B: the authorities intend to maintain the web at 1.5 trillion rubles

B: the authorities intend to maintain the web at 1.5 trillion rubles


Additional capitalization of VEB can be performed by transmission Corporation package OFZ. At the political level the decision on financial support has already been made, but the amount is yet to be confirmed, writes “Kommersant”.

MOSCOW, 13 Nov. The government continues to look for ways of financial improvement plans of Vnesheconombank and the recapitalization of the Corporation at 1.5 trillion rubles by transferring her package OFZ, wrote in Friday newspaper “Kommersant”.

According to the publication, the support measures of the VEB discussed on Thursday at a meeting with first Deputy Prime Minister Igor Shuvalov, attended by representatives of the Central Bank and the Finance Ministry. According to a source publication, it was preliminary government action plan for recapitalization of Vnesheconombank and clearing of its balance sheet due to the transfer to the Treasury of the Russian Federation of part of the problematic assets.

However, no final decision yet: a number of participants expressed concerns that a one-time recapitalization of the Bank so could “have a negative impact on the ratings of the Russian Federation”, as it increases the budget deficit, and with them the ratings of the largest public and quasi-public borrowers.

A source close to the management of VEB, said that on the political level, the decision about financial support has been made, but the amount is yet to be confirmed, it is necessary to adjust the budget of the current year. Now, he added, discussed the “mechanism and the ability to repoat these OFZ bonds in the Central Bank to obtain liquidity”. A source close to the Ministry of Finance said, the amount of 1.5 trillion rubles is taken “not from the ceiling”: this is a preliminary assessment of the needs of the web in support of the Central Bank.

The most famous project of VEB — Olympic construction. As of fall 2014 total debt for such projects amounted to 323 billion rubles. Only VEB was 19 Olympic borrowers, distressed debt recognized 13 of them 200 billion rubles. Although the cost and comparable to the planned budget deficit for 2016 (2.3 trillion rubles with a conservative Outlook), save the web need, experts say. As to the decision on additional capitalization of VEB does not have a negative impact on the ratings of the Russian Federation, it would be logical to do it via FNB.