B: debt of VEB 1.2 trillion rubles can be transferred to the Ministry of Finance


MOSCOW, 24 Nov. The Russian authorities are considering the transfer of debt of VEB 1.2 trillion rubles to the Finance Ministry, in return, the Corporation will be obliged gratuitously to transfer individual assets to the Treasury or a special Fund, wrote on Tuesday the newspaper “Kommersant”.

According to the publication, on 26 November the head of the government Dmitry Medvedev scheduled a meeting on the settlement of the question of financial rehabilitation of the Bank.

Initially, the proposed scheme with recapitalization via OFZ VEB in the amount of about 1.5 trillion rubles has not found understanding in the Ministry of Finance. The Agency proposes to assume obligations on its external debt of VEB — first through a transfer to VEB appropriate means (according to the publication, there are about 100 billion rubles to pay for the debts in the first half of next year), and then directly indicate the sources of Kommersant familiar with the situation.

In exchange for the state support of the VEB will be obliged to donate the individual assets worth more than 1 trillion rubles at par value to Treasury or a special Fund.

In this case, as indicated by the sources of the newspaper, Bank assets rehabilitated by Vnesheconombank from the last crisis Sviaz-Bank and GLOBEXBANK — under the new plan, must be sold. The buyer will determine the Central Bank. Sale price must be equal to net asset value. The basic capital of Sviaz-Bank on 1 Nov-the 123rd was equal to 23.5 billion rubles, “GLOBEKS” — 24.6 billion. “Obviously, now buyers market for these cans at this price you will not find – says the source close to the VEB.- A variant of the Agency for Deposit insurance and its subsidiary Bank “Russian capital””.

Additionally it is proposed to reduce the cost of funding for VEB in the domestic market — for example, to reduce the rates on foreign currency deposits of the national wealth Fund placed with VEB in the amount of slightly less than 6 billion rubles, and also to restructure the obligations of the Vnesheconombank to the Central Bank on 358 billion rubles (according to IFRS on 30 June 2015) with a lower interest rate.