Siluanov did not reveal the plan of the Ministry of Finance to rescue the VEB


Moscow. December 30. Finance Minister Anton Siluanov did not disclose the Ministry’s proposed rescue plan of Vnesheconombank, which requires more than 1 trillion rubles for the replenishment of capital and payment of foreign debts.

The Finance Ministry Tuesday reported that it had made proposals to the government for financial support and the future of the web, which contain detailed plan of activities in three areas: measures of state support, to increase financial stability and improve performance. In the plan there are proposals for additional capitalization necessary for the performance of all obligations of VEB to creditors. Includes measures that will help to maintain the liquidity. Have any suggestions on clearing the balance and improvement of the regulatory framework governing the activities of Vnesheconombank as a development institution.

According to sources in the financial-economic bloc of the government, to coordinate proposals with other departments and the Central Bank before submitting to the government the Ministry of Finance failed on a number of key points of the plan are the opinions of stakeholders diverge. Final decisions by the end of December will not be differences (in particular, about the fate of the toxic assets of VEB and the allocation of resources to carry out the functions of the development Bank) will allow the government session in January.

The issue of assistance to VEB touched Siluanov in interview to TV channel “Russia 24”, but the Minister did not announce details of the plan proposed to the government the Ministry of Finance.

“We are now considering issues of sustainability VEB next year… Sustainability will be ensured in any case. Now consider several approaches to support VEB in the next year. Obviously, the activities of Vnesheconombank as a development institution the following year will continue. On the other hand, the state will shoulder for securing obligations of VEB’s external and internal borrowings if necessary. VEB has sufficient resource sustainability, if necessary, the government will help,” he said.

He confirmed that it is planned to lower the rate on foreign currency deposits from the national wealth Fund to 0.25% and also give Rosatom access to liquidity through the budget.

“We agreed that the Central Bank on its deposits will also take similar measures to improve the balance of the Bank. These are the first measures, some of which has already been adopted, some of which will be adopted that will provide ongoing liquidity VEB”, – the Minister said.

He did not elaborate on any deposits in the Central Bank VEB and how much it will be reduced rate. The Finance Ministry proposed measures for recapitalization of the Corporation, the Minister also announced.

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 – the Corporation’s recapitalization through OFZs and transfer to the state of distressed assets of the Bank.