“We, in all likelihood, in the future will need to divide [the source], on the one hand, the functions of a commercial Bank and functions of development institution. Post them, including, and in the normative material,” said the Prime Minister, answering questions of deputies in the state Duma during the report on the activities of the government for 2015, reports TASS.
The Prime Minister said that if not for the activities of VEB’s lending of some major projects, then Russia would not be “successful Olympics and a number of other significant for our country”. “But this does not mean that in the future you want to save the model that was originally laid out in the legislation on the web. The legislation on Vneshekonombank makes sense to change”, — TASS quoted Medvedev.
According to him, VEB is suffering from a lack of long foreign crediting sources, but at the same time he has to solve the most important task of the state. But after this separation, the Prime Minister said, “the VEB will not accumulate bad liabilities, on the other hand, the web will be able to solve problems of development and every institution in any modern economy”.
Medvedev added that the government is ready to discuss with members of the improvement of legislation on development Bank, reports TASS.
VEB obtaining banking license for the first time is discussed in this way. Still not been an official statement about the separation of the VEB officials and executives of the Corporation. On the contrary, Medvedev and the new Chairman of Vnesheconombank Sergey Gorkov said that VEB will remain an institution. Besides, there was a speech about the exclusion from the balance of VEB’s subsidiary banks, “GLOBEKS” and Communication-Bank, non-core assets.
In February 2016, the head of the Central Bank Elvira Nabiullina said in an interview with Reuters that the Central Bank discusses, in particular, the possibility of transforming Vnesheconombank into a commercial Bank. However, Sergey Gorkov at a meeting with journalists in April noted that he was “not a supporter of the model of producing the web banking license”. Previously Nabiullina also stressed that any preferences to the web, in case of receiving the banking license, in comparison with other lending institutions will not. awaits the comment of the press service of the Central Bank and VEB.
A source close to the Central Bank, said that the regulator does not like the idea of getting the web license of a commercial Bank. “The license means that the Bank will have to comply with all standards and other requirements of the Central Bank. The Central Bank believes that it is wrong, because the web is different than that of commercial banks, function. Worldwide development institutions have a special status and are not subject to the regulator of the banking market,” said the source.
“In the beginning while in fact there is no commercial component, its business model was not focused on profitability, so it is not clear what is meant by the allocation of commercial parts,” — says Fitch analyst Anton Lopatin. In his opinion, in the case of VEB’s commercial business will need to create from scratch. “In General, the development Bank initially exists in order to maintain industry defined by the state as strategic,” said Lopatin.