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22. Loans and Borrowings

This note provides information about the contractual terms of the Group’s loans and borrowings. For more information about the Group’s exposure to interest rate risk, refer to Note 28.

Long-term loans and borrowings

Name of lender		Effective interest rate 31 December 2011	Effective interest rate 31 December 2010	Maturity	31 December 2011	31 December 2010
Finance department of Belgorodskaya oblast	Secured	—	9.45%	—	—	345,738
OJSC “Alfa-Bank”	Unsecured	7.8-9.5%	7.65-7.8%	2012-2017	2,472,748	2,472,103
OJSC “Bank VTB”	Unsecured	9.96%	9.70%	2018	3,921,070	—
OJSC “Gazprombank”	Unsecured	8.0-9.6%	8.00%	2012	652,447	1,052,751
OJSC “Ogresbank” (OJSC “Nordeabank”)	Unsecured	—	8.00%	—	—	410,000
OJSC “Rosbank”	Unsecured	8.00%	8.00%	2015	3,800,833	3,800,000
OJSC “Sberbank”	Unsecured	7.524-8.4%	7.5-8.4%	2014-2025	10,389,015	6,855,411
					21,236,113	14,936,003
Less: current portion
Finance department of Belgorodskaya oblast	Secured	—	9.45%	—	—	345,738
OJSC “Alfa-Bank”	Unsecured	7.8-9.5%	7.65-7.8%	2012	472,748	2,103
OJSC “Bank VTB”	Unsecured	9.96%	9.70%	2012	1,070	—
OJSC “Gazprombank”	Unsecured	8.0-9.6%	8.00%	2012	652,447	402,751
OJSC “Ogresbank” (OJSC “Nordeabank”)	Unsecured	—	8.00%	—	—	410,000
OJSC “Rosbank”	Unsecured	8.00%	8.00%	2012	833	—
OJSC “Sberbank”	Unsecured	7.524-8.4%	7.5-8.4%	2012	39,015	5,411
					1,166,113	1,166,003
Total long-term borrowings					20,070,000	13,770,000

All the Group’s borrowings are denominated in RUB and bear a fixed interest rate. The effective interest rate is the market interest rate applicable to the loan on the date of its receipt.

The carrying value of borrowings approximates their fair value.

Current borrowings and current portion of long-term borrowings

Name of lender		Effective interest rate	Effective interest rate	31 December 2011	31 December 2010
Finance department of Belgorodskaya oblast	Secured	—	9.45%	—	345,738
OJSC “Alfa-Bank”	Unsecured	7.8-9.5%	7.65-7.8%	472,748	2,103
OJSC “Bank VTB”	Unsecured	9.96%	9.70%	1,070	—
OJSC “Gazprombank”	Unsecured	8.0-9.6%	8.00%	652,447	402,751
OJSC "Ogresbank“( OJSC “Nordeabank”)	Unsecured	—	8.00%	—	410,000
OJSC “Rosbank”	Unsecured	8.00%	8.00%	833	—
OJSC “Sberbank”	Unsecured	7.524-8.4%	7.5-8.4%	39,015	5,411
Joint-Stock Bank “Severgazbank”	Unsecured	10-12%	—	1,207	—
				1,167,320	1,166,003

As at 31 December 2011 no bank loans are secured over bank guarantees received (31 December 2010: RUB 345,738 thousand).

Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011