Vnesheconombank’s Supervisory Board Regular Meeting Held

17 december 2009 года
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Russian Prime Minister v. V. Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board.

Good afternoon, Esteemed Colleagues!

At today’s Vnesheconombank’s Supervisory Board meeting we’ll hear out a report on implementing the Government’s crisis management measures and discuss a number of new investment projects.

As you know, Vnesheconombank played a prominent role in supporting our country’s banking system in the crisis period and continues to play this prominent role. The Bank also extended subordinated loans worth 388 billion rubles to 16 commercial banks that went through a selection procedure and undertook to increase financing amounts to end borrowers at interest rates affordable for enterprises.

Our latest arrangement was the Central Bank’s refinancing rate plus three percent. I am not sure that all this was effective and implemented in due time but I nevertheless hope this played a positive and stabilizing role in the most difficult period of time.

Given that subordinated loans were extended for a period of 10 years, these additional financial resources would support business activity in the economy in the future.

In this respect, I’d like to place particular emphasis on the Government’s joint efforts designed to support the country’s banking sector in the crisis period. As opposed to the said events during the 1988 crisis we succeeded in preventing the collapse of the banking system and bankruptcy of our largest financial institutions. I think that everybody remembers quite clearly that in 1988 all the largest commercial banks that looked like giants and absolutely reliable giants, namely, Incombank, Imperial, ONEXIM Bank all but ceased to exist.

I think that owners did not suffer much but depositors, citizens lost a considerable part of their deposits in these financial institutions. We managed to prevent this worst-case scenario and supported all those who were viable. We defended the interests of depositors and above all citizens of the Russian Federation.

And those banks that proved to be in the most complicated situation and failed to overcome this complicated situation on their own — there were 18 such banks — were transferred for a symbolic payment, sometimes for 1 ruble, into the state system of the Deposit Insurance Agency.

This measure is designed to reorganize these financing institutions, to consolidate them and create viable banking institutions for them to be able to continue working normally with economic players, with natural and legal entities.

Today, we have to determine the future of Svyaz-Bank.

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On the Russian Federation’s Pecuniary Contribution to Vnesheconombank’s Charter Capital

14 december 2009 года
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Russian Government Order dated December 10, 2009 № 1891-r provides for the Russian Federation to make a pecuniary contribution to Vnesheconombank’s charter capital in the amount of 21 billion rubles for the Bank to subsequently purchase additional shares of the OJSC United Aircraft Construction Corporation for the said amount.

 

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

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The International Conference “The Modernization of the Russian Economy: the Role of Development Institutions” Organized by Vnesheconombank

8 december 2009 года
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The International Conference “The Modernization of the Russian Economy: the Role of Development Institutions” organized by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is under way in Moscow. Vnesheconombank Chairman Vladimir Dmitriev and President of the European Bank for Reconstruction and Development Thomas Mirow delivered welcoming addresses to the participants and guests.

 

VEB offers itself as a coordinator of cooperation between the Russian Federation and international development institutions

NOSCOW, December 8./PRIME-TASS/. Vnesheconombank (VEB) offers itself as a coordinator of cooperation between the Russian Federation and international development institutions. This offer was made by VEB Chairman Vladimir Dmitriev at the Conference “The Modernization of the Russian Economy: the Role of Development Institutions”.

“We also think that it is necessary to enhance coordination in those international development institutions in which the Russian Federation participates”, he said. He says that he means the World Bank, the Eurasian Development Bank, the Black Sea Trade and Development Bank and the InterAmerican Development Bank.

“Russia’s role should be more coordinated and to a greater extent serve the interests of modernization”, said V.Dmitriev stressing that VEB offered itself as an instrument of cooperation and coordination in modernizing the economy in the post-crisis development of Russia.

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Russian President Dmitry Medvedev Congratulates Vnesheconombank’s Staff upon the 85th Anniversary

8 december 2009 года
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To Vnesheconombank’s Staff

December 8, 2009

I offer you my congratulations on the 85th momentous anniversary of Vnesheconombank’s foundation.

During the years of its existence, your Bank played a prominent role in developing the national economy and enhancing our country’s positions in the world market. And today, thanks to its employees’ high professionalism, the Bank is one of the country’s most important development institutions. It performs key tasks of financing large-scale economic projects, supporting small and medium-sized enterprises.

I am fully convinced that State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ will continue to take an active part in pursuing the state’s investment policy, thus ensuring the Russian economy’s innovative development.

My best wishes to Vnesheconombank’s staff for the continued success of the Bank. I wish you all the best.

D. Medvedev

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On Signing a Memorandum between Vnesheconombank and the European Bank for Reconstruction and Development

8 december 2009 года
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In the context of the International Conference “The Modernization of the Russian Economy: The Role of Development Institutions” organized by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Vnesheconombank and the European Bank for Reconstruction and Development (EBDR) entered into a Memorandum of Understanding.

On behalf of Vnesheconombank the Document was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the EBDR – by its President Thomas Mirow.

The Memorandum provides for Vnesheconombank and the EBDR to participate in the Program of Extending Long-Term Financing to Russian Small and Medium-Sized Enterprises (SME) in equivalent of up to 500 million euros.

Under the Document financing is be extended to SMEs that at present have limited access to long-term financial resources through partner banks identified by Vnesheconombank and the EBDR. Credits are expected to be extended to banks against Vnesheconombank’s guarantees in the absence of which such financing would be impossible.

The Program’s implementation is scheduled to start in the first half of 2010; about ten banks will participate in it.

The implementation of this program would make it possible to underpin the Russian Government policies aimed at supporting Russian small and medium-sized enterprises and at diversifying the Russian economy.

 

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

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