Moscow. March 30. The sale by Vnesheconombank of the shares of “Gazprom” is not “pointless”, but does not solve the fundamental problems of the Bank, told journalists the Minister of economic development of Russia Alexey Ulyukayev, commenting on the request to Express their attitude to such a possibility.
“I treat it neutrally. That is, it’s not a mindless operation, but it does not solve fundamental issues,” he said.
Earlier Wednesday, the newspaper “Vedomosti” reported that the new leadership of VEB returned to the idea of selling shares of “Gazprom”. The publication refers to the plan of measures on increase of financial stability of the Bank, prepared to the past Tuesday the meeting of its Supervisory Board.
VEB owns 2.7% of Gazprom, the share is purchased in 2010-2011 at E. ON. On the market periodically discussed the rumors about the possible sale of this and other liquid assets of the VEB (3,15% “RUSAL”), but so far no real steps in this direction were not. As shares were acquired under different conditions and now are much cheaper, their sales will force the web to reflect losses in its financial statements. Most active topic was discussed last fall, when officials sought support options facing financial problems VEB, but to no avail.
The speaker stated that it did not speak about the budget as the only form of support on the web. “I said that the solution to the problem of VEB will somehow depend on the budget,” the Minister explained.
“There are a lot of other ways, some we’ve used, for example, placement of deposits the Federal budget. But this is a private solution to the problem, because in the first quarter was placed, and the fourth should return. Certainly we support the decision to reissue in other instruments of VEB obligations to the Bank of Russia. Here in the amount of 220 billion rubles, the Deposit will be converted into long term Deposit. This is correct, and this reduces the current load, and from the point of view of the auditor, and from the point of view of performance covenants is the right decision,” Ulyukayev said
He expressed the need to find a solution on various assets core and non-core.
According to him, the fundamental problem is to prevent the emergence of negative net assets of the Bank. This problem can be solved only by increasing the capital of the Corporation through the budget mechanism, said the speaker.
Opening the meeting of the Supervisory Board of VEB on Tuesday, Prime Minister and Chairman of the Board Dmitry Medvedev said that the Bank will be capitalized at 150 billion rubles. Another form of support for web restructuring of its liabilities to the CBR. A significant part of debt – over 200 billion rubles – is connected with the sanitation Communication-Bank and Bank Globex, which had been entrusted to the Bank in the crisis of 2008-2009. Reportedly, both banks can go to the Agency for Deposit insurance and the money VEB will direct on repayment of debt to the Central Bank.
“There are different options (support), because on the VEB balance sheet is liquid assets such as ADR “Gazprom”, for example. It is also within the perimeter of these discussions is”, – said in November the Minister of economic development, member of the Supervisory Board of VEB Alexey Ulyukayev.
“Because this (package of Gazprom) liquid asset, it can be implemented on the market, but then the web will have to take your loss. Different mechanisms are discussed from different sides,” said the official.