Gruppo Intesa
Moscow, 13 February 2001
Mr. Dmitry V. Lyubomudrov
Expert in Banking and Finance
Commission on Investment
Advisory Council on Problems of National Security
State Duma of the RF, MOSCOW
Dear Mr. Lyubomudrov,

 I have received your memo about the use of non-banking credit institution to ensure safe handling and keeping of investors' funds and the proper utilization of said funds strictly according to project estimates/obligations and investor's instructions. 

As a matter of fact, the problems connected with the reliability of Russian banking system as far as deposits and funds' handling are concerned, which have been critically highlighted by the 1998 crisis have proved to be one of the main obstacles to investments (not only foreign ones).

 Apparently, the solution you propose could help to solve most of these problems; anyway it would for sure help to improve the keeping and handling of investors' funds and limit drastically the risks of their misuse. On my opinion the matter deserves attention and your idea is worth being elaborated and developed.

 I have informed my Head Office about your work and they agree it is interesting.

 Nevertheless, I would be grateful if you could keep me informed about possible developments and/or proposals. 

With kindest regards, I remain, dear Sir,

 Yours faithfully,



 Joint-Stock Company - Head office; Milan, Italy
Part of Gruppo Intesa, registered at Bank of Italy's Register of Banking Groups