With the collapse of the USSR, many documents and securities lost their meaning. These include the 1982 Domestic Winning Loan Bonds. Once these papers, being investments in the future of the country, could promise their owner a certain profit. Many Soviet citizens preferred to keep their savings in the form of winning loans. But what to do with them now? Do these papers have any value and is the state ready to compensate for their cost? We offer to deal with the purpose of winning loans and their cost in the modern market.
Theory and practice: what is a loan and why is it taken
To better understand what the 1962 government domestic winning loan was, we need to understand a few economic terms. What does the word “loan” mean, for example?
A loan (sometimes: a loan) is a type of relationship governed by an agreement in which one party transfers the management orproperty of another money or material goods with the condition of return after a certain period of time. Very often this concept is identified with the concept of "credit", but you should know that there are important differences between them:
- A loan can be not only money, but any things or real estate.
- A loan does not always imply a reward to the one who gave it (that is, if we talk about money, only the amount that was borrowed is returned, without interest).
You can describe it this way: in a famous story about friends from Prostokvashino, the cat Matroskin borrows a cow from the collective farm for a while. He receives milk that he can sell or drink himself, and in time he even has a calf. At the end of the contract, Matroskin must return only the cow - milk, the profit received from it and the calf remain to him. This is a loan.
The kind of loans we're looking at in this article worked a little differently. The state acted as the cat Matroskin here, while citizens bought securities, thereby plugging budget holes and helping the country develop. Therefore, the payments on winning bonds were not very significant.
Types of loans
So now that we know what a loan is, we can move on to understand what the purpose of the 1982 government domestic loan was.
Usually loans are classified by long-term (term, long-term, etc.) or by type (material or cash, interest-bearing, interest-free). Standing apart are winning loans, which also have their ownclassification.
What is a winning loan
The 1982 government winning loan was of this particular type. A winning loan is such a loan, in which payments are received only on those bonds that are included in a special table. There are two types of winning loans: win-win, when everyone who bought bonds receives funds on a loan at different periods of time, and interest-bearing loans - when the borrower receives a fixed amount on the loan (that is, returns the value of the bond) and a raffled interest.
What did the loan look like?
The state domestic winning loan of 1982 was issued in the form of bonds (securities) for a value of 25 to 100 rubles - quite substantial amounts in the Soviet Union, where the price of the ruble reached 160 dollars. Their acquisition formalized a kind of contract between the buyer and the state: now the citizen invests his money in the purchase of securities, and the state then pays their cost along with interest income. Anyone could cash out papers, their execution did not require additional documents.
1982 government loan assignment
For the state, bonds were the best way to attract people to invest in the needs of the country. People, counting on profits from winning loans, happily exchanged their savings for them and waited for them to be among the lucky ones. Payments on the 1982 government internal winning loan bonds could be delayed forseveral decades, which gave the state the opportunity to quickly receive investments, and then repay the loan over a long period of time. It is no secret that Russia, which became the legal successor of the Soviet Union, has still not paid off its debts for government bonds of 1982.
Why did people buy bonds?
Of course, many people understood that by buying bonds, they would rather support the state than make a profit themselves. Therefore, the state loan in 1982 was popular not only because of the desire of Soviet citizens to enrich themselves. Sometimes it was the only opportunity for people of that time to invest their money. At the end of the existence of the USSR, a peculiar financial situation developed in the country: due to the artificial containment of inflation, rising wages and a shortage of goods, people simply had nothing to spend their savings on.
Sometimes the distribution of state winning loan bonds (1982 was no exception) happened by force - papers were issued instead of salaries at state-owned enterprises that did not have the means to pay employees. The cashing out of the bonds deferred payments and enabled the company to improve its financial position.
What was the win?
The winning rate was 3% of the loan. Such a small percentage of profit, of course, did not allow you to get rich at lightning speed, but it was a nice bonus for citizens who cashed their bonds. Moreover, as a rule, several bonds of the state internal winning loan were bought at a time.
In 1982, there was a shortage of goods in the country, especially for so-called luxury goods. The loan gave people a chance to win not only a small percentage, but also, for example, a car, for the purchase of which there were usually long queues.
Who paid the winnings?
Money under the state domestic winning loan in 1982 was paid by Sberbank. As a state-owned bank, it was responsible for timely payments until the collapse of the USSR. From 1991 to 1992, there was an exchange for bonds of a new type, payments on which, instead of the USSR, were made by the Russian Federation.
Cashing papers from 1992 to 2002
A huge country - the Soviet Union - collapsed. Unrest, economic and political crisis began. Inflation, no longer contained, rapidly affected prices - so much so that simple goods soon began to cost millions. Under these conditions, it was increasingly difficult for people to trust the state and banks. Therefore, few dared to exchange their papers confirming the state internal winning loan of 1982 for papers of a new design - the winning loan of 1992. Those who dared to do this or took such a step because of lack of money, in most cases received compensation in the amount of the value of the bonds. Only about 30% of all securities were winning, and their owners could get at least some profit. But even this money soon lost its value: together with the denominationruble and rising prices payments on bonds have become a penny. Winning payments continued until 2002.
Those who did not exchange their papers for 1992 bonds could expect to be compensated on bonds from 1992 to 1993. For every 100 rubles. bonds paid 160 rubles.
In 1994 the banks stopped buying bonds. The amounts of unpaid compensation turned into an impressive state debt to its citizens - after all, many Soviet people preferred to keep all their savings in securities.
Those who kept the bonds (and there were those who, in their hearts, not relying on the government, simply threw them away or destroyed!) received a new hope for the return of their money in 1995. A law was issued according to which unpaid funds on bonds were transferred into “debt rubles”. Payments resumed, however, taking into account inflation and the new value of the ruble on the world market. So, the largest amount that could be received was 10 thousand rubles! True, they made an exception for war veterans - they could be compensated up to 50 thousand.
Increase interest in the topic
Recently, 74-year-old pensioner Yuri Lobanov, who lives in the city of Ivanovo, decided that Russia's bond policy was illegal. He decided to return the money he was owed on the papers and wrote applications to various authorities, first of the region, and then of the country. Without waiting for an answer, citizen Lobanov, after a little reflection, decided to apply to the European Court of Human Rights and did not lose. Courtapproved the case and in 2012 ordered to pay the pensioner 1.5 million rubles. The amount was paid, and the case of Yuri Lobanov became an unusual precedent for Russia.
Bond prices today
Many citizens, not wanting to lose their money, decided to wait for the situation in the country to change. The payments they promised in the 1990s were no match for the actual amounts that were to be paid on the bonds. But the fate of the 1982 government bonds in Russia was sad. The situation has changed, the economy in the country has stabilized, and the debt has remained debt. Probably, many will remember the thick bundles of bonds stored at home, and someone else may still hope that the state will remember them and be able to compensate. One way or another, as a means of payment, they are now not valid and nominally worth nothing.
So the question is "what to do with bonds these days?" is still relevant. Analysts do not advise to rush to part with papers: the probability that the country's policy towards them will change is very small, but still exists. There are a couple more reasons to keep securities for now - these are collectors and resellers.
Who should I sell the bonds to?
In 2017-2018, an increase in prices for bonds of an internal winning loan was noticed. Therefore, experts advise to wait and not to sell securities right now. If you are still determined to part with bonds, you should look for buyers and be prepared for the fact that the price for bonds will be much lowertheir face value and start from a few kopecks or rubles (this will make sense when selling several packs). Do not rush to sell bonds to the first reseller you find - compare prices and analyze. Be sure that such penny prices are a scam, as there are completely legal ways to exchange securities for much larger amounts.
For example, the Insurance Deposit Agency offers to buy bonds. APV offers to buy a 100-ruble bond for 49 thousand rubles, and a fifty-ruble bond - for 24.5 thousand. There are other private resellers who are ready to purchase securities. On average, one ruble on bonds from private dealers is approximately 400-600 rubles.
You can also sell securities at Sberbank, but the price for them will be slightly lower.
Sell or not?
Parting with bonds now or bide your time - it's up to you, of course. Analysts advise not to rush and take a wait-and-see position: the position of bonds on the securities market is constantly changing. They expect the 1982 winning loan to rise in price over the next couple of years.
If you are still determined to sell your bonds, carefully choose a reseller and settle only for the price that will satisfy you.
