The speaker saw no way around spending in support of VEB


Moscow. December 4. Budget funds will be used with the support of Vnesheconombank, said the Minister of economic development Alexei Ulyukayev journalists, commenting on the issue of how to deal with the issue of problem assets of the Bank.

“There can be no other way in addition to somehow use budgetary funds”, – he said, without specifying to what extent can required budget.

Answering specifying question, how will the government “to clear development institutions”, the Minister said: “it is Necessary – we’ll clear out”.

Ulyukayev declined to comment on the issue of possible resignation of the head of VEB Vladimir Dmitriyev.

Prime Minister Dmitry Medvedev is expected to hold a meeting, which should put an end to the discussion on the financial support of the Bank. The Bank requires government support to avoid default on debt obligations. Called different numbers for state aid, up to 1.5 trillion rubles.

Among the proposed measures is the capitalization of the Corporation via OFZ scheme to support the banking sector, but it does not suit the Ministry of Finance. Other options – the ransom of Russian authorities debt of VEB or exchange its Eurobonds on the issue of Eurobonds of the Ministry of Finance, then the state itself will pay off the foreign debt of the Bank.

On Thursday, the theme of the upcoming meeting indirectly touched upon in his message to President Vladimir Putin, who, however, did not mention the name of the Bank. He said the need to clear development institutions, many of which “has turned into a cesspool for bad debts”. “We need to make them clear, to optimize the structure and the mechanism of their work. I know that the government and Central Bank are doing that now,” he said.

Conclusions and recommendations in the Bulletin may not reflect the official position of Bank of Russia.