MOSCOW, December 7. The restructuring of Vnesheconombank (VEB), burdened with “bad debts”, it would be appropriate to implement this year through recapitalization through the issuance of Federal bonds. This was stated by the Minister of economic development of the Russian Federation Alexey Ulyukaev in interview to the newspaper “Vedomosti”.
© Catherine Shtukina/press service of the government of the Russian Federation/TASS
The Deputy head of the Ministry of Finance: the default VEB excluded
“There is a set of different exotic suggestions (save the web) that have been discussed. But there is no other way except budget. You can do this in portions, it can be done immediately, the money can substitute money, but will have to do the spending and increase the deficit. This can be done this year or next. Better in this. And it’s better to do a substitute, i.e. Federal loan bonds”, – said the speaker.
As previously reported, the political decision to support the state Corporation has already been taken, the government must soon decide how it will be. Help options are under active discussion with financial authorities and representatives of the Bank. VEB is the second year shows a loss. Under IFRS a loss of Vnesheconombank group in 2014 amounted to 250 billion rubles. In the first half of this year loss of the Corporation amounted to 73.5 billion rubles. The Bank’s assets for the first half of this year amounted to 3.85 trillion rubles.
“The fundamental solution is the recapitalization that will allow you to clean the web from bad assets differently to form its financial model and, in principle, to clear EBV from the uncharacteristic extra features. And then you need to make a decision that will not allow in the future to get back in a similar situation,” – said Ulyukayev.
© ITAR-TASS/Alexander Astafyev
“Political” the recapitalization – five variants of salvation VEB
The head of the MAYOR stressed that in the future the activities of Vnesheconombank as a development institution should provide a clear distinction between commercial and non-commercial but important for the state projects. The usual business involving profit, as well as functions for the management of pension funds should be subject to the supervision of the Central Bank, Ulyukayev stressed.
“From my point of view, should be built “Chinese walls” – the web should have two different balance. If you require web projects, each of them must be immediately substituted a source of budget funding. If the web lifts the project that are not commercially justified, will have to immediately put it under budgetary source. There is no other. And in the other half of the “Chinese wall” – should be the rules of conventional business. I believe that the Bank in the commercial part should be fully regulated by the Bank of Russia. In addition, in the framework of the VEB is the state management company which manages pension savings. And this institution must also be fully regulated by the Central Bank. And liabilities, and the assets of the VEB should be observed,” said the Minister.
© Pavel Bednyakov/TASS
The introduction of the recapitalization, which is necessary for EBV, clearly less than 1.5 trillion rubles