&nbsp;the basis of&nbsp;a&nbsp;payment calendar and using projections of&nbsp;short-term cash needs. Calculation of&nbsp;liquidity needs is&nbsp;based&nbsp;on:</p>
 
<ul> 	 
  <li>Ongoing compilation and revision of&nbsp;the current payment calendar (the calendar is&nbsp;compiled to&nbsp;reflect needs for one day, one week, one month and three months)</li>
 	 
  <li>Periodic (monthly) analysis of&nbsp;gaps regarding the maturity of&nbsp;demands and liabilities</li>
 </ul>
 
<p>Maturity gaps are analyzed in&nbsp;accordance with Central Bank recommendations. Monitoring of&nbsp;compliance with Central Bank liquidity standards is&nbsp;carried out daily. </p>
 
<p>Risk of&nbsp;liquidity loss is&nbsp;analyzed by&nbsp;considering the Bank’s dependence on&nbsp;the interbank market, operations by&nbsp;large clients, and concentration of&nbsp;credit risks. Particular attention is&nbsp;paid to&nbsp;key liquidity risk factors: stability of&nbsp;liabilities, quality and diversification of&nbsp;assets, and fluctuations of&nbsp;exchange rates and interest rates on&nbsp;the money market. To&nbsp;ensure access to&nbsp;refinancing, the Bank is&nbsp;guided by&nbsp;the Central Bank’s Lombard List (a&nbsp;list of&nbsp;securities that can be&nbsp;used for REPO operations) when choosing instruments for its securities portfolio. To&nbsp;expand its liquidity regulation capacities, Bank Vozrozhdenie can makes use of&nbsp;Central Bank refinancing (lending) instruments as&nbsp;part of&nbsp;a&nbsp;general agreement with the Central Bank on&nbsp;the provision of&nbsp;unsecured loans to&nbsp;credit organizations and a&nbsp;general agreements on&nbsp;loans guaranteed by&nbsp;assets or&nbsp;pledges. In&nbsp;2010, the Bank did not use the Central Bank refinancing system. Stress tests are applied to&nbsp;liquidity risk on&nbsp;a&nbsp;regular basis.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Operating risk</h2>
 
<p>Bank Vozrozhdenie conducts monitoring and management of&nbsp;operating risk on&nbsp;a&nbsp;regular basis. Internal divisions of&nbsp;Head Office and the branches collect and submit information about operating losses, both actual and potential. The unified nature and completeness of&nbsp;this information enables the Bank to&nbsp;carry out a&nbsp;quantitative evaluation of&nbsp;operating-risk indicators compared with a&nbsp;group of&nbsp;risk factors, and sources of&nbsp;risk can be&nbsp;identified. In&nbsp;accordance with internal documents, the Bank’s risk managers report regularly on&nbsp;risk events, the aim being to&nbsp;organize processes that will enable similar events to&nbsp;be&nbsp;avoided in&nbsp;the future.</p>
 
<p>To&nbsp;minimize operating risk, the Bank has implemented a&nbsp;budgeting system that even at&nbsp;the planning stage identifies the most costly and inefficient operations and determines priority areas of&nbsp;client policy.</p>
 
<p>Bank Vozrozhdenie pays particular attention to&nbsp;establishing and observing procedures for monitoring its business, preparing accurate financial reports and providing all of&nbsp;the necessary information about its activities in&nbsp;a&nbsp;timely manner.</p>
 
<p>As&nbsp;regards information security, particular attention is&nbsp;given to&nbsp;protecting clients’ personal details and classified banking information. The Bank plays an&nbsp;active role in&nbsp;the work of&nbsp;the Association for Banking Information Security Standards (ABISS) and is&nbsp;also one of&nbsp;the first in&nbsp;the banking sector to&nbsp;have received a&nbsp;license from the Russian Federal Service for Technical and Export Control (FSTEK) to&nbsp;protect confidential information. The Bank’s specialists have devised special methodologies for auditing information security and certifying in-house IT&nbsp;infrastructure. The FSTEK license applies to&nbsp;all branches. </p>
 
<p>The information security audit, which is&nbsp;conducted on&nbsp;an&nbsp;ongoing basis, reduces operating risks and ensures a&nbsp;level of&nbsp;information security that is&nbsp;in&nbsp;line with the requirements of&nbsp;state regulatory bodies. </p>
 
<p>To&nbsp;hedge operating losses, Bank Vozrozhdenie uses a&nbsp;broad range of&nbsp;insurance instruments. It&nbsp;has taken out a&nbsp;Bankers Blanket Bond as&nbsp;well as&nbsp;Directors and Officers Liability Insurance, while its property (including&nbsp;IT, furniture and other items) is&nbsp;covered by&nbsp;the largest insurance companies in&nbsp;Russia.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Country risk</h2>
 
<p>The Bank’s main activities involve providing services to&nbsp;residents in&nbsp;Russia. Country risk arises primarily when carrying out transactions involving foreign currency: settlement, credit, guarantee and trading transactions in&nbsp;securities.</p>
 
<p>Management of&nbsp;country risk is&nbsp;regulated by&nbsp;the Regulation “On&nbsp;Organizing the Management of&nbsp;Country Risk at&nbsp;Bank Vozrozhdenie”. The Treasury is&nbsp;responsible for monitoring country risk.</p>
 
<p>To&nbsp;evaluate country risk, the Bank uses ratings from S&amp;P and Moody’s and classifications from Central Bank documents.</p>
 
<p>The level of&nbsp;country risk that is&nbsp;acceptable for the Bank is &lsquo;0’ and ‘1’, according to&nbsp;the classification of&nbsp;the export credit agencies that are signatories to&nbsp;the agreement with OECD member states, “On&nbsp;the Main Principles of&nbsp;Providing and Using Export Credits With Official Support”; and a&nbsp;rating of&nbsp;at&nbsp;least ‘BBB’ according to&nbsp;S&amp;P’s system or&nbsp;the equivalent Moody’s rating; while countries in&nbsp;the first group of&nbsp;offshore territories in&nbsp;Central Bank Regulation No. <nobr>1317-U,</nobr> dated 7&nbsp;August 2003, are also acceptable.</p>
 
<p>All other risks are subject to&nbsp;individual examination and evaluation until a&nbsp;transaction is&nbsp;completed, while adequate provisioning must be&nbsp;made. As&nbsp;a&nbsp;rule, country risk is&nbsp;analyzed when reviewing applications for loans and bank guarantees and when implementing currency control.</p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Development of&nbsp;the risk management system</h2>
 
<p> In&nbsp;2011, Bank Vozrozhdenie plans to&nbsp;continue developing its risk management system. Key priorities will be&nbsp;streamlining the Risk Map, developing the system of&nbsp;key risk indicators and resources for controlling them efficiently, and streamlining the system of&nbsp;limits based on&nbsp;the key risk indicators. In&nbsp;addition, the Bank will focus its efforts on&nbsp;developing the organization of&nbsp;risk management at&nbsp;its branches and automate risk management processes further.</p>
 
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td colspan="1"> 
        <h4>Capital adequacy, %</h4>
       </td></tr>
   
    <tr><td style="vertical-align: bottom; "> 
        <p><img src="/img/grafiki_en/33-.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RISK_MANAGEMENT.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   
    <tr><td style="vertical-align: top; "> 
        <h4>Maturity structure of assets and liabilities, RUB million</h4>
       
        <p><img src="/img/grafiki_en/35.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RISK_MANAGEMENT.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<p><a href="#top" class="top" >Top</a></p>
 </div>

     </div>
     <div id="right_block">
        <h2>IR contacts</h2>
        <dl>
           <!--dt><img src="/img/klinkov.gif" /></dt-->
           <!--<p><strong>Sergey Klinkov</strong> <br>Head of IR</p>-->
               <p class="invest_cont">Tel.:&nbsp;&nbsp;+7&nbsp;(495)&nbsp;620&nbsp;9071<br />

                  Fax:&nbsp;+7&nbsp;(495)&nbsp;620&nbsp;1953<br />
                  Web-site: <a href="http://www.vbank.ru/investors/">http://www.vbank.ru</a><br />
                  Email:&nbsp; <a href="mailto:investor@voz.ru" >investor@voz.ru</a>
               </p>
           
        </dl>
        <div class="divider"></div>
        <ul class="right_menu">
           <li><img src="/img/icon1.gif" /><a  id="windowOpen" href="">Share page</a>
           
           <div id="window">
<div id="windowContent">
<img src="/images/window_close.jpg" id="windowClose" />
<p><div class="buttons"><div class="butspre"><strong>Share with others:</strong></div><div class="allbuts"><strong>
<a title="Äîáàâèòü â Twitter" href="http://twitter.com/home?status=@vbank+http://ar2010.vbank.ru/eng/risk_management/index.php" target="_blank" rel="nofollow"><div alt="Îïóáëèêîâàòü â Twitter" title="Îïóáëèêîâàòü â Twitter" id="ibuts1" class="buts32"></div></a>
 
<a href="http://www.facebook.com/sharer.php?u=http://ar2010.vbank.ru/eng/risk_management/index.php" target="blank" rel="nofollow"><div alt="Íàïèñàòü â Facebook" title="Íàïèñàòü â Facebook" id="ibuts2" class="buts32"></div></a>
 
<a href="http://vkontakte.ru/share.php?url=http://ar2010.vbank.ru/eng/risk_management/index.php" target="_blank" rel="nofollow"><div alt="Ïîäåëèòüñÿ ÂÊîíòàêòå" title="Ïîäåëèòüñÿ ÂÊîíòàêòå" id="ibuts3" class="buts32"></div></a>

 
<a href="http://www.google.com/buzz/post?url=http://ar2010.vbank.ru/eng/risk_management/index.php " target="_blank" rel="nofollow"><div alt="Â Google Buzz" title="Â Google Buzz" id="ibuts4" class="buts32"></div></a>
 
<a href="http://www.livejournal.com/update.bml?event=http://ar2010.vbank.ru/eng/risk_management/index.php " target="_blank" rel="nofollow"><div alt="Çàïèñàòü ñåáå â LiveJournal" title="Çàïèñàòü ñåáå â LiveJournal" id="ibuts5" class="buts32"></div></a>
 
<a href="http://connect.mail.ru/share?share_url=http://ar2010.vbank.ru/eng/risk_management/index.php" target="_blank" rel="nofollow"><div alt="Ïîêàçàòü Â Ìîåì Ìèðå" title="Ïîêàçàòü Â Ìîåì Ìèðå" id="ibuts6" class="buts32"></div></a>
 
<a href="http://www.liveinternet.ru/journal_post.php?action=n_add&amp;cnurl=http://ar2010.vbank.ru/eng/risk_management/index.php " target="_blank" rel="nofollow"><div alt="Â äíåâíèê íà LI.RU" title="Â äíåâíèê íà LI.RU" id="ibuts7" class="buts32"></div></a>

 
<a href="http://my.ya.ru/posts_add_link.xml?URL=http://ar2010.vbank.ru/eng/risk_management/index.php" target="_blank" rel="nofollow"><div alt="Ïîäåëèòüñÿ ññûëêîé íà ß.ðó" title="Ïîäåëèòüñÿ ññûëêîé íà ß.ðó" id="ibuts8" class="buts32"></div></a>

<a onclick="ODKL.Share(this);return false;" class="soc-but-classmates" target="_blank" href="http://ar2010.vbank.ru/eng/risk_management/index.php" rel="nofollow"><div alt="Ïîäåëèòüñÿ ññûëêîé â Îäíîêëàññíèêàõ" title="Ïîäåëèòüñÿ ññûëêîé â Îäíîêëàññíèêàõ" id="ibuts9" class="buts32"></div></a>
</strong></div><strong>
</strong></div>

<style>
.butsclear  {
clear:both;
content:"";
display:block;
height:0;
font-size:0;
visibility:hidden;} 
.allbuts {display:block;float:left;}
.buttons{
width:320px; 
height:160px;
overflow:hidden;
font-size: 13px;            /* ðàçìåð øðèôòà */
font-weight: bold;         /* ñòèëü òåêñòà: æèðíûé */			
padding:5px;               /* îòñòóï îò ãðàíèö */background: #FFFfff;   /* ôîíîâûé öâåò */
display:block;
float:left;
}
.allbuts a { height:32px ;width:32px; display:block; float:left; padding-right:0px;} 
.buttons .allbuts a div{
border: none;
opacity:1.0;                 /* íåïðîçðà÷íîñòü: 100% */
}
 
.buttons .allbuts a:hover div{
border: none;
opacity:0.7;                 /* íåïðîçðà÷íîñòü: 70% */
}
.buts32 {
background: url(/images/set2-32.png) no-repeat;
width:32px;
height:32px;
float:left;
display:block;
}
#ibuts2 {background-position:-32px 0px;}
#ibuts3 {background-position:-64px 0px;}
#ibuts4 {background-position:-96px 0px;}
#ibuts5 {background-position:-128px 0px;}
#ibuts6 {background-position:-160px 0px;}
#ibuts7 {background-position:-192px 0px;}
#ibuts8 {background-position:-224px 0px;}
#ibuts9 {background-position:-256px 0px;}
div.butscopy {font-size:8px; display:block;float:right; clear:left; }
div.butscopy a {color:lightgray;}
div.butscopy a:hover {color:gray;}
</style>
</p>
</div>
</div>
</li>
           <li><img src="/img/icon2.gif" /><a href="?print=Y">Print version</a></li>
           <li><img src="/img/icon3.gif" /><a onclick="add2Fav (this)" href="">Add to favorites</a></li>
           <li><img src="/img/icon4.gif" /><a href="/eng/feedback/email/">Send via e-mail</a></li>
           <li><img src="/img/icon5.gif" /><a href="/eng/feedback/">Feedback</a></li>

        </ul>
        <div class="divider"></div>
        <ul class="right_menu">
           <li><img src="/img/icon7.gif" /><a href="/upload/report_eng.pdf">Annual Report (PDF)</a></li>
           <li><img src="/img/icon8.gif" /><a href="/xls/IFRS_reporting.xls" target="_blank">Financial Statements 2010 XLS</a></li>
           <li><img src="/img/icon9.gif" /><a href="/upload/vbank.zip">Download off-line version</a></li> 

        </ul>
        <div class="divider"></div>
        <strong class="right_title">My report</strong>  
        <ul class="right_menu">
        <li><img src="/img/icon10.gif" /><a href="?add_link=Y">Add to cart</a></li>
                      <li><img src="/img/icon11.gif" /><a href="/eng/cart_links.php">Go to cart</a></li>
        </ul>
        <div class="divider"></div>

        <div class="right_search"><strong>Search</strong><form action="/eng/search/"><input type="text" value="" name=""/><input type="submit" value="" class="submit"/></form></div>
        <div class="divider"></div>
        <strong class="right_title">Related sections:</strong>  
        <ul class="right_submenu">              
<li><a href="/eng/business_overview/analysis_of_financial_results/" >Business Overview</a> </li>
 
<li><a href="/eng/financial_statements/" >Financial Statements</a></li>
 
<li><a href="/eng/corporate_governance/" >Corporate Governance</a></li> 

        </ul>
        <div class="divider"></div>
        <strong class="right_title">See also:</strong>  
        <ul class="right_submenu">             <li><a href="http://www.vbank.ru/en/investors/riskmanagement/" target="_blank" >Risk Management</a></li>

<li><a href="http://www.vbank.ru/en/about/strategy/" target="_blank" >Our Strategy</a></li>

<li><a href="http://www.vbank.ru/en/reports/activities/norm/" >Information on compliance with mandatory CBR norms</a></li>

<li><a href="http://www.vbank.ru/en/investors/ratings/" target="_blank" >Ratings</a></li>
 

        </ul>
        <div class="divider"></div>
       
     </div>
  </div>
</div>
<div id="footer">
   <div id="footer_inside">

      <div class="copyright">&copy;&nbsp;2011&nbsp;Bank Vozrozhdenie</div>
      <div class="sitemap"><a href="/eng/search/map.php">Site map</a></div>
   </div>
</div>
<script type="text/javascript" src="/window.js"></script>
</body>
</html>
