On Vnesheconombank Supervisory Board’s Decisions

31 december 2008 года
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Vnesheconombank’s Supervisory Board approved the introduction of changes to the Procedure for Implementing Measures by Vnesheconombank provided for by articles 1 and 2 of Federal Law N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”.

The new revision of the Procedure has a number of changes concerning mandatory and additional requirements to the borrower (credit institution). In particular, obligations of only those Russian credit institutions are to be refinanced whose own funds amount to no less than 15 billion rubles and whose credit rating is not lower than the established level (B- under S&P rating scale) and against which the Bank of Russia imposed no sanctions as of the date of submitting an application for refinancing. Additional requirements to borrowers from among credit institutions are to submit aggregate data on their loan and guarantee portfolio for the year 2008 with regard to credits and guarantees extended to industries of the real sector of the Russian economy as well as Strategies for Lending the real Sector of the Economy and Population of the Russian Federation for a Period of 2009-2011.

Moreover, the Procedure now includes requirements to the terms of credit transactions provided that the borrower is a credit institution. They stipulate that the Bank shall receive a letter of recommendation from the Central Bank with a positive conclusion that the Bank can conduct a Credit Transaction and that the borrower shall guarantee that representatives of the Central Bank and/or authorized government bodies are incorporated into the borrower’s management bodies and that Russian owners’ share in the borrower’s capital is not lower than 50%+1 share during a credit transaction period and that the borrower shall provide acceptable security.

The Supervisory Board also approved Vnesheconombank’s participation in refinancing foreign debt obligations worth 1.5 billion US dollars of a company in the mining and smelting complex whose operation is of great socio-economic importance for the Russian Federation.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21134
E-mail: press@veb.ru

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On Payments on 1998 Eurobonds

24 december 2008 года
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In accordance with the terms of issuing eurobonds and on the instructions of the Russian Finance Ministry, Vnesheconombank made a payment totaling 159 365 437.50 US dollars to pay interest on the1998 eurobonds.

The payment was made in a single currency. The funds were transferred to Citibank N.A., London Office.

The 1998 eurobonds were issued for the amount of 2.5 billion US dollars for a period of 30 years, with coupons to be paid twice a year.

 

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 Appointing M.Yu. Kopeikin

22 december 2008 года
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Vnesheconombank’s Supervisory Board made a decision to appoint Mikhail Kopeikin as Management Board Member – Vnesheconombank Deputy Chairman. Earlier, Mr. Kopeikin was Deputy Chief of the Administration of the Government of the Russian Federation.

 

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 Appointing M.Yu. Kopeikin

22 december 2008 года
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Vnesheconombank’s Supervisory Board made a decision to appoint Mikhail Kopeikin as Management Board Member — Vnesheconombank Deputy Chairman. Earlier, Mr. Kopeikin was Deputy Chief of the Administration of the Government of the Russian Federation.

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 on Cooperation between Government of Belarus and Vnesheconombank

20 december 2008 года
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A meeting between Vnesheconombank Chairman V.A. Dmitriev and Prime Minister of Belarus S.S. Sidorsky was held today, on December 20, in the city of Minsk (the Republic of Belarus). In the course of the meeting the two men discussed issues of expanding economic cooperation between Russia and the Republic of Belarus.

Upon the completion of talks, a Memorandum on Cooperation between State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of Belarus was signed.

On behalf of Vnesheconombank the memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of Belarus’ Government – Deputy Prime Minister Andrei Kobyakov.

Under the Memorandum the parties intend to cooperate in the following fields:

  1. Joint financing of investment projects in the Republic of Belarus in transport and power engineering infrastructure, petrochemistry, oil refining with a view to exporting Russian goods, works, services against full or partial state guarantee of the Republic of Belarus.
  2. All payments on export-import transactions between the Russian Federation and the Republic of Belarus are to be made by Vnesheconombank and its subsidiary OJSC Belvnesheconombank.
  3. Consulting and organizations of transactions in purchasing assets by Russian companies in the Republic of Belarus in the course of privatization.
  4. Providing financial assistance to and supporting Russian industrial exports (goods, works, services).

Vnesheconombank’s participation in implementing projects in the said fields is in line with main lines of activity and priorities set forth by the Memorandum on Vnesheconombank’s Financial Policies and would help expand bilateral economic cooperation between the Republic of Belarus and the Russian Federation and implement the Concept of Developing the Union State.

Vnesheconombank fulfils its investment obligations to its subsidiary OJSC Belvnesheconombank promptly and in full, with the obligations being associated with supporting Russian industrial exports, among other things, through implementing large-scale investment and infrastructural projects. The implementation of the Memorandum is designed to step up and expand Vnesheconombank’s and its subsidiary OJSC Belvnesheconombank’s activity aimed at enhancing Rusian-Belorussian integration processes.

 

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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