The speaker criticized the proposal of the Ministry of Finance on the sale of assets of VEB

Moscow. December 17. The Minister of economic development Alexey Ulyukayev expects that a decision on Vnesheconombank’s support can be made until the end of the year, however, he believes that the proposal of the Ministry of Finance on the sale of assets of VEB in no way solves the problems of the Bank.

To the question about his earlier statement that it would be possible to issue OFZs till the end of the year (the Ministry of Finance position of support through OFZs does not share), the speaker replied as follows: “Technically could OFZ bonds this year to release, if it was decided, but since it missed, the less likely you are to release before the end of the year.”

Answering the question whether it supports the opinion of the Ministry of Finance that you must first sell the assets of the VEB, and if that does not work, then the budget will join the support, Ulyukayev said: “This is a completely meaningless question.”

“If you have liquid assets that you can sell on these assets you do not need to create big reserves, they do not burden your balance. The problem in those assets that are a burden to your balance, and that is why they are not sold. You can’t sell it. You can, of course, a little bit of liquid assets to sell, but it does nothing to help with the point of view of the Bank’s capital and its tasks. This is a completely pointless exercise,” said the Minister.

Last week Finance Minister Anton Siluanov told journalists that the Finance Ministry believes that the participation of the state budget funds in support of Vnesheconombank’s only after he runs out of the ability to repay their obligations at the expense of funds from the sale of assets.

In recent weeks, officials have been discussing the issue of financial support for VEB to service its debt (called the amounts to 1.5 trillion rubles), as well as the fate of the Corporation as a whole. These issues, in particular, will be discussed at the Supervisory Board of the Bank on December 22, told earlier sources.