Media: Vnesheconombank can capitalize on 1,5 trillion roubles via OFZ


MOSCOW, November 13. The government is considering additional capitalization of Vnesheconombank (VEB) to 1.5 trillion rubles by passing a package of Federal loan bonds (OFZ).

About this newspaper “Kommersant” with reference to sources.

According to the publication, measures to support VEB discussed on 12 November at the meeting with first Deputy Prime Minister Igor Shuvalov. Appropriate changes may appear in this year’s budget. At the same time in the Treasury it is planned to transfer a portfolio of distressed assets from VEB in the number of projects, the largest of which are the Olympic construction. However, the final decision is not present – too great a risk that a one-time recapitalization of VEB on such a large amount may adversely affect the ratings of the Russian Federation.

A government source confirmed to the publication that the meeting on this issue held that “details under the secret”. 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”. However, while the web, not being a classic Bank (license of the Central Bank), has no direct access to refinancing with the Bank of Russia.

In the VEB Bank and from the Ministry of Finance official declined to comment. But close to the Finance Ministry source said that several options are being discussed government support of VEB and “they are all different”. “Every day passes through several meetings on the subject: time is running out. For approval is one week, the Prime Minister asked to quickly resolve the issue”, – said the interlocutor of the newspaper.

The $ 1.5 trillion borrowed “not from the ceiling”: this is a preliminary assessment of the needs of the web in support of the Central Bank, the source said. The Bank of Russia can conduct on behalf of the government – for example, by analogy, as is done in conventional supervised by the Central Bank of banks receiving OFZs in capital.

According to the newspaper, Prime Minister Dmitry Medvedev instructed the Finance and economy Ministry at the meeting on 22 October to develop a plan for financial support of Vnesheconombank. According to one of newspaper sources, then, in addition to providing liquidity to the web for its target activity, discussed the necessity of “cleaning the balance sheet from the assets assigned to special projects (transactions).

“In particular, there was a proposal to create a state Fund assets in special operations, where VEB could transfer the toxic loans,” said a source, adding that the then VEB and the government instructed until the beginning of November to study the issue of transfer to the Treasury of the Russian Federation portfolio special projects. Source “Kommersant” in the government argues that final decision yet, the transfer of the special projects of the Bank in the Treasury of the Russian Federation – “difficult, but not impossible”.