Regular Vnesheconombank’s Supervisory Board meeting held

29 march 2016 года
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Dmitry Medvedev opening address:


Today’s Vnesheconombank’s Supervisory Board meeting is special because VEB’s management has changed and a whole number of very serious issues are on today’s agenda. The Bank’s new Chairman Sergei Gorkov is participating in the meeting for the first time.

We held a meeting about a month ago to discuss working out a new strategy for Vnesheconombank’s development for a period of up to the 2020. The current action plan which was developed in 2014 has become irrelevant to a great extent for various reasons including worsening foreign economic conditions and our inability to refinance foreign debt. All these factors led to difficulties in the Bank’s activityand exhausted financial strength of the structure.

Now we need to take concrete and at the same time non-standard measures and forge close interaction between all services. Under the conditions of a high debt burden and instability with regard to many macroeconomic positions Vnesheconombank’s new management should establish effective control over implementing projects, conduct a thorough audit, sort out and restructure bad debts, get rid of non-core assets and at the same time sell them at a maximum profit. And of course we should try to use a mechanism of project financing to a greater extent.We should take into account all these factors in VEB’s new strategy. We need to concentrate the Bank’s financial resources on projects associated with modernization of Russia’s economy, import substitution and providing support for non-raw materials exports.

I’d like also to say that despite the current situation we are not going to change general tasks set before VEB. The Bank remains to be a leading development institution and it will continue to fund major projects in various sectors – in manufacturing industry, agriculture, transportation and power engineering. This means that the Bank’s target objectives remain unchanged but if we have to change something in our legislation we are ready to do it.

Today, we’ll discuss approaches to forming the Bank’s budget for the current year including an action plan to boost VEB’s financial stability and streamline its activity. Here I mean additional capitalization, sale of assets, improving decision-making mechanisms with regard to projects, that is, measures for government support and internal measures aimed at improving the Bank’s performance.

I also want to inform you that a decision was made to additionally capitalize Vnesheconombank with 150 billion rubles. In 2016, this money will make it possible to ensure the Bank’s financial stability and enable the Bank to fulfil its obligations on foreign borrowings on capital markets. This decision was taken as part of the Government’s general action plan for ensuring our country’s socio-economic development in the current year.

We’ll also discuss a number of standard and substantive issues related to individual transactions including a whole number of major transactions. Here I mean opening a credit line worth 27.5 billion rubles for Transmashholding. The funds are to be used to fund leasing suppliesof Russian- made carriages to the Moscow Metro. This is a long-term investment project which is also being implemented by way of using financial resources of the National Wealth Fund.

Today’s agenda also covers some other issues including funding the Khrunichev State Research and Production Space Center. We’ll also consider approving a transaction on purchasing by VEB an additional issue of shares of the Federal Corporation for the Development of Small and Medium-Sized Enterprises for a total amount of 30 billion rubles. A 100% stake of SME Bank owned by VEB is to be contributed to this Corporation’s authorized capital. As a result, this Corporation’s capital will increase from 50 to 80 billion rubles.

We’ll also consider funding a whole number of other transactions including the one related to TractornyeZavody Concern and aimed at replenishing current assets.

In conclusion, I’d like to inform you that I signed a resolution aimed at boosting the efficiency of the Russian Export Center, specifically, the Export Insurance Agency of Russia (EXIAR). The fact is that we approved new rules to insure export credits and investments against entrepreneurial and political risks. The changes are designed to support projects on modernizing and creating export-oriented production facilities in our country as well as to develop Russian service and production centers abroad. Moreover, EXIAR’s insurance responsibility limit has been increased to 10 billion dollars.

This is our today’s agenda. Let’s get started.


Origin: Internet site of the Government of the Russian Federation

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Vnesheconombank releases its quarterly bulletin "Sustainability in DFI and IFO"

14 march 2016 года
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CONTENTS OF THE ISSUE

PROMOTING SUSTAINABILITY WORLDWIDE

196 countries adopted a new agreement on climate change (that will replace the Kyoto Protocol) at the twenty-first session of the Conference of the Parties (COP 21) to the United Nations Framework Convention on Climate Change (UNFCCC) on 12 December 2015 in Paris. (p.8)

TOWARDS A GREEN ECONOMY FOR RUSSIA

Russia's efforts slowed down global warming for at least a year, Russian president Vladimir Putin said, addressing the Paris Climate Change Conference.

Russia not only prevented the growth of greenhouse gas emission, but also significantly reduced it. (p.11)

RESPONSIBLE INVESTMENT

The UNEP Inquiry and the Climate Bonds Initiative presented their report "Scaling green bond markets – Guide for the Public Sector" during the COP 21. (p.14)

SUSTAINABILITY RATINGS AND RESEARCH

The new OECD report "Climate Change Mitigation: Policies and Progress" stresses the need for the majority of countries to accelerate their efforts and strengthen their climate change policies to meet their mitigation goals. (p.16)

SUSTAINABLE PRACTICES OF LEADING DEVELOPMENT FINANCE INSTITUTIONS

The Industrial Development Bank of India launched a $350 million five-year green bond issue. (p.19)

SUSTAINABILITY IN VNESHECONOMBANK

Vnesheconombank has been named the winner of the 18th Annual Report Competition for the Best Report on Corporate Social Responsibility and Sustainable Development. (p.20)

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

2 march 2016 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 to February 29, 2016.

The Reserve Fund

As of March 1, 2016, the aggregate amount of the Reserve Fund was 3 747.06 billion rubles which is equivalent to 49.90 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 22.71 billion US dollars;
  • 20.26 billion euros;
  • 3.44 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 February 29, 2016 was 0.12 billion US dollars, which is equivalent to 9.14 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to February 29, 2016, was `106.49 billion rubles.

The National Wealth Fund

On February 17, 2016, the Russian Finance Ministry filed a lawsuit against Ukraine in the High Court of London to secure repayment of Ukrainian obligations with a par value of $3.00 billion and Russia's court costs.

As of March 1, 2016, the aggregate amount of the National Wealth Fund was 5 356.96 billion rubles which is equivalent to 71.34 billion US dollars including:

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

  • 19.67 billion US dollars;
  • 20.76 billion euros;
  • 3.83 billion pounds sterlings;

2) 195.03 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;

4) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 112.63 billion rubles and 4.11 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.43 billion rubles.

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 February 29, 2016, was 0.12 billion US dollars, which is equivalent to 8.98 billion rubles. The exchange rate difference from recalculating monetary resources of the Fund from January 1 to February 29, 2016 was 129.78 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – 100.27 billion rubles;
  • funds deposited with Vnesheconombank in US dollars – 13.81 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –6.62 billion rubles.
  • foreign-currency denominated bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government – 9.08 billion rubles.

The aggregate income from placing financial resources of the Fund in the authorized financial assets minus funds in the accounts of the Bank of Russia from January to February 2016 was 2.40 billion rubles which is equivalent to 0.03 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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Russian Prime Minister Dmitry Medvedev holds a working meeting with Vnesheconombank Chairman Sergei Gorkov

29 february 2016 года
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D.Medvedev: Sergei Nikolaevich, we have met each other several times before and discussed the current business situation at Vnesheconombank and prospects for its development. You’ve been appointed Chairman of Vnesheconombank and I wish you every success. The work ahead is not of course easy but you are a very experienced person, well-versed in banking and good at tackling various crises. That is why I hope that you and your team will promote the Bank’s development and help to address problems that have accumulated for many years of its operation as well as develop new approaches, create a more efficient management system and of course accomplish current Vnesheconombank’s financial tasks. I hope you’ll be able to use your business experience in previous positions including your work at Sberbank as you will have to deal with domestic and foreign issues and here I mean foreign assets and the need to hold consultations with foreign credit institutions.

At my request you have already been introduced to the Bank’s team and I hope you’ve already got down to work.

With a view to the fact under applicable legislation our Supervisory Board is comprised of members of the Russian Government and is headed by the Prime Minister I would like to ask you to get down immediately to preparing our next Supervisory Board meeting. We’ll set a date of the meeting but we should not delay because issues are piling up and in a number of cases these issues fall within exclusive competence of VEB’s Supervisory Board and without our decisions you won’t be able to move any further.

And the second and maybe the most important thing is that you should go on working with my colleagues in the Government, with vice premiers, the Finance Minister, the Economic Development Minister on developing a plan for addressing the current economic problems that have accumulated in VEB’s operation and here I mean its additional capitalization and use of other economic instruments to improve its financial and economic indicators as well as effective management of its assets because these assets are different - they were purchased in various situations, at different datesand should be put in order either in terms of their management or in terms of their disposalif VEB’s Supervisory Board finds that asset disposal is an effective method of addressing problems confronted by Vnesheconombank.

I’d like to wish you every success once more I hope that you’ll be able to a form a modern effective team that would address VEB’s most important tasks.

In the end I would like to say that despite the current economic problems and unfavorable foreign economic conditions including the shutting down of capital markets for VEB, Vnesheconombank remains to be our leading development institution and we are going no only to retain it in this capacity but also upgrade it because without such institutionour economy’s efficient full-fledged development is impossible.

S. Gorkov: Dmitry Anatoljevich, thank for your confidence in me. A task to be addressed is formidable and very important for our country. It will take some time to sort out current basic problems. These problems really exist. But I’m sure that with the Government’s assistance we’ll be able to cope with them and create a development institution under the new conditions. There is no doubt that the new conditions are quite different from those that were ten years ago but I’m sure that our new team with the experience gained by the old team will be able to cope with problems with the Government’s and your assistance.

D. Medvedev:Let’s deal with it and discuss now some of the current issues.

Origin: Internet site of the Government of the Russian Federation

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Sergey Gorkov has been appointed Chairman of Vnesheconombank

26 february 2016 года
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Vnesheconombank announces the appointment of Sergey N. Gorkov as Chairman of Vnesheconombank.

Sergey N. Gorkov was born on December 1, 1968.

He graduated from the Academy of the Federal Security Service of Russia.

From November 2008 he worked as Director of HR Policy Department at Sberbank of Russia. In October 2010 he was appointed Deputy Chairman of the Executive Board of Sberbank. Previously he held senior positions in major Russian companies.

Sergey Gorkov was awarded the Medal of the Order of Merit for Services to the Fatherland, 2nd class and the Certificate of Honour of the Russian Government.


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Phone: +7 (495) 608-46-93, Fаx: +7 (499) 975-21-34
E-mail: press@veb.ru

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