Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

2 june 2014 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National WealthFund from January 1 to May 31, 2014.

The Reserve Fund

As of June 1, 2014 the aggregate amount of the Reserve Fund was 3 026.34billion rubles which is equivalent to 87.13 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 38.08 billion US dollars
  • 29.40 billion euros;
  • 5.40 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to May 31, 2014 was0.27 billion US dollars, which is equivalent to 9.22 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to May 31, 2014 was 166.62 billion rubles.

The National Wealth Fund

As of June 1, 2014, the aggregate amount of the National Wealth Fund was 3 033.17 billion rubles which is equivalent to 87.32 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 24.46 billion US dollars;
  • 24.00 billion euros;
  • 4.38 billion pounds sterlings;

2) 474.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to May 31, 2014, was 0.20 billion US dollars, which is equivalent to 6.87 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to May 31, 2014 was141.90 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 123.34 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 12.54 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings – 6.02 billion rubles.

The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to May of 2014 was 13.63 billion rubles which is equivalent to 0.40 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

 

Origin: Press Service of Russia’s Finance Ministry

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A Draft Law on Vnesheconombank’s Additional Capitalization Approved at a Government Meeting

30 may 2014 года
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A Draft Law introduced by the Finance Ministry on Vnesheconombank’s additional capitalization was approved at a Government meeting on May 29, 2014

The Federal Draft Law “On Introducing Changes in Article 9610 of the Russian Budget Code” provides for a possibility to place up to 7% of financial resources of the National Wealth Fund on Vnesheconombank’s deposits.

The Federal Draft Law “On Introducing Changes in articles 3 and 19 of the Federal Law “On the Bank For Development” proposes to establish:

  • the right for Vnesheconombank to raise financial resources of the National Wealth Fund to place them on its deposits under the procedure and on the terms to be determined by the Government;
  • the right for Vnesheconombank to raise financial resources of the National Wealth Fund on the basis of certain decisions by the Government for a tenure of no less than five years provided that appropriate deposit agreements do not contain provisions that directly or indirectly give the right to claim for early deposit repayment or its part as well as early interest payment for using deposit or early termination of deposit agreement;
  • the procedure for the claim for deposits raised by Vnesheconombank.

Additional capitalization of Vnesheconombank is associated with the need to maintain its financial solvency whose key indicator is capital adequacy ratio. Meeting a capital adequacy ratio of at least 10% is a pre-requisite for raising funds on capital markets on the terms acceptable for the Bank.

Re-registration of the deposits will make it possible for Vnesheconombank to increase its capital by about 220 billion rubles (unadjusted for potential fluctuations in the dollar exchange rate). The rated value of capital adequacy ratio will amount to 11-12% by the end of 2014.

Origin: Official Site of the Government of the Russian Federation

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Thermal Insulation Products Innovation Plant Opens in Vladimir

30 may 2014 года
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A ceremony to open an advanced, innovation plant to manufacture thermal insulation products based on Neoporm foam glass was held in Vladimir. In the attendance of the ceremony were representatives of Vnesheconombank, the Vladimir region Administration and STES-Vladimir Company.

The project on the construction of the production facility was implemented by CJSC STES-Vladimir Company with the financial assistance of Vnesheconombank that provided about 4.5 billion rubles. The project’s total value is 5.4 billion rubles.

The project’s implementation will make it possible to put a top-quality thermal insulation material on the Russian market. By its technical characteristics, the material is in line with the best world’s analogues. The plant’s rated capacity will amount to 110 thousand cubic meters per year.

The plant will manufacture thermal insulating boards and fabricated shapes from foam glass for thermal isolation of industrial equipment and pipelines using patented Russian technology. Scrap glass is to be used as a main raw material, which will help to address issues of energy saving and energy efficiency in civil and industrial engineering as well as ecologic issues of inorganic waste utilization.

The project is being implemented with the support of the region’s Administration and is included in the Strategy of the Vladimir region’s socio-economic development up to the year of 2027.

The new production facility would contribute to the region’s socio-economic development and would create more than 230 jobs, revenues in budgets of all levels are estimated at 2.7 billion rubles.

The project of CJSC STES-Vladimir Company is among 13 projects being implemented with Vnesheconombank’s financial assistance. The projects are aimed at creating advanced production facilities to manufacture various kinds of top-quality construction materials in the Russian Federation. Nowadays, Vnesheconombank is participating in projects to create production facilities to manufacture various kinds of construction materials for a total amount of more than 110 billion rubles, with the Bank’s participation share being about 81 billion rubles in 12 regions of the Russian Federation. Besides the foam glass thermal insulation products plant, they include 3 cement plants, 4 autoclave aerated concrete products plants as well as plants to manufacture float glass , sandwich panels, metal structures and integrated home-building factories.

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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A cement plant built with VEB’s financial assistance opens in the Penza region

29 may 2014 года
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A ceremony to open an advanced high-technology plant built with Vnesheconombank’s financial assistance with a capacity of 1.8 million tons of cement per yearwas held in the Nikolsk district of the Penza region.

In the attendance of the ceremony were Governor of the Penza regionVasilyBochkarev, VEB Deputy Chairman – Member of the Board Alexandr Ivanov, VEB Deputy Chairman Anatoly Ballo, representatives of the Russian Construction and Housing and Utilities Ministry and the Export-Import Bank of China.

The total value of the project is 370 million US dollars, with the Bank for Development’s funds being 259.6 billion US dollars and with the own funds of the project’s initiator – LLC Asia Cement being 110.4 million US dollars. In order to fund the credit transaction Vnesheconombank raised funds worth 133.9 million US dollars from the Eximbank of China to finance the work of the general contractor and equipment supplier – The Consortium of the China National Machinery Import & Export Corporation. The Consortium has an experience of building more than 40 international facilities including cement plants, railways and power engineering facilities in Europe, Asia, Africa and South America.

At the cement plant built, they apply a “dry” method of manufacturing cement which allows as opposed to a traditional “wet” method to significantly reduce consumption of electric power, natural fuel, water as well as to boost efficiency of technological equipment which is fully in line with objectives of upgrading Russia’s cement industry and increasing its energy efficiency.

The project’s implementation contributes to socio-economic development of the Penza region: nowadays, the number of workers at the plant is in excess of 450 people, the project provides for creating about 1 thousand new jobs (includingrelated sectors), tax revenues in budgets of various levels after the plant achieves rated capacity will amount to at least 600 million rubles per year.

LLC Asia Cement’s project is one of the three projects on the creation of advanced plants to manufacture cement using a dry method with Vnesheconombank’s financial assistance.

At present, Vnesheconombank is participating in funding 13 projects on the construction of production facilities to manufacture various kinds of building materials worth 110 billion rubles, with VDEB’s participation share being about 82 billion rubles in 12 regions of the Russian Federation. Besides cement plants, there are also 4 plants to manufacture products from autoclaved aerated concrete, plants to manufacture float glass, thermally insulated products based on foam glass, sandwich panels, metal structures, integrated home-building factories.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Draft Law on Vnesheconombank’s Additional Capitalization Approved by the Governmental Commission on Legislative Drafting Activities

27 may 2014 года
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The Governmental Commission on Legislative Drafting Activities has approved a Draft Law on Vnesheconombank’s Additional Capitalization. The Draft Law was introduced by the Finance Ministry

It is proposed to introduce a change in the Budget Code providing for a possibility to place 7% of financial resources of the National Wealth Fund on Vnesheconombank’s deposits. Re-registration of deposits will make it possible for Vnesheconombnank to increase its capital by about 220 billion rubles.

The Federal Draft Law “On Introducing Changes in article 9610of the Russian Budget Code”was prepared in fulfilment of the Russian Government’s instruction to additionally capitalize State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ by way of re-registering deposits placed at Vnesheconombank by the Finance Ministry from financial resources of the National Wealth Fund (NWF) in subordinated loans with a maturity of 15 years.

Additional capitalization of Vnesheconombank is associated with the need to maintain its financial solvency whose key indicator is capital adequacy ratio. Meeting a capital adequacy ratio of at least 10% is a pre-requisite for raising funds on capital markets on the terms acceptable for the Bank.

The Draft Law proposes to introduce a change in article 9610 of the Budget Code providing for a possibility to place 7% of financial resources of the National Wealth Fund on Vnesheconombank’s deposits.

Vnesheconombank’s additional capitalization is to be made through re-registering dollar-denominated deposits, in which financial resources of NWF are placed in special deposits with a maturity of up to 15 years making it possible to record them upon calculating the amount of the Bank’s capital. The total amount of the said deposits is 6.25 billion US dollars, the return date is December of 2014.

Re-registration of the deposits will make it possible for Vnesheconombank to increase its capital by about 220 billion rubles (unadjusted for potential fluctuations in the dollar exchange rate). The rated value of capital adequacy ratio will amount to 11-12% by the end of 2014.

Vnesheconombank is to pay interest on effective deposits that were charged as of the date of re-registration.

It is proposed that interest payments on subordinated deposits should be made on an annual basis.

The Draft Law is to be discussed at a meeting of the Government.

 

Origin: official site of the Government of the Russian Federation

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