Vnesheconombank’s Supervisory Board Regular Meeting Held

2 september 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
v. V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

Recently we have repeatedly discussed one and the same issue: how can we save state financial resources if we finance directly from the budget? How can we establish control over price growth? We have discussed this issue especially in connection with implementing major infrastructure projects, construction projects such as the construction of Olympic facilities and infrastructure facilities in the Far East in the course of preparations for an Asian-Pacific Economic Summit and for Summer Student Games in Kazan.

The issue is also fully related to projects financed with Vnesheconombank’s funds. And there are quite a few such projects. Here we should use the best world standards in engineering and project management.

In accordance with general practice, a proposal is being made to establish a specialized institution in cooperation with a leading world company. This institution is to be responsible for examining project documentation, monitoring the construction progress and if necessary for taking measurers against inappropriate and ineffective expenditure of funds.

We’ll also discuss today a number of investment projects and talk about the Bank’s day-to-day operation.

Let’s get started with our work.
Origin: Internet-Portal of the Government of the Russian Federation

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On Using Oil and Gas Revenues of the Federal Budget

1 september 2009 года
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In August 2009, in order to implement Russian Government Order dated July 16, 2009 974-r “On Using Funds of the Reserve Fund to Balance the Federal Budget”. 108.00 billion rubles were transferred to the account to record funds of the federal budget from the account to record funds of the Reserve Fund. To this end,  a part of the Reserve Fund in foreign currency was sold for the currency of the Russian Federation Thus, funds of the Reserve Fund in the total amount of 1 723.59 billion rubles were used to balance the federal budget in the current year.

Under the Budget Code of the Russian Federation, oil and gas revenues of the federal budget for July 2009, in the amount of 272.37 billion rubles were transferred in August 2009 to the account to record funds of the federal budget. Under the Russian Government Resolution dated December 17, 2007, N 892 “On Making Settlements and Transferring Funds to Form and USE Oil and Gas revenues of the Federal Budget, Oil and gas Transfer, Funds of the Reserve Fund and the National Wealth Fund”, the abovementioned oil and gas revenues were transferred to the account to record funds received from oil and gas revenues of the federal budget and were later used to finance oil and gas transfer in full. In August,2009, funds of the Reserve Fund were not used for securing oil and gas transfer.

As of September 1, 2009, the aggregate amount of the Reserve Fund was 2 706.82 billion rubles, which is equivalent to 85.74 billion US dollars. As of September 1, 2009, amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 37.36 billion US dollars
  • 26.10 billion euros;
  • 5.76 pounds sterlings.

In August, 2009, Russia’s reserve position in the IMF formed through the Reserve Fund’ financial resources amounted to 991.94 million SDRs.

 The aggregate calculated income from placing funds of the Reserve Fund recalculated in dollars for a period from January 15, 2009, to August 31, 2009, was 1.29 billion US dollars, which is equivalent to 40.80 billion rubles. Calculated interest income from placing funds of the Reserve Fund in foreign currency was (in currency of account and ruble equivalent): 0.19 billion US dollars (6.05 billion rubles); 0.62 billion euros (28.05 billion rubles); 0.13 billion pounds sterlings (6.70 billion rubles). The exchange rate difference from recalculating balances of funds in accounts to record funds of the Reserve Fund in foreign currency for a period from January 15, 2009 to August 31, 2009 was a positive value of 185.59 billion rubles.

In accordance with resolution of the Russian Government dated January 19, 2008 № 18 “On the Procedure of Managing ,Funds of the National Wealth Fund” as of September 1, 2009, 436.24 billion rubles were transferred from the account to record funds of the National Wealth Fund to be deposited with Vnesheconombank and out of this amount:

  • 266.55 billion rubles to be deposited for a period up to December 31, 2019, with an interest rate of 7% per annum, including 5.31 billion rubles in July 2009;
  • 175.00 billion rubles to be deposited for a period up to October 21, 2013, with an interest rate of 7% per annum.

As of September 1, 2009, the aggregate amount of the National Wealth Fund was 2863.08 billion rubles, which is equivalent to 90.69 billion US dollars. As of September 1, 2009, amounts of balances were:

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

  • 34.37 billion US dollars;
  • 24.46 billion euros;
  • 4.45 billion pounds sterlings;

2)     on deposits with Vnesheconombank:

  • 441.55 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund recalculated in dollars for a period for a period from January 15, 2009, up to August 31, 2009, was 0.88 billion US dollars, which is equivalent to 27.81 billion rubles. Calculated interest from placing funds of the National Wealth Fund in foreign currency was (in currency of account and ruble equivalent): 0.16 billion US dollars (5.11 billion rubles); 0.41 billion euros (18.52 billion rubles); 0.08 billion pounds sterlings (4.17 billion rubles). The exchange rate difference from recalculating balances of funds in accounts to record funds of the National Wealth Fund in foreign currency for a period from January 15, 2009 up to August 31, 2009, was a positive value of 100.71.32 billion rubles.

All conversion transactions with funds of the Reserve Fund and the National Wealth Fund were conducted in conformity with the currency structure approved earlier at official rates of foreign currencies set by the Bank of Russia as of the date of transactions and did not have any impact on the conditions of the foreign exchange market.

Indicators of aggregate amounts of the Reserve Fund and the National Wealth Fund as well as of calculated incomes 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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On a Meeting of the Russian Development Bank’s Supervisory Board

19 august 2009 года
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A regular meeting of the Russian Development Bank’s Supervisory Board was held. The meeting was chaired by the Russian Development Bank’s Supervisory Board Chairman, Management Board Member – Vnesheconombank Deputy Chairman Mikhail Kopeikin.

The Russian Development Bank’s Supervisory Board reconsidered the criteria for selecting partner banks for participating in the State Program of Providing Financial Support for Small and Medium-Sized Enterprises. The Program is being implemented by Vnesheconombank through the Russian Development Bank. The requirement for the amount of banks’ risk-weighted assets was reduced from 2 billion rubles to 1.75 billion rubles. The maximum bad loan limit of banks under credits extended to small and medium-sized enterprises in the amount of 8% was replaced with a bad loan limit of no more than 12% with regard to banks’ entire loan portfolio.

The meeting also revised standards for financing small and medium-sized enterprises under the Program and the scheme for refinancing portfolios of loans extended by credit institutions to businessmen thus allowing a great number of regional banks to participate in the new Program to significantly expand lending to small and medium sized enterprises in the Russian regions.

As of today, the Russian Development Bank received applications for lending to small and medium-sized enterprises in 73 regions of the Russian Federation. Under the Program, small and medium-sized enterprises are already receiving funds in the Kabardino-Balkarian Republic and the Astrakhan region. In the near future, financial support will be provided to businessmen in the Adygei Republic, the Karachaevo-Circassian Republic, the Leningrad and Magadan regions.

The said changes are to be included in the regulatory documents that regulate the Program’s implementation.

OJSC the Russian Development Bank was founded in 1999. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ owns 100 percent of the Russian Development Bank’s shares.

 

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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On Signing Memorandum Between Vnesheconombank and Region-Avia Airline

18 august 2009 года
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In the course of the International Aerospace Salon (MAKS-2009) State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Region-Avia Airline LLC signed a Memorandum on Cooperation in implementing a project aimed at boosting regional passenger air transportation in Russia.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of Region-Avia LLC – by its General Director Denis Pavshinsky.

The Memorandum aims to boost passenger air transportation in Russia.

The Memorandum also provides for establishing a joint working party that would help to promote cooperation between the Bank and the Airline.

Region-Avia Airline LLC is the first regional airline that operates regular passenger flights in Russia. The Airline’s activity aims to restore historical flights between cities in Russia as well as work out new passenger air transportation routes from remote places to main Russian regional air hubs.

 

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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On Agreement between Vnesheconombank and OJSC Ilyushin Finance Co.

18 august 2009 года
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In the course of the International Aerospace Salon Max-2009 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Ilyushin Finance Co. (OJSC IFC)entered into an Agreement of Intent.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of OJSC Ilyushin Finance Co. – by its General Director Alexander Rubtsov.

The Agreement aims to establish partnership and promote long-term, effective and mutually beneficial cooperation.

The parties intend to cooperate in raising funds to finance OJSC IFC’s high-priority investment projects as well as to develop joint sales strategies for Russian-made aircraft, including AN-148-100B aircraft, on the Russian and foreign markets with the use of leasing and export financing mechanisms.

Ilyushin Finance Co. was founded in1999 in cooperation with the Ilyushin Aviation Complex in order to finance supplies of Russian civil aircraft to domestic and foreign markets. In August 2001, the Company won the tender for receiving state support for leasing programs and since December 2001, the Russian Federation has been one of the largest shareholders of the Company.

 

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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