Moscow. December 9. Funds for additional capitalization of the Bank will not be included in the 3% limit of the Federal budget deficit, said first Deputy Prime Minister Igor Shuvalov.
“In our obligation, no matter how the situation in 2016, to provide no increase in the Federal budget deficit over 3%. In order it turned out that these 3% must not be considered tools, if we need for additional capitalization of the Bank”, – said Shuvalov at a meeting of President Vladimir Putin with government members on Wednesday.
Putin in the Message to the Federal Assembly expressed the need to sustain the Federal budget deficit next year below the 3% of GDP.
“However, now that the draft Federal law, once you sign it, and it will be the current law, we have a Federal budget deficit no more than 3%. And now the Ministry of Finance has submitted a report to the government that under unfavorable external conditions, we will need to apply to those expenses, even provided for in the law on the budget”, – said the first Deputy Prime Minister.
According to Shuvalov, the scheme of support of Vnesheconombank will be defined in the near future, discusses the various options.
VEB requires government support to avoid default on debt obligations. Called different numbers for state aid, up to 1.5 trillion rubles. In the first half of 2015, the web has received a net loss under IFRS 73.5 billion rubles due to the high costs of loan impairment provisions. The main source of problems of VEB loans under the so-called “special projects” that the Bank issued by resolution of the Supervisory Board and now no revenue.
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. An additional option of raising capital is the sale of shares of public companies on the balance sheet of Vnesheconombank, Gazprom and RUSAL, but now they are much cheaper than at the time of purchase, and their sale is fraught with losses.
In December of this year VEB has to repay a syndicated loan of $800 million According to the presentation of the Corporation, its external debt due in 2016 is estimated at $893 million, 2017 – $1.85 billion.
Will also have to decide on the fate of troubled assets VEB that may depart the state. Restructuring of VEB may affect banks that it sanitizes on funds from the Central Bank – the Bank Globex and Svyaz-Bank.