The Finance Ministry has opposed the recapitalization through OFZ VEB


Moscow. November 18. The Finance Ministry opposes recapitalization via OFZ Vnesheconombank, said the Minister Anton Siluanov.

“No, OFZs us as the Finance Ministry is not satisfied”, – he told journalists in the state Duma on Wednesday. The Minister acknowledged that “as an option it is still there”.

In Friday “Kommersant” with reference to sources reported that the meeting with first Deputy Prime Minister Igor Shuvalov discussed the possibility of transferring the OFZ VEB 1.5 trillion rubles. This is the assessment of the needs of VEB recapitalization, made by the Central Bank, stated in one of the newspaper’s sources. In addition, according to the newspaper, Russia may take from VEB’s portfolio of bad loans. The head of the Central Bank Elvira Nabiullina, commenting on the journalists this information, saying only that “various options are discussed, it is too early to say (about the decision)”.

According to Siluanov, not all the necessary money can be provided to the web simultaneously. “The funds from the budget will require. Question – when you need it. This should not be a one-time offer, it should be a decision that did not seriously affect the overall balance of the budget. We are not going to degrade the parameters of the budget. You think that we are all huge money, which you call (1.5 trillion rubles) will next year be funded? Certainly not,” he said.

Earlier, Deputy Finance Minister Alexei Moiseyev said that any recapitalization of the state guarantees execution of the VEB debt. Siluanov reiterated that position.

“We proceed from the fact that the VEB to fully comply with its international obligations. It will be primarily to pay attention and ensure unconditional fulfillment of the obligations of Vnesheconombank to foreign creditors. This is our main task. There are several solutions to this problem. In principle, looms in the near future in the government should learn by heart,” said he.