On the Results of the 4th SCO Interbank Consortium Council Meeting

26 august 2008 года
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Vnesheconombank Chairman Vladimir Dmitriev was elected Chairman of the Shanghai Cooperation Organization Interbank Consortium Council for the year 2008-2009. Starting from the year 2008, the Consortium established a principle of rotation of Interbank Consortium presiding bank in accordance with a country’s presidency in the SCO. The Russian Federation has been declared the next country to hold presidency in the SCO.

A meeting of the Interbank Consortium Council was held in the city Khujand (the Republic of Tajikistan). In attendance were heads of  State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ (The Russian Federation), the Kazakhstan Development Bank, the China State Development Bank, The Settlement and Savings Company (the Kyrgyz Republic), the Tajikistan National Savings Bank “Amonatbank” and the Uzbekistan National Bank for Foreign Economic affairs.

The SCO Interbank Consortium was established on October 26, 2005. Its activity is designed to support regional economic cooperation. At the moment, it incorporates State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank, the Settlement and Savings Company (the Kyrgyz Republic), the Tajikistan National Savings Bank “Amonatbank” and the Uzbekistan National Bank for Foreign economic Affairs.

 

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

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Vnesheconombank and State Corporation ‘Rostechnologies’ Enter into Agreement

23 july 2008 года
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Today, on July 23, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and State Corporation ‘Rostechnologies’ entered into an Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and State Corporation ‘Rostechnoloies’ General Director Sergei Chemezov.

The Agreement seeks primarily to establish a partnership and promote long-term, effective and mutually beneficial cooperation in implementing investment projects aimed at developing and manufacturing high-technology industrial products on the basis on innovation technologies as well as at supporting industrial exports and services, among other things in order to diversify national exports.

Under the Agreement signed, Vnesheconombank is to assist in conducting comprehensive expert’s examination of investment projects and structuring them with the participation of State Corporation ‘Rostechnologies’, in raising and/or co-raising funds to finance them including using a leasing mechanism and the Bank is also to offer consulting services on issues associated with these projects’ implementation.

On its part State Corporation ‘Rostechnologies’ stated its intention to regard Vnesheconombank as its partner in implementing investment projects and to provide all necessary information for working out potential schemes for financing them.

 

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

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Vnesheconombank Chairman V.A. Dmitriev’s Interview with the Russian Information Channel “Vesti”

22 july 2008 года
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HOST: Long money with good rate of return. Infrastructural bonds make it possible to invest citizens’ pension savings in long-term projects. And new financial instruments will not increase the risk of losing these funds. This is the opinion Vnesheconombank Chairman Vladimir Dmitriev expressed in his exclusive interview with our television channel.

HOST: Vnesheconombank is in fact the main holder of pension funds of the so-called “undecideds,” and if I am not mistaken, the funds amount to more than 350 billion rubles. What would you say about the efficiency of managing these funds?

Vnesheconombank Chairman Vladimir DMITRIEV: I can answer your question only with respect to the first quarter because official statistics were available for the first quarter. I can tell you without any doubt that we are happy about the results of the first quarter at least in the sense that they are a lot better in terms of rate of return compared with most private managing companies, many of which reported negative rate of return for the first quarter. Our rates of returns are far lower than inflation rates but in certain situations, given volatile markets and unstable instruments in which private management companies invest funded portion of pension funds, the state managing company’s pretty conservative activity proves to be more effective than that of private managing companies.

HOST: This means that so far both state and private pension funds’ returns have been lower than inflation?

Vladimir DMITRIEV: Yes, they have. In the first quarter, none of the companies’ rate of return was on a par with inflation. On the whole, last year there were private managing companies whose rate of return was higher than inflation but even in terms of last year’s performance put in by 60 managing companies, with our Bank being the only state managing company, Vnesheconombank was among the first ten leaders having reported fairly acceptable rate of return although it was a lot lower than the inflation rate.

HOST: What classic financial instruments does Vnesheconombank prefer to use to manage pension funds?

Vladimir DMITRIEV: In general, under the memorandum on our investment policies we have no choice of classic financial instruments, we have the right to invest only in government securities. These are securities denominated in rubles or foreign currency as well as mortgage securities backed by the state’s guarantees. We can also deposit up to 20% of funds with the banks authorized to hold pension funds in deposit accounts.

HOST: An idea of extending a list of financial instruments for managing pension funds is now being extensively discussed. The funds could be invested both in fuel and energy sector and in infrastructure projects. What’s Vnesheconombank’s stand on this issue?

Vladimir DMITRIEV: Even given the conservative approach we are to use by following the main principle of our activity, that is, preservation of pension savings we can see a hugely unfulfilled potential for investing pension funds under our management. They account for about 85 percent of funded portion of pension funds.  And we believe that it is enormously important in terms of diversification but with due regard to following the principle of preserving pension funds and using a conservative approach to expand our investment portfolio by using, above all, bonds of the companies included in the list of the highest reliability category by MICEX listings. In our opinion restrictions on mortgage securities should be removed and due to the fact that they are already secured they should not be backed by the state’s guarantees, the more so, none of these bonds’ issues has been launched so far.

HOST: Let’s discuss one of financial instruments – they are the so-called infrastructural bonds. When do you think they can be launched? Is it necessary to amend applicable legislation? What’s these bonds’ yield going to be?

Vladimir DMITRIEV: The very definition of “infrastructural bonds” presupposes the issue of a debt instrument intended for implementing an infrastructure project and infrastructure projects are as a rule capital-intensive, long-term and pretty profitable instruments. There is no doubt that we can invest only long funds in infrastructure projects and long funds are the very pensions funds we are talking about, and moreover in accordance with our current pension system the first pensioners would be able to use these funds only in 2022. This means that both private managing companies and we have quite long financial resources under management but having 85 percent of funds under our management we have a lot greater amount of financial resources.

HOST: But infrastructure projects are long-term ones. And this means that they will start to generate incomes not in the nearest future. In this case how can you keep average income at least on a par with inflation?

Vladimir DMITRIEV: I think that this issue is more related with our monetary and money authorities rather than with state and private managing companies’ activities and performance. Of course we should bring these two processes closer. First, inflation has to be tackled efficiently and second, we should raise managing companies’ rates of return, and here I mean first of all a state managing company because a rate of return should not be an end in itself for it. Our main objective is to preserve pension funds while following a certain conservative approach in general. It is for this reason our investment declaration has been so far limited to government securities. I’d like to emphasize once more that infrastructural bonds are pretty interesting instruments. No matter whether our investment declaration will be expanded or not, the subject of issuing infrastructural bonds is being discussed by concerned ministries and agencies. Under the Federal Service for Financial Markets (FSFM) there is a specially formed group, let’s call it a working group, which also includes Vnesheconombank’s representatives. A strong consensus on the necessity of issuing this type of bonds has been achieved. At present, practical mechanisms for issuing them with due regard to following the principle of exercising control over rates of return and over risks and of monitoring the implementation of projects themselves. I agree that these bonds’ yields will not be generated in the first years after their issuance but this is the aim of issuing infrastructural bonds because investors enter into such long, capital–intensive projects consciously being aware of limitations in receiving incomes throughout these bonds’ validity period.

HOST: Nevertheless, when do you think infrastructural bonds can be launched and what amount of pension funds is Vnesheconombank prepared to invest in them?

Vladimir DMITRIEV: I am not going to act as an oracle and talk about exact dates. I’d like to say that, given political will and the fact that this problem has been dealt with to a certain extent, progress is going to be made. As far as Vnesheconombank is concerned, taking into account the fact that funds under our management amount to 350 billion rubles and the number of “undecideds” is shrinking as more people make a conscious choice in favor of private managing companies we plan to have 350-400 billion rubles next year and in 2012 – 850 billion rubles. So, preserving the current proportion of 350-400 billion rubles in government securities, all other funds in relevant proportions can be invested in bonds, deposited and invested in infrastructural bonds. We believe that these funds are quite considerable resources. They would allow a country in urgent need of modernization and building of infrastructural assets to boost the development of basic industries. We really need these funds and the more so it is common knowledge that our money and monetary authorities tend to use monetary resources from the National Welfare Fund in the interests of economic development in a very sparing way. That is why pension money’ potential should be unlocked taking into account that this money was generated by the economy and is not extra incomes from raw materials exports. It is this money that must work for the economy.

HOST: Vladimir Alexandrovich, I’d like to thank you for your interview.

 

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Vnesheconombank and Federal Agency for Tourism Enter into Agreement

17 july 2008 года
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Today, on July 17, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Federal Agency for Tourism entered into an Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and the Agency’s Head Vladimir Strzhalkovsky.

The Agreement aims to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation intended for removing infrastractural restrictions in tourism.

Under the Agreement the two sides are to make joint efforts to explore the possibility of implementing investment projects aimed at developing tourism infrastructure on the territory of the Russian Federation.

The Agreement also provides for Vnesheconombank to be able to act as a consultant, expert and organizer of financing investment projects within the framework of the Bank’s Memorandum on Financial Policies with due regard to limitations set by the Memorandum.

The implementation of this Agreement would help create favorable conditions for sustainable development of domestic and international tourism as one of the Russian Federation’s industries.

 

 

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

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